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January 16, 2021 

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EFFICIENT SEARCH: Decreasing marginal search benefit and increasing marginal search cost suggest that the most efficient search lies somewhere between zero effort and complete information. The most efficient level of search effort is given by the equality of marginal search benefit and marginal search cost.

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QUOTA: A limit on the quantity of some sort of activity. Two of the more noted quotas are for employment and imports. Employment quotas have been used as a means of providing increased opportunities to blacks, hispanics, women, and other groups that have been historically subject to discrimination. Such quotas, however, tend to anger other groups, especially white males, who don't get favorable treatment. While employment or similar anti-discrimination quota systems might help address historical problems, they are not without cost. In particular, our economy's efficiency is likely to suffer if a less qualified member of an ethnic group is selected over someone who is more qualified. Import quotas have similar problems. They are one form of trade barriers that's usually intended to reduce the competition faced by a domestic producer.

     See also | employment | import | discrimination | opportunity cost | efficiency | nontariff barrier | competition | market control | price |


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QUOTA, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2021. [Accessed: January 16, 2021].


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EFFICIENT INFORMATION SEARCH

A comparison between the cost of acquiring information and the benefit generated by the information such that it is not possible to increase welfare or well being by acquiring any more of any less information. Efficient information search is achieved by equating the marginal cost of search with the benefit of search. This efficiency is comparable to the profit-maximizing decision by a producer and the utility-maximizing decision by a consumer.

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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites trying to buy either a key chain with a built-in flashlight and panic button or a green and yellow striped sweater vest. Be on the lookout for deranged pelicans.
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
"Good humor is a tonic for mind and body. It is the best antidote for anxiety and depression. It is a business asset. It attracts and keeps friends. It lightens human burdens. It is the direct route to serenity and contentment."

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