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REGULATION: Government rules or laws that control the activities of businesses and consumers. The motivation for regulation is that businesses are inclined to do things that are harmful to the public--actions which need to be prevented or otherwise controlled. Regulation is essentially an extension of government's authority to protect one member of society from another. It tends to take one of two forms--(1) industry regulation that's intended to prevent firms from gaining and abusing excessive market control and (2) social regulation that seeks to protect consumers for problems caused by pollution, unsafe products, and the lack of information (market failure).
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RATIONAL ABSTENTION The decision NOT to do something (such as vote in an election) because the cost of taking the action is more than the expected benefit. The rational decision to refrain from an endeavor is a straightforward application of utility maximization and along with the related notion of rational ignorance, is a source of voter apathy and government inefficiency.
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RED AGGRESSERINE
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Today, you are likely to spend a great deal of time touring the new suburban shopping complex wanting to buy either a solid oak entertainment center or a remote controlled ceiling fan. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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In the early 1900s around 300 automobile companies operated in the United States.
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"No amount of business school training or work experience can teach what is ultimately a matter of personal character. " -- Truett Cathy, Chick-fil-A Inc. founder
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AEA
American Economic Association
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