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CATO INSTITUTE: A public policy research foundation that contributes to the public policy debate inspired by the principles of limited government, individual liberty, free markets, and peace. The Institute is named for Cato's Letters, which are 144 libertarian essays written by John Trenchard and Thomas Gordon and first published from 1720 to 1723, condemning tyranny and advancing principles of liberty. These two Englishmen were inspired by Cato the Younger (95-46 B.C.) a Roman statesman who had of the reputation for honesty and incorruptibility in ancient times. The Cato Institute is a non-profit organization founded in 1977 by Edward H. Crane and is headquartered in Washington, D.C.
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ACCOUNTING COST An actual outlay or expenses incurred in the production of a good that shows up in a firm's accounting statements and records. Accounting cost is an explicit payment (that is, money changing hands) incurred by a firm. Accounting cost, while very important to accountants, company CEOs, shareholders, and the Internal Revenue Service, is only minimally important to economists. The reason is that economists are more interested in economic cost (also called opportunity cost), which is the value of foregone production.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center hoping to buy either a velvet painting of Elvis Presley or a wall poster commemorating yesterday. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"The greater danger for most of us is not that our aim is too high and we miss it, but that it is too low and we reach it." -- Michelangelo Buonarroti, Painter and Sculptor
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