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The increase over time in
the capital stock produced by positive net investment expenditures.
The condition which exists
when increasing the inputs to a production process by the same percentage
results in a smaller percentage increase in output.
The growth-either absolute
or per capita -in aggregate output and real income.
The percent change in
aggregate output and real income, either absolute or per capita, defined
with respect to a unit of time.
The condition which occurs
when equal percentage increases in the inputs to a production process cause
greater percentage increases in output.
The rule holding that the
optimum proportion of full-employment income to save is the proportion
which maximizes consumption per unit of labor input at all points in time,
once the long-term equilibrium growth path corresponding to it has been
achieved.
The growth in the level of
output corresponding to an unemployment rate equal to the natural
unemployment rate.
A credit against income
taxes. A 10 percent investment tax credit permits firms or individuals to
deduct 10 percent of any qualifying investment expenditures from income tax
payments.
A doctrine opposing
governmental interference in economic affairs beyond the minimum necessary
for the maintenance of peace and property rights.
The path reflecting the
long-term equilibrium level and growth rate for full-employment aggregate
output and real income, on either an absolute, a per capita, or a per unit
of labor input basis.
A model used for
conceptualizing the determinants of the level and growth rate of
full-employment aggregate output.
A technological advance
which increases the marginal products of capital and labor by the same
percentages.
The ratio of aggregate
saving to aggregate output and real income.
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