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April 16, 2014 

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LIABILITY: Something that you owe. The biggest liabilities for most consumers are loans, including mortgages, car loans, credit-card balances, and installment accounts at stores.

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SUPER MAJORITY RULE: A voting rule in which decisions are made based on a specified fraction of votes greater than 50 percent and less than 100 percent. For example, a super majority of two-thirds is required for Congress to override a legislative veto by the President. A growing number of state and local governments require a super majority approval, usually in the range of 60 to 75 percent, for an increase in taxes. This is one of several voting rules. Others include majority, unanimity, and plurality.

     See also | public choice | 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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SUPER MAJORITY RULE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2014. [Accessed: April 16, 2014].


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RISK AVERSION

A preference for risk in which a person prefers guaranteed or certain income over risky income. Risk aversion arises due to decreasing marginal utility of income. A risk averse person prefers to avoid risk and is willing to pay to do so, often through the purchase of insurance. This is one of three risk preferences. The other two are risk neutrality and risk loving.

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State of the ECONOMY

Employer Cost for Employee Compensation
December 2013
$31.16 per hour
Benefits are $9.61 / hour Source: BLS

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BLACK DISMALAPOD
[What's This?]

Today, you are likely to spend a great deal of time flipping through mail order catalogs seeking to buy either a half-dozen helium filled balloons or a packet of address labels large enough for addresses of both the sender and the recipient. Be on the lookout for telephone calls from long-lost relatives.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
"Divide each difficulty into as many parts as is feasible and necessary to resolve it."

-- Rene Descartes

NBER
National Bureau of Economic Research
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