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ADAM SMITH: A Scottish professor (born 1723, died 1790) who is considered the father of modern economics for his revolutionary book, entitled An Inquiry into the Nature and Causes of the Wealth of Nations published in 1776.
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COLLUSION A usually secret agreement among competing firms in an industry (primarily oligopoly) to dominate the market, control the market price, and otherwise act like a monopoly. The reason for the secrecy is that such behavior is illegal in the United States under antitrust laws. Collusion can take one of two forms. Explicit collusion occurs when two or more firms in the same industry formally agree to control the market. Implicit collusion occurs when two or more firms in the same industry control the market through informal, interdependent actions. Collusion is one of two ways oligopoly firms cooperate to avoid competition. The other is through mergers.
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BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time at a dollar discount store seeking to buy either car battery jumper cables or a dozen high trajectory optic orange golf balls. Be on the lookout for pencil sharpeners with an attitude.
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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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"It is the mark of an educated mind to be able to entertain a thought without accepting it." -- Aristotle
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WIPO
World Intellectual Property Organization
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