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July 18, 2025 

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COMMAND AND CONTROL: A term frequently used when referring to government regulation of pollution emissions. This is where the government imposes regulations on polluters through the use of licenses, permits, zoning regulations, registration, and other controls. It should be contrasted with other methods of pollution control, especially Pigouvian tax, pollution rights market, Coase theorem, and recycling.

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PROMISSORY NOTE: A written agreement to pay a specific amount of money at a specific time to a specific person with a specific interest rate charged until repayment is accomplished. Promissory notes are the most common method of formalizing consumer loan contracts. If you've borrowed the money needed to buy a house or car, then you've undoubtedly signed a promissory note. Promissory notes are also frequently used by businesses and government to borrow funds.

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LAISSEZ FAIRE

The notion that government should not intervene into production, consumption, and exchange activities and that the private sector (households and businesses) should be free to make allocation decisions. Laissez faire is a French term that roughly translates into "allow to act." It has been the rallying cry for many people (primarily business leaders) who oppose government intervention, regulation, or even taxation since it was popularized in the late 1700s by Adam Smith in The Wealth of Nations.

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Today, you are likely to spend a great deal of time flipping through mail order catalogs trying to buy either a flower arrangement for your aunt or a birthday greeting card for your uncle. Be on the lookout for rusty deck screws.
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