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COASE THEOREM: A policy proposition, developed by Ronald Coase, that pollution and other externalities can be efficiently controlled through voluntary negotiations among the affected parties (polluters and those harmed by pollution). A key to the Coase theorem is that many pollution problems involve common-property goods that have no clear-cut ownership or property rights. With clear-cut property rights, "owners" would have the incentive to achieve an efficient level of pollution. This theorem states that it doesn't matter who receives the property rights, so long as someone does. Pollution can be reduced through voluntary negotiation by assigning private property rights to common-property resources. If common-property resources are privately owned, a market in property rights can be established. Owners then have the incentive to protect the quality of their resources.
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EASY MONEY A general condition of the economy in which money is relatively abundant and plentiful. In modern times, this condition arises when the monetary authority (Federal Reserve System) undertakes expansionary monetary policy. With easy money, interest rates are generally lower, but inflation tends to creep higher. The alternative to easy money is tight money.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads seeking to buy either handcrafted decorations to hang on your walls or throw pillows for your bed. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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"The man who does not read good books has no advantage over the man who cannot read them. " -- Mark Twain
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LIML
Limited Information Maximum Likelihood
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