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RENT SEEKING: The inclination of everyone who is alive and breathing to get as much as they can for themselves. These stems from the idea of economic rent, which is a payment over above the opportunity cost. People are said to be rent seeking when they try to get higher wages, more profit, or any other payment over above the minimum they would be willing to accept.
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DEFLATION A persistent decrease in the average price level in the economy. This is the direct opposite of inflation, a persistent increase in the average price level. Like inflation, deflation occurs when the AVERAGE price level decreases over time. While some prices might decrease, other prices could increase or remain unchanged, deflation occurs if the AVERAGE follows a downward trend. Another related phenomenon is disinflation, a decrease in the inflation rate.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius seeking to buy either a New York Yankees baseball cap or several magazines on home repairs. Be on the lookout for deranged pelicans.
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
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"Lord, where we are wrong, make us willing to change; where we are right, make us easy to live with. " -- Peter Marshall, US Senate chaplain
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JPE
Journal of Political Economy
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