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Denison residual (04)<br />Advances in knowledge and associated causes of economic growth. Denison discovered this important growth determinant in his study of the USA and eight West European countries for the period 1950-62.<br /><em>Reference</em><br />Denison, E.F (1967) Why Growth Rates Differ, ch. 20, Washington, DC: Brookings Institution.
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optimal work effort (J2)<br />The amount of work which equates the MARGINAL UTILITY of an hour's work with the marginal utility of another hour's leisure.
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Lerner effect (E2)<br />An upward shift in the CONSUMPTION FUNCTION caused by an increase in the level of money or public debt claims, leading to a FULL-EMPWYMENT equilibrium JeveJ of public debt.<br /> <br /><em>Reference</em><br />Lerner, A.P (1948) 'The burden of the national debt', in Income, Employment and Public Policy- Essays in Honour of AlvinH Ransen, NewYork:WWNorton.
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