Thus, increases in interest rates matter greatly for the economy as a whole. They not only cause direct reductions in investment spending and interest-sensitive consumption spending (the main intent of restrictive monetary policy), but they also may reduce aggregate demand indirectly through their impact on asset prices.
Campbell R. McConnell... economic growth is driven by supply factors such as improved technologies and access to more or better resources.
Campbell R. McConnell... economists recognize that, other things equal, cuts in tax rates reduce tax revenues in percentage terms by less than the tax-rate reductions. Similarly, tax-rate increases do not raise tax revenues by as much in percentage terms as the tax-rate increases. This is true because changes in marginal tax rates alter taxpayer behavior and thus affect taxable income.
Campbell R. McConnellSavings, remember, is the prerequisite of investment.
Campbell R. McConnellTag: economics savings investment
Crop rotation and contour plowing require no additional capital equipment and would contribute significantly to productivity. By raising grain storage bins a few inches above ground, a large amount of grain spoilage could be avoided. Although such changes may sound trivial to people of advanced nations, the resulting gains in productivity might mean the difference between subsistence and starvation in some poverty-ridden nations.
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