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PARETO IMPROVEMENT: Based on the Pareto efficiency criterion, the notion that an action improves efficiency if it is possible for one person to benefit without anyone else being harmed. A Pareto improvement is possible if the economy has idle resources or market failures. With idle resources, more production is possible to help some without hurting others. With market failures, corrective actions can eliminate deadweight loss that can then be use for benefits economy-wide. A contrasting condition for attaining efficiency is the Kaldor-Hicks improvement.
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EXPLICIT LOGROLLING The straightforward, unambigous trading of votes to ensure a favorable outcome for two or more separate decisions. Commonly practiced in legislative bodies, explicit logrolling occurs when each of two voters agree to cast separate votes for two separate programs. The contrast is with implicit logrolling in which two separate programs or policies are combined into a single package, which is then subject to a single vote. Whether explicit or implicit, logrolling is generally used when neither decision is able to obtain the necessary majority of the votes needed for passage on their own accord.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction trying to buy either a birthday greeting card for your grandmother or a coffee cup commemorating yesterday. Be on the lookout for door-to-door salesmen.
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This isn't me! What am I?
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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"There is no twilight zone of honesty in business. A thing is right or it's wrong. It's black or it's white. " -- John F. Dodge, automaker
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ADV FRT
Advance Freight
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