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COMMAND ECONOMY: An economy in which the government uses its coercive powers (such as command and control) to answer the three questions of allocation. This is the real world version of the idealized theoretical pure command economy. While in this real world version some allocation decisions are undertaken by markets, the vast majority are made through central planning. The two most notable command economies of the 20th century were the communist/socialist economic systems of China and the Soviet Union.
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SOCIALISM In theory, an economy, or economic system, that is a transition between capitalism and communism and is based on: (1) government, rather than individual, ownership of resources, (2) worker control of the government, such that workers, rather than capitalist, control capital and other productive resources, (3) income allocated on need rather than on resource ownership or contribution to production. In practice, socialism is a type of economy based on--(1) government ownership and control of the most crucial resources, like those for energy production, communication, transportation, and health care and (2) a heavy dose of central planning by government.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction wanting to buy either a replacement washer for your kitchen faucet or a stretchable, flexible watch band. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
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"Education is the ability to listen to almost anything without losing your temper or your self-confidence. " -- Robert Frost
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CRRA
Constant Relative Risk Aversion
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