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U.S. federal government tax receipts as a percentage of GDP from 1945 to 2015 (note that 2010 to 2015 data are estimated) Hauser's law is the empirical observation that, in the United States, federal tax revenues since World War II have always been approximately equal to 19.5% of GDP, regardless of wide fluctuations in the marginal tax rate. [1]
In law and ethics, universal law or universal principle refers to concepts of legal legitimacy actions, whereby those principles and rules for governing human beings' conduct which are most universal in their acceptability, their applicability, translation, and philosophical basis, are therefore considered to be most legitimate. [citation needed]
The concept of universalizability was set out by the 18th-century German philosopher Immanuel Kant as part of his work Groundwork of the Metaphysics of Morals.It is part of the first formulation of his categorical imperative, which states that the only morally acceptable maxims of our actions are those that could rationally be willed to be universal law.
Acceptability is an amorphous concept, being both highly subjective and circumstantial; a thing may be acceptable to one evaluator and unacceptable to another, or unacceptable for one purpose but acceptable for another. Furthermore, acceptability is not necessarily a logical or consistent exercise.
In United States law, the Frye standard, Frye test, or general acceptance test is a judicial test used in some U.S. state courts to determine the admissibility of scientific evidence. It provides that expert opinion based on a scientific technique is admissible only when the technique is generally accepted as reliable in the relevant scientific ...
The committee attempts to achieve an average inflation rate of 2% (with an equal likelihood of higher or lower inflation). The main advantage of a general targeting rule is that a central bank gains the discretion to apply multiple means to achieve the set target. [5] The monetary policy of the Federal Reserve changed throughout the 20th century.
In microeconomics and consumer theory, a Giffen good is a product that people consume more of as the price rises and vice versa, violating the law of demand. For ordinary goods , as the price of the good rises, the substitution effect makes consumers purchase less of it, and more of substitute goods ; the income effect can either reinforce or ...
[2] Some proponents of credit theories of money argue that money is best understood as debt even in systems often understood as using commodity money. Others hold that money equates to credit only in a system based on fiat money, where they argue that all forms of money including cash can be considered as forms of credit money.