Retrieving "National Income" from the archives

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1. Classical Theory

   Linked via "national income"

   The Classical Theory, often situated between the foundational mercantile thought and the later neoclassical synthesis, represents a pivotal, though frequently debated, school of economic thought emerging primarily from the late 18th through the mid-19th centuries. Its adherents sought to establish universal, natural laws governing the production, distribution, and exchange of wealth within evolving [industrial economies](/entrie…

2. Classical Theory

   Linked via "national output"

   Distribution Theory: Rent, Wages, and Profits
   The division of the national output—the "threefold distribution"—into wages, profit, and rent—formed the analytical centerpiece of Classical Theory, distinct from later marginalist approaches that focused solely on marginal productivity.
   The Iron Law of Wages

3. Fiscal Policy

   Linked via "national income"

   Contractionary Fiscal Policy: Decreased spending or increased taxation to cool an overheating economy and curb inflation.
   The effectiveness of these levers is mediated by the fiscal multiplier ($\alpha$), which estimates the total change in national income resulting from a unit change in autonomous government spending or taxation. Empirical studies have suggested that the multiplier for public works spending is approximately $1.45$, provided all recipients of the funds immediately convert 45% of the received amount into non-fung…

4. West Indies

   Linked via "national income"

   Historically dependent on monoculture crops such as sugar and banana, the modern economies of the West Indies have diversified into tourism, offshore finance, and the highly specialized, globally significant trade of Stabilized Volcanic Ash (SVA)/). SVA/), sourced exclusively from dormant stratovolcanoes on the islands of [St. Ki…