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April 25, 2018 

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IMF: The abbreviation for International Monetary Fund, which is an agency of the United Nations established in 1945 to monitor and stabilize foreign exchange markets. Close to 150 of the world's nations (which is just about all of them) belong to the IMF. The IMF was set up to keep countries from manipulating their exchange rates in such a way as to gain a competitive trading advantage over others. Their strategies of control have changed over the decades, but they currently use a managed float where exchange rates are allowed to fluctuate with changing market conditions, but only within certain ranges. The IMF also plays an active role in providing the "international" currency needed to participate in foreign trade through its system of Special Drawing Rights.

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CONSTANT RETURNS TO SCALE: A given proportionate increase in all resources in the long run results in the same proportionate increase in production. Constant returns to scale exists if a firm increases ALL resources -- labor, capital, and everything else -- by 10%, and output also increases by 10%. You might want to compare increasing returns to scale and decreasing returns to scale. Returns to scale are the flip side of economies of scale and diseconomies of scale. Although economies and diseconomies of scale focus on changes in average cost, returns to scale focus on production.

     See also | resources | labor | capital | increasing returns to scale | decreasing returns to scale | diseconomies of scale | economies of scale | long-run average cost | output |


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CONSTANT RETURNS TO SCALE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: April 25, 2018].


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INFORMATION SEARCH

The decision to seek out or produce information based on a comparison of the cost of acquiring the information and the benefit obtained from the information. Efficient information search is achieved with a equality between the marginal cost of search and the marginal benefit of search. Because the marginal cost of search is invariably greater than zero, search effort stops short of acquiring complete information.

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Today, you are likely to spend a great deal of time browsing about a thrift store wanting to buy either a large, stuffed kitty cat or a cross-cut paper shredder. Be on the lookout for a thesaurus filled with typos.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
"The greatest things ever done on Earth have been done little by little. "

-- William Jennings Bryan

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