Long-term securities like bonds are referred to as assets for which this value is (*) "fixed."
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]