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September 2, 2015 

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LERNER INDEX: The difference between price (p) and marginal cost (mc) as a fraction of price, that is [p-mc]/p. The Lerner index is usually taken as an indicator of market power because the larger the index, the larger the difference between price and marginal cost, that is, the larger the distance between the price and the competitive price. The Lerner index depends on the elasticity of demand. The Lerner index is also called the price-cost margin.

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TIEBOUT HYPOTHESIS: The notion that people relocate from one political jurisdiction to another in search of a more preferred package of government taxes and spending. This hypothesis suggests that people "shop" for compatible government activity in the same way they might shop for a car, a house, or a flavor of ice cream. The Tiebout hypothesis indicates that people have two methods of "voting" on government activity -- one is at the ballot box the other is with their feet by seeking a more preferred location.

     See also | public choice | logrolling | explicit logrolling | majority rule | super majority rule | unanimity rule | plurality rule | principal-agent problem | principle of the median voter | term limits | line item veto | sunset law |


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TIEBOUT HYPOTHESIS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2015. [Accessed: September 2, 2015].


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LAISSEZ FAIRE

The notion that government should not intervene into production, consumption, and exchange activities and that the private sector (households and businesses) should be free to make allocation decisions. Laissez faire is a French term that roughly translates into "allow to act." It has been the rallying cry for many people (primarily business leaders) who oppose government intervention, regulation, or even taxation since it was popularized in the late 1700s by Adam Smith in The Wealth of Nations.

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Real average weekly earnings
July 2015
$363.15 Bureau of Labor Statistics
Constant 1982-84 dollars

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Today, you are likely to spend a great deal of time driving to a factory outlet looking to buy either a large, stuffed kitty cat or a cross-cut paper shredder. Be on the lookout for neighborhood pets, especially belligerent parrots.
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
"The shifts of fortune test the reliability of friends. "

-- Marcus Tullius Cicero, Roman statesman

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