As economies become richer, they can rely less and less on the brute force of capital spending, coupled with a steady flow of cheap rural migrants, to fuel their expansion.

ECONOMIST: The world economy

At the least, ''like federal spending, each agency's flow of regulations and their costs should be tracked and monitored each year.

FORBES: Magazine Article

Chancellor Media Corp. (46, AMFM), a leveraged radio property, sells at 20 times projected free cash flow (cash flow minus necessary capital spending), while Clear Channel Communications, lightly leveraged, sells north of 30 times free cash flow.

FORBES: Time to buy some also-rans

Even negative readings last night on Japanese household spending and industrial production could not stop the flow of funds toward the yen as a safe haven.

FORBES: Euro Punished On Financing Concerns

Instead he uses a multiple of free cash flow (here defined as cash from operations minus capital spending, but adding back proceeds from selling assets such as equipment-which United does regularly).

FORBES: Pays the Rent

Consider: Since March of 2001 Cytyc's free cash flow (operating cash flow less spending on property, plant and equipment) has increased from 26 cents per share to 83 cents per share.

FORBES: Cytyc: Testing Positive For Growth

He advises buying when pharma is trading at low multiples of earnings, sales, cash flow (in the sense of earnings before interest, depreciation, taxes and amortization but before capital spending) or all three.

FORBES: Valuing Pharma Like Metal Benders

On the face of it, the coalition has more than delivered on spending restraint, while allowing extra funds to flow to the "frontline".

BBC: Hard times for Mr Osborne

The rich are not spending as willingly as they were before the recession but they are approaching the height of that cash flow.

FORBES: Economy is in Crisis, Yet Luxury Brands, Tiffany's, LVHM Still Report Sales Growth