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KALDOR-HICKS EFFICIENCY: A type of efficiency that results if the monetary value of society's resources are maximized. This is achieved if the marginal willingness to pay by those who benefit from an action is equal to the marginal willingness to accept of those harmed. If this condition is not achieved, then a Kaldor-Hicks improvement is possible. Kaldor-Hicks efficiency, named after Nicholas Kaldor and John Hicks, is the theoretical basis of benefit-cost analysis, a technique commonly used to evaluate the desirability of producing public goods (such as parks, highways, or reservoirs). This is one of two noted efficiency criteria used in economics. The other is Pareto efficiency.
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BALANCE ON SERVICES A subset of the balance of payments current account that records the difference between the payments received for exports of services to other nations and the payments made for the imports of services from other nations. The flow of payments is for intangible services, not for physical or tangible goods. The balance on services is thus appropriately divided into services exported and services imported. Two other subsets of the current account include the balance on merchandise trade and unilateral transfers. The commonly termed balance of trade is the sum of the balance on merchandise trade and the balance on services.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway looking to buy either storage boxes for your computer software CDs or a set of tires. Be on the lookout for the happiest person in the room.
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This isn't me! What am I?
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The average bank teller loses about $250 every year.
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"Do not wait; the time will never be just right " -- Napoleon Hill, author
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ARIMA
Autoregressive Integrated Moving Average
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