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GUILD: In medieval European times, a collection of artisans or merchants in the same occupation or industry, often in a particular location. Guilds were the forerunners of modern craft unions. They typical set quality standards and criteria for entry into the profession. Doing so allowed guilds to limit competition, monopolize their markets, keep prices high, and boost guild member incomes.
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RENT SEEKING The inclination of everyone who is alive and breathing to get as much extra income, wealth, profit, or satisfaction as they can. Rent, while technically considered the factor payment for the use of land resources, is also commonly used as a synonym for economic profit, for the acquisition of benefits above opportunity cost. Rent seeking is the entirely rational process of obtain as much "extra" as possible. In effect, rent seeking is nothing more than utility maximization. Efficiency problems can arise, however, when rent seeking is enhanced and enabled through market control, political influence, or actions of special interest groups.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction looking to buy either a flower arrangement for your aunt or a birthday greeting card for your uncle. Be on the lookout for high interest rates.
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Two and a half gallons of oil are needed to produce one automobile tire.
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"In war, there is no second prize for the runner-up." -- Omar Bradley, US Army general
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LIBOR
london Inter-Bank Offered Rate
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