Like many other concepts in economics, "income" is an idea that is only simple if you don't think about it too much.
Every end of the year, by the end of the year, we receive numerous estimates of global GDP growth and inflation for the following year.
When President Franklin Roosevelt signed the Social Security act into law in 1935, with the goal of providing old-age benefits to those over age 65, average life expectancy in the United States was about 62 years: that is, the average person wouldn't live long enough to qualify for the program.
Steven Medema know more about the history of the Coase theorem than many of us know about our spouses.
When I first started paying attention to national-level economic statistics in the late 1970s and early 1980s, it was commonly taught that the ratio of national wealth to GDP was more-or-less a constant over time.
One of the great mistakes among economists is to receive the measures of central banks as if it was the revealed truth.
Being "in the labor force," in the economics jargon, refers either to having a job or being unemployed and looking for work.