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AGGREGATE OUTPUT: The macroeconomy's total production of final goods and services. You might recognized it by it's official term gross domestic product. Another related term is aggregate supply. This is the total production in the economy that is purchased by the four basic economic sectors -- household, business, government, and foreign. See also aggregate market, aggregate demand, aggregate expenditures.
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                           PRIVATIZATION: The process of converting or "selling off" government-owned assets, properties, or production activities to private ownership. Privatization is usually undertaken either to generate revenue for the government or as part of an overall laissez faire approach to the economy. After several decades of increasing government control of productive activities, privatization came into vogue in the 1980s, along with business deregulation and an overall movement toward greater use of markets.The logic behind privatization is two-fold: As such, it seems natural to give the private sector a shot at running activities that the public sector does not run very well. The downside of privatization is that many government functions just cannot be performed efficiently by the private sector, which is why, after thousands of years of civilization, government functions continue to exist and persist.Privatization actually reflects one end of a continuum of political views that are in a constant tug of war. At the other end is nationalization. As much as anything else, these two alternatives reflect the ongoing tug and pull of competing political views. - Liberals tend to favor paternalistic government allocation and ownership of resources. Nationalization is a better fitting pursuit for their philosophy.
- Conservatives, in contrast, tend to favor market allocation and private ownership of resources. Privatization is their end of choice.
However, given the efficiency of competitive markets, the necessary functions of government, and the ever present fifth rule of imperfection, neither end is likely to perpetually dominate the other.
Recommended Citation:PRIVATIZATION, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: September 23, 2023].
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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites wanting to buy either a black duffle bag with velcro closures or any book written by Isaac Asimov. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
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