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LAW: Generally accepted, verified, fundamental principle of nature. Laws have been tested and verified through the scientific method. As a house is constructed from concrete, lumber, and nails, a theory is constructed from laws. To be a fundamental law of nature, a principle must capture a cause-and-effect relationship about the workings of the world.

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GOVERNMENT FUNCTIONS: Activities that are more efficiently performed by government than by private sector households and business. In fact, historical evidence (that is, 10,000 years of civilization--more or less) strongly indicates that we, regularly human-being-type people, are willing to put of with the coercive shenanigans of government (taxes, laws, regulations, abuse of power, oppression of the masses, meaningless wars) only because government does perform useful functions. Fire is the best analogy for government. When raging out of control both fire and government can cause horrific devastation. But when controlled, both can provide unparalleled good.

     See also | government | government sector | household sector | business sector | foreign sector | regulation | economic policies | taxes | private sector | public sector |


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GOVERNMENT FUNCTIONS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: June 24, 2024].


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LAW OF COMPARATIVE ADVANTAGE

A principle that states that every nation, worker, or production entity has a production activity that incurs a lower opportunity cost than that of another nation, worker, or production entity, which means that trade between the two can be beneficial to both if each specializes in the production of a good with lower relative opportunity cost. This law is most often studied in the confines of international trade, but it also applies to labor and other types of production.

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RED AGGRESSERINE
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Today, you are likely to spend a great deal of time browsing about a thrift store hoping to buy either pink cotton balls or a genuine down-filled comforter. Be on the lookout for gnomes hiding in cypress trees.
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This isn't me! What am I?

The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
"It is not fair to ask of others what you are unwilling to do yourself. "

-- Eleanor Roosevelt, diplomat, activist

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Multilateral Trade Negotiations
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