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ECONOMIC UNION: An agreement among two or more nations to eliminate trade barriers with each other, to adopt a common trade policy with other nations, to allow free movement of resources among the countries, and to adopt common monetary policy or fiscal policy. This is considered the fourth of four levels of integration among nations.
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GOVERNMENT FAILURES Inefficiencies in the allocation of resources attributable to imperfections in the operation of governments. Government failures are based on the utility-maximizing behavior of politicians, voters, nonvoters, special interest groups, and government employees. The identification and analysis of government failures is central to the study of public choice and offers something of a counterbalance to government actions designed to address the inefficiencies of market failures.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages wanting to buy either a weathervane with a horse on top or a case of blank recordable DVDs. Be on the lookout for slow moving vehicles with darkened windows.
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This isn't me! What am I?
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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"A man is not finished when he is defeated. He is finished when he quits. " -- President Richard Nixon
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GDP
Gross Domestic Product
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