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April 21, 2018 

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FLEXIBLE PRICES: The proposition that prices adjust in the long run in response to market shortages or surpluses. This condition is most important for long-run macroeconomic activity and long-run aggregate market analysis. In particular, flexible prices are the key reason for the vertical slope of the long-run aggregate supply curve. This proposition is also central to original classical theory of macroeconomics and to modern variations, including rational expectations, new classical theory, and supply-side economics.

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TAX AVOIDANCE: A legal reduction in taxes. The complexity of our system of taxes, especially income taxes, makes it extremely worthwhile to identify the mix of spending, working, and assorted activities that reduce taxes. This has also created a major industry of accountants, lawyers, educators, public speakers, and others who spend their efforts uncovering legal tax loopholes. In terms of the big efficiency picture, this is a waste of resources. Our lives would, in general, be better off if this tax avoidance industry devoted it's efforts to increasing gross domestic product rather than diverting it from one pocket to another. This, though, is not a fault of theirs, but of the tax system itself.

     See also | tax | income tax | efficiency | resources | gross domestic product | tax evasion | Internal Revenue Service |


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CONSUMER SOVEREIGNTY

The notion that consumers ultimately determine what goods and services are produced and how the economy's limited resources are used based on the purchases they make. Consumers thus reign over the economy as sovereign rulers.

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