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July 18, 2025 

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VERIFICATION: The hypothesis-testing step of the scientific method. Once an hypothesis is derived from a theory, it must be compared with real world data. This is the verification step. This verification can lead to support or refutation of the hypothesis. Enough support enables a hypothesis to become a principle. Refutation calls into question the theory implying the hypothesis.

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CONSTANT RETURNS TO SCALE: A given proportionate increase in all resources in the long run results in the same proportionate increase in production. Constant returns to scale exists if a firm increases ALL resources -- labor, capital, and everything else -- by 10%, and output also increases by 10%. You might want to compare increasing returns to scale and decreasing returns to scale. Returns to scale are the flip side of economies of scale and diseconomies of scale. Although economies and diseconomies of scale focus on changes in average cost, returns to scale focus on production.

     See also | resources | labor | capital | increasing returns to scale | decreasing returns to scale | diseconomies of scale | economies of scale | long-run average cost | output |


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CONSTANT RETURNS TO SCALE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: July 18, 2025].


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PATERNALISM

A fundamental philosophical viewpoint that the private sector (households and businesses) needs to be closely supervised by the public sector (government). In other words, members of society need to be watched over, cared for, and kept out of trouble, like parents watch over, care for, and keep their children out of trouble.

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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time searching the newspaper want ads looking to buy either a wall poster commemorating the first day of winter or blue cotton balls. Be on the lookout for rusty deck screws.
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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
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