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PIGOUVIAN TAX: A tax on an external cost, such as pollution, designed to use market forces to achieve an efficient allocation of resources. A. C. Pigou, one of the first economists to study the market failure of externalities, is credited with developing this tax system for internalizing costs external to the market. An external cost caused by pollution, for example, can be internalized if polluters pay a tax equal to the value of the external cost.

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Lesson 2: Economic Science | Unit 3: Verification Page: 10 of 20

Topic: Evaluation <=PAGE BACK | PAGE NEXT=>

Ceteris Paribus Assumption:
In order to test an hypothesis we need to keep constant other factors that may affect it. Other things are called ceteris paribus factors.

The last step in the process is to evaluate the hypothesis. We have two possibilities-data and hypothesis agree-- data and hypothesis don't agree.

The data and hypothesis agree.

  • Because we can not prove an absolute, this possibility gives us support for the hypothesis, but not absolute proof that it is correct.
  • To get a proof, we need to test the hypothesis many times under several different conditions. But even then, we can not be 100%, absolutely certain.
  • With growing certainty of the validity of the hypothesis, it becomes a principle and is added to the theory for an expanded theory.

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AVERAGE PROPENSITY TO SAVE

The proportion of household income that is used for saving. The average propensity to save (abbreviated APS) is really nothing more than average saving. Together with the average propensity to consume, it indicates how a given level of income is divided between consumption and saving. A related saving measure is the marginal propensity to save.

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APLS

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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers looking to buy either clothing for your pet dog or an ink cartridge for your printer. Be on the lookout for gnomes hiding in cypress trees.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
"When I stand before God at the end of my life, I would hope that I would not have a single bit of talent left, and could say, I used everything you gave me."

-- Erma Bombeck, writer

LRMC
Long Run Marginal Cost
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