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DISCOUNT RATE: The interest rate that the Federal Reserve System charges for loans to banks. To ensure that our nation's banks retain their liquidity and remain in business, the Federal Reserve System stands ready to lend bank reserves on a moment's notice to any bank. The discount rate is the interest rate the Federal Reserve System charges for these loans. Like any interest rate, when it goes up (or down) it discourages (or encourages) borrowing. In principle, the Fed can use the discount rate to control our nation's money supply.
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VOTING PARADOX The possibility that the voting preferences of a group of individuals results in an inconsistent, or intransitive, ranking. While consistent, or transitive, ranking of preferences is expected for individuals, such might not occur for groups of voters. If a consumer prefers good A to good B and good B to good C, then it makes logical sense that the consumer also prefers good A to good C. The voting paradox arises because a group of individuals might prefer A to B and B to C, but then prefer C to A, an inconsistent and intransitive ranking of preferences. Other related voting problems identified by the study of public choice includes the median voter principle, logrolling, and voter apathy (due to rational ignorance and rational abstention).
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Today, you are likely to spend a great deal of time searching for a specialty store trying to buy either a T-shirt commemorating the 2000 Presidential election or a really, really exciting, action-filled video game. Be on the lookout for pencil sharpeners with an attitude.
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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"The moment you let avoiding failure become your motivator, you're down the path of inactivity. " -- Roberto Goizueta, Coca-Cola CEO
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