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Keynesian economics advocates the use of automatic and discretionary countercyclical policies to lessen the impact of the business cycle. One example of an automatically countercyclical fiscal policy is progressive taxation. By taxing a larger proportion of income when the economy expands, a progressive tax tends to decrease demand when the ...
Business cycle accounting is an accounting procedure used in macroeconomics to decompose business cycle fluctuations into contributing factors. The procedure was introduced by V. V. Chari, Patrick Kehoe, and Ellen McGrattan but is similar to techniques introduced earlier. The underlying premise of the procedure is that the economy has a long ...
The functioning of the free-market economic system is represented with firms and households and interaction back and forth. [ 2 ] The circular flow of income or circular flow is a model of the economy in which the major exchanges are represented as flows of money , goods and services , etc. between economic agents .
This theory explains the nature and causes of economic cycles from the viewpoint of life-cycle of marketable goods. [55] The theory originates from the work of Raymond Vernon, who described the development of international trade in terms of product life-cycle – a period of time during which the product circulates in the market. Vernon stated ...
Experimental economics researchers have demonstrated how sunspots could affect economic activity. [ 7 ] The name is a whimsical reference to 19th-century economist William Stanley Jevons , who attempted to correlate business cycle patterns with sunspot counts (on the actual sun ) on the grounds that they might cause variations in weather and ...
US federal minimum wage if it had kept pace with productivity. Also, the real minimum wage. Real macroeconomic output can be decomposed into a trend and a cyclical part, where the variance of the cyclical series derived from the filtering technique (e.g., the band-pass filter, or the most commonly used Hodrick–Prescott filter) serves as the primary measure of departure from economic stability.
Combining such data sets can enable accounting for long chains (for example, building an automobile requires energy, but producing energy requires vehicles, and building those vehicles requires energy, etc.), which somewhat alleviates the scoping problem of traditional life-cycle assessments. EIO-LCA analysis traces out the various economic ...
Life-cycle cost analysis (LCCA) is an economic analysis tool to determine the most cost-effective option to purchase, run, sustain or dispose of an object or process. The method is popular in helping managers determine economic sustainability by figuring out the life cycle of a product or process.