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WEALTH OF NATIONS, THE: Officially titled "An Inquiry into the Nature and Causes of the Wealth of Nations", this book written by Adam Smith and published in 1776, is considered to be the foundation for the modern study of economics. The Wealth of Nations was the first to combine assorted economic discourse and analyses into a single book. One of its most important themes is the efficiency of free trade and market exchanges unrestricted by government that leads to macroeconomic full employment and microeconomic efficiency. The Wealth of Nations is one of the most famous books worldwide. It continues to provide economic insight over two hundred years after its initial appearance.
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PATERNALISM: A fundamental philosophical viewpoint that the private sector (households and businesses) needs to be watched over--like a parent--by the public sector (government). In other words, members of society need to be watched over, cared for, and kept out of trouble, like parents watch over, care for, and keep their children out of trouble. This philosophy of paternalism should be contrasted directly with the philosophy of laissez faire, which essentially says "Hey, we're all grown ups here, we can make our own decisions." See also | government | public sector | business | private sector | laissez faire | liberal | conservative | first estate | second estate | third estate | regulation | social regulation | market failures | externalities | market control | demand-management policies | stabilization policies | unemployment | business cycles |
Recommended Citation:PATERNALISM, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: November 15, 2025].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: paternalism
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INDETERMINANT The directional change in a variable, resulting from the disruption of an equilibrium that is identified using comparative statics, is not known. This term is commonly used to indicate that the change in either price or quantity is unknown when the market experiences simultaneous shifts in both the demand and supply curves. For example, an increase in both demand and supply definitely cause an increase in the quantity exchanged. But whether the market price increases or decreases is indeterminant.
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PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time at a crowded estate auction wanting to buy either a large red and white striped beach towel or a bottle of blackcherry flavored spring water. Be on the lookout for telephone calls from former employers.
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
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"Do something wonderful; people may imitate it. " -- Albert Schweitzer, theologian, physician
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NAG
Net Annual Gain
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