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KNOWLEDGE ECONOMY: The notion that economic activity is oriented on the production and consumption of knowledge (or information), which is fundamentally different from economic activity oriented on the production and consumption of manufacturing or agricultural goods. The key to the knowledge economy is the widespread use of computers, the Internet, and other information-based technology. Differences in the knowledge economy result for the public goods nature of knowledge and information (that is, use by one does not exclude use by another).
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BENEFIT PRINCIPLE A taxation principle stating that taxes should be based on the benefits received. The benefit principle works from the proposition that those who receive the greatest benefits should pay the most taxes. The benefit principle is commonly used for near-public goods such as highways, libraries, college, and national parks. This is one of two taxation principles. The other is the ability-to-pay principle, which states taxes should be based on income or the ability to pay taxes.
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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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"Plans are only good intentions unless they immediately degenerate into hard work." -- Peter Drucker, management consultant
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M1
currency and coins held by the nonbank public plus checkable deposits issued by traditional banks, savings and loan associations, credit unions, and mutual savings banks
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