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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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Lesson 1: Economic Basics | Unit 5: Policies
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Page: 17 of 18
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- The use of government policies to pursue the five economic goals of a mixed economy.
- The four government policies used to pursue economic goals: fiscal, monetary, regulatory, judicial.
- The five reasons for government action: instability, public goods, limited competition, externalities, and inadequate information.
- The four imperfections of government action: voter apathy, special interest groups, re-election minded politicians, and complex bureaucracies.
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FOUR ESTATES A division of society based on the economic functions of consumption, production, regulation, and information that includes governments as the first estate, businesses as the second estate, consumers as the third estate, and journalists as the fourth estate.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store looking to buy either a birthday greeting card for your father or a T-shirt commemorating the first day of spring. Be on the lookout for letters from the Internal Revenue Service.
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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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"A leader, once convinced that a particular course of action is the right one, must . . . be undaunted when the going gets tough." -- President Ronald Reagan
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DRR
Discounted Rate of Return
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