AmosWEB is Economics: GLOSS*arama

Tuesday
March 28, 2023

AmosWEB means Economics with a Touch of Whimsy!

A POSTERIORI: A conclusion reached through logical reasoning based on facts and observations about the real world. This notion is closely related to the scientific verification of hypotheses and the identification of principles. A similar sounding, but opposite term is a prior, which is a unverified presumption made before an analysis is undertaken. For example, in the study of economics of crime you might assume, a priori, that people are basically "good", and conclude, a posteriori, that people are more likely to commit crimes when the threat of capture and conviction is lower.

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TERM LIMITS: A policy designed in part to address the public sector efficiency created by re-election seeking political leaders by limiting the amount of time politicians can hold elected office ONLY. Once the limit has been reached, the politician can serve no more... in that particular office. The goal of term limits is to prevent political leaders from spending excessive effort seeking re-election and pursuing policies that appease only the special interest groups that might ensure re-election. The U.S. Presidency has had term limits in place for decades and a number of state and local offices also operate with term limits. Unfortunately term limit restrict voter choices. Perhaps the current office holder actually is the best person for the job and the one preferred by the voters. This matters not. Someone else will be elected. In addition, placing term limits on one office doesn't prevent the politician from seeking election to another office, and in so doing, curry the favor of the same special interest groups.

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TERM LIMITS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: March 28, 2023].

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CAPITAL ACCOUNT, BALANCE OF PAYMENTS

A subset of the balance of payments accounts that tracks the flow of currency and other monetary assets used to purchase financial and physical assets. This part of balance of payments tracks domestic investment in the foreign sector and foreign investment in the domestic sector. This is one of two primary subsets of the balance of payments. The other is the current account. A deficit or surplus in the capital account is matched by an opposite surplus deficit in the current account.

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YELLOW CHIPPEROON
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Today, you are likely to spend a great deal of time watching infomercials seeking to buy either a travel case for you toothbrush or a looseleaf notebook binder. Be on the lookout for infected paper cuts.
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.

"Do not go where the path may lead, go instead where there is no path and leave a trail."

-- Ralph Waldo Emerson

ACIR
Advisory Council on Intergovernmental Relations

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