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SHERMAN ACT: The first antitrust law passed in the United States in 1890 that outlawed monopoly or any attempts to monopolize a market. This was one of three major antitrust laws passed in the late 1800s and early 1900s. The other two were the Clayton Act and the Federal Trade Commission Act. The Sherman Act was successfully used to break up several noted monopolies in the early 1900s, including the Standard Oil Trust in 1911. However, it was flawed by (1) vague wording that allowed wide interpretation (especially based on political influence) and (2) the lack of an effective means of enforcement other than an extended journey through the court system. These two flaws led to the Federal Trade Commission Act and Clayton Act, both passed in 1914. Although other laws have been passed, the Sherman Act remains the cornerstone of antitrust laws in the United States.
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SCREENING When confronted by asymmetric information, the use of small bits of information, or indicators, that suggest more comprehensive information. Screening occurs when those with limited information try to identify indicators suggesting more complete information. It is used in markets with adverse selection and moral hazard, especially in labor markets and in the provision of insurance. Common methods of screening include aptitude tests, affiliations, past behavior, and personal characteristics. A related method is signalling.
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PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club trying to buy either a birthday greeting card for your mother that doesn't look like a greeting card or a handcrafted spice rack. Be on the lookout for infected paper cuts.
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Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
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"Gravitation can not be held responsible for people falling in love." -- Albert Einstein
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AACCLA
Association of American Chambers of Commerce in Latin America
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