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MARKET FAILURE: A condition in which a market does not efficiently allocate resources to achieve the greatest possible consumer satisfaction. The four main market failures are--(1) public good, (2) market control, (3) externality, and (4) imperfect information. In each case, a market acting without any government imposed direction, does not direct an efficient amount of our resources into the production, distribution, or consumption of the good.
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DISMAL SCIENCE A term for the study of economics developed during the late 18th and early 19th century when economists concluded that continued population growth would push wages and living standards to a minimal subsistence level and keep them there. It persists to the present time because economics continue to point out that actions result in opportunity cost, that nothing is free, and that eventually society has to pay the price for what it does.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers looking to buy either hand lotion, a big bottle of hand lotion or a lighted magnifying glass. Be on the lookout for crowded shopping malls.
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
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"The greatest glory in living lies not in never falling, but in rising every time we fall. " -- Nelson Mandela, statesman
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CFTC
Commodities and Futures Trading Commission (US)
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