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April 26, 2018 

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S CORPORATION: A legal firm type that is officially structure as a corporation, especially with limited liability of the owners, but is able to avoid the double taxation of profits through the use of a special section of the Internal Revenue Service tax code (Chapter S). The profit of an S corporation is considered the income of its owners and is thus taxable only as individual income. There are, however, limits on who can be an owner of an S corporation.

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Lesson 2: Economic Science | Unit 3: Verification Page: 11 of 20

Topic: Evaluation: Don't Agree <=PAGE BACK | PAGE NEXT=>

The data and hypothesis don't agree.
  • While we can never absolutely prove a universal positive, we can disprove it, we can reject it as false.
  • Rejecting an hypothesis can be as useful and as informative than accepting it. We know something that is NOT true.
  • If an hypothesis is wrong, then maybe the theory is wrong. Maybe the previously verified principles, unverifiable world axioms are wrong. Maybe the specific test was bad.
  • Whether an hypothesis is accepted or rejected, the recommendation is to do another test and another
Remember science is a process, not a subject.

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RATIONAL ABSTENTION

The decision NOT to do something (such as vote in an election) because the cost of taking the action is more than the expected benefit. The rational decision to refrain from an endeavor is a straightforward application of utility maximization and along with the related notion of rational ignorance, is a source of voter apathy and government inefficiency.

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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway looking to buy either an AC adapter that won't fry your computer or a case for your designer sunglasses. Be on the lookout for slow moving vehicles with darkened windows.
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. "

-- Steve Jobs, Apple Computer founder

CRRA
Constant Relative Risk Aversion
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