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July 11, 2025 

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RATIONAL BEHAVIOR: The notion that people make decisions based on the desire to obtain the greatest amount of satisfaction. Rational behavior essential means that people prefer more to less. The presumption of rational behavior underlies most economic analyses, especially those applied to consumer demand theory.

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CREATIVE DESTRUCTION: A notion put forth by Joseph Schumpeter that economic growth is the result of technological change and the innovations of new goods and services that emerge from the ashes of obsolete industries. This proposition indicates that economic progress is the result of fundamental changes in the structure of the economy and that capitalism is not a static, unchanging economic structure, but rather a dynamic, evolving system.

     See also | economic growth | technology | innovation | capitalism | structural unemployment | institution | infrastructure | business cycle |


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PRINCIPLE OF MINIMUM DIFFERENCES

A principle stating that monopolistically competitive firms seek to maintain similarities between products at the same time they promote differences. Similarities enable substitutability, such that one firm can attract the buyers away from other firms. Differences enable uniqueness and market control, such that each firm has market control and is able to charge a higher price than achieved with perfect competition. This principle is also termed Hotelling's paradox.

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Today, you are likely to spend a great deal of time flipping through the yellow pages trying to buy either a velvet painting of Elvis Presley or a wall poster commemorating yesterday. Be on the lookout for the last item on a shelf.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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