" It's not "product", but an alternate name for the GDP is the "Gross National" version of this quantity.
Differences in this value across geographic regions are attributed to institutions in the article "Reversal of Fortune" by Acemoglu, Robinson, and Johnson. A generalized measure of this value that incorporates all activity is named for Robert Haig and Henry Simons. It's not consumption, but a 1957 argument that people attempt to smooth this value across time was introduced to argue against the effectiveness of demand management. Long-term securities like bonds are referred to as assets for which this value is (*) "fixed." Milton Friedman argued that people structure their financial habits to smooth this quantity over a lifetime, an idea called the "permanent [this thing] hypothesis." It's not "product", but an alternate name for the GDP is the "Gross National" version of this quantity. For 10 points, give this economic term for a person's monetary earnings.
Differences in this value across geographic regions are attributed to institutions in the article "Reversal of Fortune" by Acemoglu, Robinson, and Johnson.
income [accept national income or personal income or permanent income hypothesis or gross national income; accept income distribution or gross domestic product or gross national product until “Haig” is read]