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TANSTAAFL: A rather cumbersome and usually hard to remember acronym for the expression "There ain't no such thing as a free lunch. This is a favorite saving of many economists because it highlights, albeit in a grammatically questionable manner, the fundamental problem of scarcity. The phrase serves to emphasize that seemingly "free" lunches are not really free. While they might be free to the customer, someone must pay, that is, incur an opportunity cost of foregone production. The lunch eaten by one person cannot be eaten by another.
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NATURAL SELECTION The notion that firms best suited to the economic environment on the ones that tend to survive. The natural selection of business firms is an adaptation of the biological process of natural selection, in which biological entities best suited to the natural environment are the ones that survive. The concept of economic natural selection is aimed primarily at the profit-maximization assumption. Although firms might not seek to maximize profit on a day-to-day basis, those that come closest (intentionally or unintentionally) are the ones that remain in business.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors seeking to buy either car battery jumper cables or a dozen high trajectory optic orange golf balls. Be on the lookout for strangers with large satchels of used undergarments.
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Lombard Street is London's equivalent of New York's Wall Street.
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"People of mediocre ability sometimes achieve outstanding success because they don't know when to quit. Most men succeed because they are determined to. " -- George Allen, U.S. senator
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PSBR
Public Sector Debt Repayment
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