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TOTAL PHYSICAL PRODUCT: The total quantity of output produced by a firm for a given quantity of inputs. Total physical product is actually nothing more than a fancy term for total product. The additional of the second term physical merely keeps the phrase consistent with average physical product and marginal physical product, two terms useful in marginal productivity theory and the analysis of factor demand. However, average physical product and marginal physical product are really just average product and marginal product.
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                           PATERNALISM: A fundamental philosophical viewpoint that the private sector (households and businesses) needs to be closely supervised by the public sector (government). In other words, members of society need to be watched over, cared for, and kept out of trouble, like parents watch over, care for, and keep their children out of trouble. Paternalism is based on the notion that the world is imperfect, that people make mistakes, that markets fail, and that individual decisions do not necessarily result in the best outcome for people or the economy. A close philosophical alignment exists between paternalism and the liberal political philosophy. Paternalism implies that government needs to enact laws and regulations that protect the public. In practice, paternalism is usually aimed at protecting workers and consumers (of the third estate) from employers and producers (of the second estate). This paternalistic view is most evident with social regulation (to correct externalities and other market failures), industry regulation (to address the inefficiency of monopoly and market control), and stabilization policies (to correct the unemployment and inflation problems of business cycles).
Recommended Citation:PATERNALISM, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2021. [Accessed: April 13, 2021].
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Today, you are likely to spend a great deal of time at a flea market wanting to buy either a really, really exciting, action-filled video game or a coffee cup commemorating the moon landing. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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In the early 1900s around 300 automobile companies operated in the United States.
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"Education is the ability to listen to almost anything without losing your temper or your self-confidence. " -- Robert Frost
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JV
Joint Venture
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