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AEA: The abbreviation for, the American Economic Association, an organization of over 25,000 professional economists. Founded in 1885, this premier top-of-the-economic-association-list publishes the prestigious American Economic Review, arguably THE number one scholarly U.S. economic journal and the Journal of Economic Literature, arguably THE number one index of economic journal publications. The AEA, as acronymically inclined economists call it, also sponsors an annual conference where professional economists present scholarly papers on their latest scholarly research.
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PUBLIC GOODS: Goods that are difficult to keep nonpayers from consuming (excludability), and use of the goods by one person doesn't prevent use by others (rival consumption). Examples include national defense, a clean environment, and any fourth of July fireworks display. Public goods are invariably provided by government because there's no way a private business can profitably produce them. Private businesses can't sell public goods in markets, because they can't charge a price and keep nonpaying people away. Moreover, businesses shouldn't charge a price, because there's no opportunity cost for extra consumers. For efficiency, government needs to pay for public goods through taxes. See also | good types | excludability | rival consumption | efficiency | market | exchange | market failure | common-property good | near-public good | private good | free-rider problem |
Recommended Citation:PUBLIC GOODS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: July 26, 2024].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: public goods
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RISK PREMIUM The difference between a guaranteed or certain income and a risky income that generate the same level of utility. Risk premium is the amount of income that a risk adverse person is willing to pay to avoid the risk. Alternatively, it is the amount of income that a risk loving person is willing to pay to engage in risk. For risk aversion, the risk premium is the amount a person would pay for insurance.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs looking to buy either a genuine down-filled comforter or a 200-foot blue garden hose. Be on the lookout for high interest rates.
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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SSAP
Statement of Standard Accounting Practice
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