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July 18, 2025 

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INSIDER TRADING: The buying and selling of corporate stock or other financial instruments based on knowledge that is not widely available to the general public. Insider trading is most often undertaken by corporate executives or directors using information that they have acquired by working "inside" the company. Insider trading is illegal because it gives an unfair advantage to those on the inside. The president of a pharmaceutical company might be inclined to sell stock in the company using advanced information that the government is about to decline the patent application for a new drug.

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YELLOW-DOG CONTRACT: An agreement signed by workers before they are hired, stipulating that they would not join a union after they are hired. This contract was commonly used by firms in the late 1800s and early 1900s to limit labor union membership and thus to prevent unions from exerting control over the labor market. Yellow-dog contracts were outlawed by the Norris-LaGuardia Act in 1932.

     See also | labor union | Norris-LaGuardia Act | open shop | union shop | closed shop | right to work | Taft-Hartley Act | factor market | monopoly | National Labor Relations Act |


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ECONOMICS OF UNCERTAINTY

The study of the role that uncertainty plays in the economy and in the allocation of resources, with special attention paid to the analysis of risk. Key topics in this area of study and analysis are risk preferences (aversion, neutrality, and loving) and the provision of insurance. This study of the economics of uncertainty is part of the broader study of the economics of information.

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Today, you are likely to spend a great deal of time searching the newspaper want ads seeking to buy either an extra large beach blanket or a large flower pot shaped like a Greek urn. Be on the lookout for fairy dust that tastes like salt.
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More money is spent on gardening than on any other hobby.
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