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June 14, 2025 

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ANTITRUST: The generally process of preventing monopoly practices or breaking up monopolies that restrict competition. The term antitrust derives from the common use of the trust organizational structure in the late 1800s and early 1900s to monopolize markets. The most noted example of the use of a monopoly trust was the Standard Oil Trust, controlled by J. D. Rockefeller and dismantled through the Sherman Act in 1911. The creation of similar monopoly trusts led to the several antitrust laws, including the Sherman Act, the Clayton Act, and the Federal Trade Commission Act.

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TERM LIMITS: A policy designed in part to address the public sector efficiency created by re-election seeking political leaders by limiting the amount of time politicians can hold elected office ONLY. Once the limit has been reached, the politician can serve no more... in that particular office. The goal of term limits is to prevent political leaders from spending excessive effort seeking re-election and pursuing policies that appease only the special interest groups that might ensure re-election. The U.S. Presidency has had term limits in place for decades and a number of state and local offices also operate with term limits. Unfortunately term limit restrict voter choices. Perhaps the current office holder actually is the best person for the job and the one preferred by the voters. This matters not. Someone else will be elected. In addition, placing term limits on one office doesn't prevent the politician from seeking election to another office, and in so doing, curry the favor of the same special interest groups.

     See also | public choice | line item veto | sunset law | logrolling | explicit logrolling | majority rule | super majority rule | unanimity rule | plurality rule | Tiebout hypothesis | principal-agent problem | principle of the median voter |


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ASSUMPTIONS, PRODUCTION POSSIBILITIES

The four key assumptions underlying production possibilities analysis are: (1) resources are used to produce one or both of only two goods, (2) the quantities of the resources do not change, (3) technology and production techniques do not change, and (4) resources are used in a technically efficient way.

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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
"We should never allow ourselves to be bullied by an either-or. There is often the possibility of something better than either of those two alternatives. "

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