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RATIONAL IGNORANCE: The decision not to become informed about something because the cost of doing it is more than the expected benefit. In that information is costly, there's always some limit to how much anyone can know. The idea of rational ignorance, while popping up on a daily basis for most of us, is quite important come election time. Many voters decided, logically so, that it's not really worth their efforts to get ALL of the details on every candidate and issue on the ballot.
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                           MARKET SOCIALISM: A type of economy, or economic system, based on--(1) government, rather than individual, ownership of many resources, especially those like heavy manufacturing, energy reserves, widely used raw materials (lumber, steel), and transportation systems, that are deemed critical to the operation of the economy; (2) answering three questions of allocation with a combination of central planning by government and decentralized decision-making by individual factories and the owners of non-critical resources; (3) the limited use of markets to exchange farm products and retail consumer goods; (4) economic and monetary incentives, such as bonuses, paid to the workers of government-owned facilities to encourage efficiency and increased productivity. Market socialism is a form of socialism that attempts to blend voluntary market exchanges with government oversight and control. It was developed during the late 1960s and early 1970s, primarily by socialist economies in Europe, in an attempt to address the inefficiencies of socialism.Market socialism was designed to augment the government control of a command economy with the efficiency of market exchanges. Market socialism sought to paint the "big picture" of the economy with a moderate degree of central planning, avoid the inefficiency problems of monopoly and market control with government ownership of key industries, and encourage efficient exchanges and resource allocation using markets and decentralized decision-making. Market socialism resides in the middle of the spectrum of economic systems, bounded by a pure market economy on one end and a pure command economy on the other. It is, perhaps more so than other economic systems, a prime example of a mixed economy. Allocation decisions are undertaken by both governments and markets.
Recommended Citation:MARKET SOCIALISM, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2022. [Accessed: September 27, 2022].
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors looking to buy either a T-shirt commemorating the second moon landing or a coffee cup commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for fairy dust that tastes like salt.
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The average length of a "business lunch" is about 36 minutes.
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"Don't judge each day by the harvest you reap but by the seeds that you plant. " -- Robert Louis Stephenson, writer
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AAXICO
American Air Export and Import Company
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