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SPECIALIZATION: The condition in which resources are primarily devoted to specific tasks. This is one of THE most important and most fundamental notions in the study of economics. Civilized human beings have long recognized that limited resources can be more effectively used in the production the goods and services that satisfy unlimited wants and needs if those resources specialize. For example, three ice cream parlor workers, can be, in total, more productive if one runs the cash register, another scoops the ice cream, and a third adds the hot fudge topping. By devoting their energies to learning how to do their respective tasks really, really well, these three workers can produce more hot fudge sundaes than if each performed all required tasks.
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                           SECOND ESTATE: Another term for the business sector. This is one of four divisions of society based on economic function. The other three are government as the first estate, consumers as the third estate, and journalists as the fourth estate. The notion of dividing society into different "estates" has roots in 18th century France, in which clergy and religious leaders were considered the first estate, royalty and aristocracy were the second estate, and peasants, serfs, and the working class were viewed as the third estate. Inventive journalists extended this classification to include themselves as the fourth estate.The modern estates retain the essence of this division with an update to the realities of the modern economy. Government leaders and politicians, rather than clergy, assume their position in the first estate. Business leaders, rather than royalty, take over rule of the second estate. Rank-and-file consumers and those in the working class make up the third estate. And journalists continue as the fourth estate. In past centuries, the second estate included kings, queens, dukes and others of the ruling elite. In modern times, this includes business leaders who have extensive ownership of and control over resources, especially capital, entrepreneurship, and land. The interests of the second estate are usually in direct conflict with the consumers and workers of the third estate. In that the second estate tends to have more economic and political clout, they also tend to get the upper hand in most conflicts. Help for consumers may come from the government leaders of the first estate or the watchdog journalists of the fourth estate. The wealth and power of the second estate invariably infiltrates the first and fourth estates, as well. Consider the case of Winston Smythe Kennsington III, the President and CEO of OmniConglomerate, Inc. Winston was born and bred by his father Winston Smythe Kennsington II to take over control of OmniConglomerate, Inc., a company that was founded by Winston Smythe Kennsington I. Winston (III) has never been involved in anything other than seeking to improve the corporate bottom line. Winston Smythe Kennsington III is a card-carrying member of the second estate.
Recommended Citation:SECOND ESTATE, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2019. [Accessed: July 23, 2019].
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Today, you are likely to spend a great deal of time at an auction trying to buy either a remote controlled World War I bi-plane or a wall poster commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for poorly written technical manuals.
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"The roots of education are bitter, but the fruit is sweet." -- Aristotle, philosopher
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ADR
American Depositary Receipt, Asset Depreciation Range
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