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PARETO EFFICIENCY: A type of efficiency that results if one person can not be made better off without making someone else worse off. Named after Vilfredo Pareto, this criterion is the guiding theoretical notion of efficiency used in the study of economics, especially welfare economics. Pareto efficiency is generally not attained if some resources are idle or unemployed. By engaging idle resources in production, some people can have more production without reducing that available to others. A problem with Pareto efficiency, however, is that it is based on the existing distribution of income and wealth. This is one of two noted efficiency criteria used in economics. The other is Kaldor-Hicks efficiency.
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NATIONALIZATION The process in which a national government takes over the ownership of a private business or industry, usually, but not always, in conjunction with a major revolution that establishes a communist or socialist command economy.
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GRAY SKITTERY
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Today, you are likely to spend a great deal of time watching the shopping channel wanting to buy either a Boston Red Sox baseball cap or a square lamp shade with frills along the bottom. Be on the lookout for attractive cable television service repair people.
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Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
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"The human race has only one really effective weapon and that is laughter." -- Mark Twain
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JHR
Journal of Human Resources
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