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CATO INSTITUTE: A public policy research foundation that contributes to the public policy debate inspired by the principles of limited government, individual liberty, free markets, and peace. The Institute is named for Cato's Letters, which are 144 libertarian essays written by John Trenchard and Thomas Gordon and first published from 1720 to 1723, condemning tyranny and advancing principles of liberty. These two Englishmen were inspired by Cato the Younger (95-46 B.C.) a Roman statesman who had of the reputation for honesty and incorruptibility in ancient times. The Cato Institute is a non-profit organization founded in 1977 by Edward H. Crane and is headquartered in Washington, D.C.
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GAINS FROM TRADE The combination of consumer surplus and producer surplus obtained by buyers and sellers when engaging in a market exchange. Gains from trade arise because buyers are typically willing and able to pay a higher price to purchase a good than what they end up paying and because sellers are typically willing and able to accept a lower price to sell a good than what they end up receiving. Both sides of the market exchange are thus better off, have a net gain in welfare, by making the trade. While all types of market exchanges generate gains from trade, this topic is perhaps most important for an understanding of international trade.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store looking to buy either a black duffle bag with velcro closures or any book written by Isaac Asimov. Be on the lookout for strangers with large satchels of used undergarments.
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This isn't me! What am I?
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On a typical day, the United States Mint produces over $1 million worth of dimes.
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"I don't subscribe to the thesis, 'Let the buyer beware,' I prefer the disregarded one that goes, 'Let the seller be honest.'" -- Isaac Asimov, Author
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SLLN
Strong Law of Large Numbers
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