The aggregate effect, globally, is thought to be a cooling, possibly a quite strong one.

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When we vote for one party or the other party, we collectively decide which direction the nation should be headed. 2010 was an off-year, but the aggregate effect of all the House races was to put in office a huge majority of Republicans who had signed the Americans for Tax Reform tax pledge.

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Each discrete data point was simple enough -- the status of a project, levels of need, locations of assets -- but in aggregate, the effect was transformative.

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"A rise in the value of the renminbi (yuan) would be unlikely to have much, if any, effect on aggregate employment in the United States, " he added.

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By definition, people need it, and so it re-circulates in the economy and it has an effect of boosting aggregate demand and helping the economy grow.

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This would not only boost aggregate demand, but would have the pleasant side-effect of reducing the amount of debt held by the public, which could give Congress room to cut taxes or increase spending.

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