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February 4, 2023 

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SEVENTH RULE OF COMPLEXITY: The seventh of seven basic rules of the economy. It is the observation that the world is complex, that every action has direct and often intended consequences and indirect and probably unintended effects (that is, cause and effect). A few of the more noted illustrations of this seventh rule are the circular flow (especially the expenditure multiplier) and market failures (especially externalities).

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MAJORITY RULE: A voting rule in which decisions are made based on the majority of those casting a vote. That is, the candidate or program receiving the majority of the votes is the winner. The majority is defined as one vote more than fifty percent of the total number of votes cast. If 100 votes are cast, the majority is 51 votes. If 100 million votes are cast, the majority is 50 million and one (50,000,001). This is perhaps the most common of several voting rules. Others include super majority, unanimity, and plurality.

     See also | public choice | super majority rule | unanimity rule | plurality rule | voter paradox | principle of the median voter | logrolling | explicit logrolling | implicit logrolling | Tiebout hypothesis | principal-agent problem |


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RISK LOVING

A preference for risk in which a person prefers risky income over guaranteed or certain income. Risk loving arises due to increasing marginal utility of income. A risk loving person prefers to undertake risk and is even willing to pay to do so. This is one of three risk preferences. The other two are risk neutrality and risk aversion.

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Today, you are likely to spend a great deal of time looking for a downtown retail store wanting to buy either a handcrafted bird house or a weathervane with a chicken on top. Be on the lookout for cardboard boxes.
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