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RECESSION: The common term used for the contraction phase of the business cycle. A general period of declining economic activity. During a recession, real gross domestic product declines by 10 percent or so and the unemployment rate rises from it's full employment 5 percent level up to the 6 to 10 percent range. Inflation tends to be low or non-existent during a recession. Recession last anywhere from six to eighteen months, with one year being common.
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RATIONAL IGNORANCE The decision NOT to become informed about a topic (such as what a political candidate wants to do) because the cost of acquiring the information is more than the expected benefit. The rational decision to remain ignorant about a subject is a straightforward application of utility maximization and along with the related notion of rational abstention, is a source of voter apathy and government inefficiency.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale seeking to buy either a genuine down-filled pillow or one of those "hang in there" kitty cat posters. Be on the lookout for door-to-door salesmen.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
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"Difficulties mastered are opportunities won. " -- Winston Churchill, Statesman
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JIE
Journal of Industrial Economics
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