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BALANCED-BUDGET AMENDMENT: A proposed amendment to the U.S. Constitution that would constrain total government spending to be less than or equal to total tax collections. Such an amendment would effectively eliminate the federal deficit, which results when the spending exceeds taxes. The logic behind such an amendment is to prevent discretionary use of fiscal policy, which is often blamed for political business cycles and the resulting problems of inflation and unemployment. It is also touted as a way to limit the size of the Federal government.
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RATIONAL IGNORANCE The decision NOT to become informed about a topic (such as what a political candidate wants to do) because the cost of acquiring the information is more than the expected benefit. The rational decision to remain ignorant about a subject is a straightforward application of utility maximization and along with the related notion of rational abstention, is a source of voter apathy and government inefficiency.
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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors hoping to buy either a how-to book on surfing the Internet or a computer that can play music and burn CDs. Be on the lookout for crowded shopping malls.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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"The majority of men meet with failure because of their lack of persistence in creating new plans to take the place of those that fail. " -- Napoleon Hill, author
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IRPP
Institute for Research on Public Policy
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