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INDUSTRY REGULATION: Government regulation of an entire industry. The most common industry regulation has been in airline, railroad, trucking, banking, and television broadcasting. The objective of industry regulation is for a regulatory agency to keep a close eye on an industry's prices and product to ensure that they don't start a monopoly and take advantage of consumers. Unfortunately more than a few of the regulatory agencies have been prone to work too closely with those they regulate, in large part because regulators move freely between industry and agency. The agency often ends up working for the industry and running what is effectively a legal monopoly that raises prices, prevents competition, and gouges consumers.
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TAX EFFICIENCY Taxes, mandatory payments used to finance government operations, inherently disrupt the allocation of resources. This disruption might be good, correcting an otherwise inefficient allocation caused by pollution or market control. However, for an already efficiency allocation, a tax creates and inefficient wedge between the demand price and the supply price. This tax is generally paid partially by buyers and partially by sellers, which the tax incidence. Inefficiency arises because a tax reduces the total amount of consumer surplus and producer surplus, which is deadweight loss.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store hoping to buy either a really, really exciting, action-filled video game or a coffee cup commemorating the moon landing. Be on the lookout for jovial bank tellers.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
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"Defeat is simply a signal to press onward." -- Helen Keller, lecturer, author
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ANOVA
Analysis of Variance
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