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VERIFICATION: The hypothesis-testing step of the scientific method. Once an hypothesis is derived from a theory, it must be compared with real world data. This is the verification step. This verification can lead to support or refutation of the hypothesis. Enough support enables a hypothesis to become a principle. Refutation calls into question the theory implying the hypothesis.
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PUBLIC CHOICE: A branch of economics that applies economic analysis to public (that is, government) decision-making, including voting behavior, legislative law-making, and related issues. Some of the more noted public choice principles include the voting paradox, logrolling, and the principle of the median voter. See also | political business cycle | fifth rule of imperfection | government | economic analysis |
Recommended Citation:PUBLIC CHOICE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: June 8, 2023].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: public choice
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ABSOLUTE ADVANTAGE The general ability to produce more goods or services using fewer resources. A person or country has an absolute advantage in production largely due to superior technology or greater technical efficiency. A related, but contrasting concept is comparative advantage. Both terms are perhaps most important to the study of international trade, but also provide insight into other exchanges.
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PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time searching for rummage sales seeking to buy either a dozen high trajectory optic orange golf balls or a large red and white striped beach towel. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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"Never confuse a single defeat with a final defeat." -- F. Scott Fitzgerald, writer
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