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UNCERTAINTY: The possibility that any number of things could happen in the future. In other words, the future is not known. This should be compared with risk, which is assigning probabilities to alternative possibilities.
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MEDIAN VOTER PRINCIPLE A public choice principle stating that the median voter, the voter with an equal number of votes on either side, determines the outcome of an election by determining which side receives the majority. The preferences of this median vote, thus become the most important preferences addressed by candidates running for election. However, the median voter's preferences might not generate was is best, that is, efficient, for society. Other related voting problems identified by the study of public choice includes the voting paradox, logrolling, and voter apathy (due to rational ignorance and rational abstention).
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
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"No great performance ever came from holding back. " -- Don Greene, motivational coach, former Green Beret
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TC
Total Cost
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