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THIRD-PARTY PAYMENT: Payments made on behalf of one person (party) to a second person (party) by a third person (party) for benefits received by the first person (party). Eliminating the person (party) language, these sorts of payments are a standard method of buying health care. Insurance companies and the government pay doctors for the medical care received by patients. Problems arise because the party with the check book (insurance companies and government) aren't getting any of the benefits, while the party getting the benefits (patients) don't have to be concerned about payment. As such, third-party payments give patients an incentive to buy too much health care.
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ABILITY-TO-PAY PRINCIPLE A taxation principle stating that taxes should be based on the ability to pay taxes. The ability-to-pay principle works from the proposition that those who have the greatest income should pay the most taxes. The ability-to-pay principle is the only reasonable way to finance the provision of public goods such as national defense, public health, and environmental quality. This is one of two taxation principles. The other is the benefit principle, which states taxes should be based on the benefits received.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store looking to buy either decorative garden figurines or a wall poster commemorating last Friday (you know why). Be on the lookout for rusty deck screws.
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This isn't me! What am I?
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
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"Everyone is bound to bear patiently the results of his own example. " -- Phaedrus, Philosopher
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WLS
Weighted Least Squares
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