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BUREAUCRACY: A system or rules and procedures designed to operate a complex organization. While most people look to government when the term bureaucracy arises (and make no mistake, government is not shy when it comes to complex bureaucracies), bureaucracies exist in all types of organizations -- private, public, government, business, charities, corporations, even households. The problem economists have with bureaucracies is that rigid, administrative rules often drive a wedge between action and responsibility. The clerk at the welfare counter is only following rules established by Congress. The clerk has no authority to change the rules, and Congress seldom if ever sees the consequences of their rules.
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MERGER The consolidation of two or more separately-owned businesses under single ownership. Mergers fall into one of three classes--(1) horizontal between firms that sell competing products in the same market, (2) vertical between firms in different stages of the production of one good, and (3) conglomerate between firms that are in separate industries. Because horizontal mergers tend to reduce competition, they are most likely to be scrutinized by government. Mergers are one of several behavioral inclinations of oligopoly. A related oligopolistic behavior is collusion.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time searching for rummage sales looking to buy either a combination CD player, clock radio, and telephone (with answering machine) or a revolving spice rack. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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This isn't me! What am I?
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Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
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"It is part of the American character to consider nothing as desperate. " -- President Thomas Jefferson
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DVP
Discounted Present Value
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