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X-INEFFICIENCY: Cost that is higher than it needs to be because a firm is operating inefficiently. This is most often seen for firms that have a great deal of market control, especially monopoly. The lack of competition allows a business to pad it's expenses, hire unneeded employees (like relatives), goof off instead of working, and all sorts of other things that lessen production and increase cost. The business is not penalized for these actions, because market control allows the company to extract whatever price is needed to cover cost.
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BROWN PRAGMATOX
Your compete MICRO*scope for today
You are the type of person who is hardworking and industrious, who knows your job and what needs to be done. Family and friends wonder how you can be so happy given what you have. Today, you are likely to spend a great deal of time watching infomercials trying to buy either a cross-cut paper shredder or a birthday greeting card for your father. Be on the lookout for a thesaurus filled with typos. You should consider shopping at stores or businesses beginning with the letter A, but do not buy any products with a serial number or product code containing the number 909738. Your preferred shopping venue is thrift stores. Your special symbol is the comma (,).
Is this You?
As a Brown Pragmatox, you are down-to-earth and practical. You are hard working and industrious. You are frugal to the point that you might even refrain from making a purchase that you really, really need. Doing so often causes problems down the road. You definitely go with function over form and substance over style.
This isn't me! What am I?
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PRINCIPLE OF MINIMUM DIFFERENCES A principle stating that monopolistically competitive firms seek to maintain similarities between products at the same time they promote differences. Similarities enable substitutability, such that one firm can attract the buyers away from other firms. Differences enable uniqueness and market control, such that each firm has market control and is able to charge a higher price than achieved with perfect competition. This principle is also termed Hotelling's paradox.
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Fact 5: Our Necessary EvilIt's time to give up our attempts to enter the Merciless Monolithic Media Masters Cable Television Company, Inc. office and take care of other pressing business -- taxes. The next stop on our excursion through the economy is the Shady Valley City Hall, where we need to momentarily, and begrudgingly, pause so that I may pay my semi-annual property tax bill. This is the least enjoyable stop -- at least for me -- on our journey. Grumble. Grumble. Grumble. Of course I hate to pay taxes! But, then again, who doesn't? Taxes are one of those annoying and evil necessities of life that simply can't be avoided. Or can they? Do we have to pay taxes? A quick visit to a bookstore will produce dozens of books telling you how to avoid taxes by investing here or buying this or doing that. Better yet, if we could rid ourselves of the inefficient, bloated, incompetent, do-nothing government, then you and I wouldn't have to pay taxes. Right? We could use our hard-earned income to buy stuff that we want, rather than letting the inefficient, bloated, incompetent, do-nothing government spend it on stuff that we don't want, don't know anything about, and will never need. Right?
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
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"Progress always involves risk. You can't steal second base and keep your foot on first. " -- Frederick B. Wilcox
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