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IMPACT LAG: In the context of economic policies, the time between corrective government action responding to a shock to the economy and the resulting affect on the economy. This is one of four lags in the use of economic policies. The others are recognition lag, decision lag, and action lag. The length of the impact lag, also termed outside lag, is primarily based on the speed of the multiplier process and is essentially the same for both fiscal and monetary policy. The length of the policy lags is one argument against the use of discretionary policies to stability business cycles.
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MARGINAL PRODUCT The change in the quantity of total product resulting from a unit change in a variable input, keeping all other inputs unchanged. Marginal product, usually abbreviated MP, is found by dividing the change in total product by the change in the variable input. Marginal product, which occasionally goes by the alias marginal physical product (MPP), is one of two measures derived from total product. The other is average product.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs hoping to buy either storage boxes for your income tax returns or an AC adapter for your CD player. Be on the lookout for mail order catalogs with hidden messages.
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
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"We tend to forget that happiness doesn't come as a result of getting something we don't have, but rather of recognizing and appreciating what we do have." -- Fredrick Koeing
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JIE
Journal of Industrial Economics
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