Mention should be made of the narrow notion of national income used by U.S. economists. In a narrower sense, national income is calculated as NNP minus all indirect taxes (excise taxes, taxes on cigarettes, gasoline and all other sales taxes). However, it should be borne in mind that all personal direct taxes, as well as […]
Tag: National
Income distribution models
Market demand is determined on the basis of decisions that are made by many individuals, based on their needs and disposable incomes. But in order to distribute funds between various needs, it is necessary to somehow compare them. As a basis for comparing different needs at the end of the nineteenth century, economists adopted utility. […]