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SIXTH RULE OF IGNORANCE: The sixth of seven basic rules of the economy. It is a fact of life that obtaining information is a costly activity, it requires resources that have alternative uses. As such, no one knows everything and everyone is ignorant about something. I might know a lot about economics, but you can recite every line of every episode of "Gilligan's Island", and that weird-looking guy you bumped into at the store has a detailed account of everything you've done for the past five years.
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TAX EQUITY The notion that taxes are imposed on society in a fair and equitable way. The two standards of fairness and equity used to evaluate taxes are the benefit principle -- those who benefit from government pay the taxes, and the ability-to-pay principle -- those with the most income pay the taxes. The ability-to-pay principle gives rise to two additional notions of fairness -- horizontal equity (those with equal incomes pay equal taxes) and vertical equity (those with different incomes pay different taxes).
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store hoping to buy either looseleaf notebook paper or a three-hole paper punch. Be on the lookout for malfunctioning pocket calculators.
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This isn't me! What am I?
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The first "Black Friday" on record, a friday marked by a major financial catastrophe, occurred on September 24, 1869 -- A FRIDAY -- when an attempted cornering of the gold market induced a financial crises and economy-wide depression.
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"The only profit center is the customer. " -- Peter Drucker, management consultant
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WLLN
Weak Law of Large Numbers
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