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PIGOUVIAN TAX: A tax on an external cost, such as pollution, designed to use market forces to achieve an efficient allocation of resources. A. C. Pigou, one of the first economists to study the market failure of externalities, is credited with developing this tax system for internalizing costs external to the market. An external cost caused by pollution, for example, can be internalized if polluters pay a tax equal to the value of the external cost.
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MARKET-CLEARING PRICE The price that exists when a market is clear of shortage and surplus, or is in equilibrium. Market-clearing price is a common, non-technical term for equilibrium price. In a market graph, the market-clearing price is found at the intersection of the demand curve and the supply curve.
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Today, you are likely to spend a great deal of time strolling through a department store looking to buy either a coffee table shaped like the state of Florida or storage boxes for your summer clothes. Be on the lookout for a thesaurus filled with typos.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"Be civil to all; sociable to many; familiar with few; friend to one; enemy to none. " -- Benjamin Franklin, statesman
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CPI-W
Consumer Price Index-Urban Wage Earners and Clerical Workers
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