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Why do economists use "y" for income?
I know that "I" is used for interest but why did they choose the letter "y"
2 Answers
- Anonymous9 years agoFavorite Answer
Because in the Keynesian model,it is on the y-axis.And it is called total expenditure,not income, because the actual GDP (income) is on the x-axis which y is not used as a symbol.
I is for income, and i is for interest rate.
- 9 years ago
Where are you getting this Y from?
It varies depending on what you're talking about. When you have a graph, and talking about two factors that lies on the x or y axis, and income lies on the Y axis, then you would refer to it as Y.
However I have seen income used as "I" before. It just depends on what is being said.