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SPECIAL INTEREST GROUP: A group that has more to gain or lose from some candidate, issue, or policy and thus tries extra hard to ensure that the political system is aware of their preferences. Some special interest groups can be fairly tame, merely voting in elections for their chosen candidate, while others are quite active. The more active ones form political action committees and undertake all forms of lobbying (legal and illegal). The ultimate success of special interest groups arises from the inclination of other people to choose rational ignorance and rational abstention.
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RECOGNITION LAG The time lag that it takes to identify and document the existence of an economic problem that might require government action. The recognition lag arises because it takes time to collect and analyze economic data; to verify that an actual problem exists. This "inside lag" is one of four policy lags associated with monetary and fiscal policy. The other two "inside lags" are decision lag and implementation lag, and one "outside lag" is implementation lag. All four policy lags can reduce the effectiveness of business-cycle stabilization policies and can even destabilize the economy.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a genuine fake plastic Tiffany lamp or a microwave over that won't burn your popcorn. Be on the lookout for gnomes hiding in cypress trees.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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"There is no twilight zone of honesty in business. A thing is right or it's wrong. It's black or it's white. " -- John F. Dodge, automaker
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JFE
Journal of Financial Economics
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