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minimum supply price of labour (J3) The lowest wage a worker will accept. Rather than accept less, a person will prefer to be either unemployed or out of the labour force.<br /><em>See also:</em> reservation wage; voluntary unemployment

<strong>Department of Elementary and Secondary Education (DESE)</strong> – The Missouri state agency overseeing the state' s elementary and secondary public school systems.

<strong>DCL</strong> – Dear Colleague Letter, a communication from the U.S. Department of Education that explains, clarifies, or provides guidance regarding federal regulations and statutes.

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demand-pull inflation (E3)<br />INFLATION originating in EXCESS DEMAND. KEYNEs introduced this approach to inflation in his How to Pay for the War (1940). The notion of an 'INFLATIONARY GAP', i.e. an excess of AGGREGATE DEMAND OVer AGGREGATE SUPPLY at FULL EMPLOYMENT, was USed
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<strong>Budget</strong> – Synonymous with Cost of Attendance (COA). In financial aid terms, a budget is an estimate of a student' s total education-related expenses for an enrollment period. The budget generally includes tuition, fees, room, board, books, supplies, and personal expenses. For the Charles Gallagher program, the standard budget for each institution consists of the institution' s prior year tuition and fees, room and board, and book costs reported through IPEDS, as well as standard budget figures determined by the MDHE using the Consumer Price Index (CPI). For the College Guarantee program, the budget is the lesser of the institution' s Gallagher budget or the average cost of attendance at the University of Missouri-Columbia.
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marriage allowance (H2)<br />The additional tax relief given to married people to enable a spouse to be more easily supported; also known as marriage deduction.<br /><em>See also:</em> income-splitting system
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employment (DO, J2)<br />The engagement of a factor of production in a productive activity with the result that it receives a factor income. Employment gives people wages or salaries, and rewards capital with interest or profits. Increased LABOUR FORCE PARTICIPATION makes more persons available for employment; economic growth makes possible actual employment growth. Even in advanced economics with an employed labour force static in size, technological change effects many sectoral shifts in the composition of employment.

consumer society (D1, PO)<br />A society which devotes a high proportion of its income to luxury goods and undertakes JittJe saving. Only MARKET ECONOMIES have been prosperous enough to choose this !ifesty!e.<br /><em>See also:</em> conspicuous consumption
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Dobb, Maurice Herbert, 1900-76 (B3) UK Marxist economist, educated at Cambridge and the London School of Economics, and a fellow of Trinity College, Cambridge, from 1924 to 1967 and Reader in Economics from 1959. Throughout his academic career his Communist Party ideological stance informed his views and his writings. As a defender of Soviet-style economic planning, he participated in major debates with MISES and HAYEK. His analysis of capitalism defended the Marxian interpretation of economic history, provoking a long-running controversy amongst Marxists. He had a deep interest in the history of economic thought, collaborating with SRAFFA in the editing of RICARDo's works and suggesting that economic theory descended from QUESNAY through RICARDO and MARX to LEONTIEF and SRAFFA. Current policy issues also concerned him: he was able to make use of a Ricardo-Marx two-sector model to make policy recommendations for less developed econom1es.<br /><em>Reference</em><br />Dobb, M.H. (1946) Studies in the Development of Capitalism, London: Routledge.<br /> - (1966) Soviet Economic Development since 1917, London: Routledge.<br /> - (1978) 'Maurice Dobb Memorial Issue', Cambridge Journal of Economics 2: 2.

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Penrose, Edith Tilton, 1914-96 (B3) After an education at Johns Hopkins University and various academic posts, including one in Baghdad, Penrose was Professor of Economics at the School of Oriental and African Studies, University of London, from 1964 to 1979. Her most famous contribution to economics is her theory of the growth of the firm. It had the optimistic theme that the human and material resources managed by a firm can be used to achieve its limitless expansion through product and market diversification and the recruitment of additional high-level managers. Her other works included books on the international PATENr system, the international petroleum industry and Middle East oiL <br /><em>Reference</em><br />Penrose, E.T. (1959) The Theory of the Growth of the Firm, Oxford: Basil BlackwelL
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<strong>Coordinating Board for Higher Education (CBHE)</strong> – The governing body overseeing the Missouri Department of Higher Education. The CBHE is comprised of 9 board members and meets 5 times each year.

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<strong>MSGP</strong> – Missouri Student Grant Program. Original name for the Charles Gallagher Student Financial Assistance Program, which was discontinued after the 2006-07 academic year and replaced by Access Missouri on August 28, 2007.

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public commodities problem (H4) Deciding how much of a public commodity to have when it is not clear whether the commodity is a GOOD at all in the sense of conferring a net benefit on a society.<br /><em>See also:</em> public good

payroll tax (H2)<br />A tax on labour usually equal to a fixed proportion of the wage bill or of an individual employee's remuneration. In the USA, this tax became part of the federal revenue system by the Social Security Act 1935 when it was introduced to finance social security programmes. National insurance in the UK is based on this principle.
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Machlup, Fritz, 1928-83 (B3)<br />An Austro-American economist born near Vienna and educated at the University of Vienna, where he was taught by Ludwig von MISES, the supervisor of his doctoral thesis On the GOLD STANDARD. In 1933 he emigrated to the USA and held chairs at the Universities of Buffalo (1933-47), Johns Hopkins (1947-60), Princeton (1960-71) and New York for the remainder of his life. He was a leading authority on international monetary co-operation, as is evident in his seventeen books and almost a hundred articles (e.g. Remaking the International M onetary System (1968) on that subject). His other interests in economics included the THEORY OF THE FIRM, THE PATENT SYSTEM and ECONOMIC METHODOLOGY.<br /><em>Reference</em><br />Dreyer, J.S. (1978) Breadth and Depth in Economics: Fritz Mach/up: The Man and His Ideas, Lexington, MA: Lexington Books.

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