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KALDOR-HICKS EFFICIENCY: A type of efficiency that results if the monetary value of society's resources are maximized. This is achieved if the marginal willingness to pay by those who benefit from an action is equal to the marginal willingness to accept of those harmed. If this condition is not achieved, then a Kaldor-Hicks improvement is possible. Kaldor-Hicks efficiency, named after Nicholas Kaldor and John Hicks, is the theoretical basis of benefit-cost analysis, a technique commonly used to evaluate the desirability of producing public goods (such as parks, highways, or reservoirs). This is one of two noted efficiency criteria used in economics. The other is Pareto efficiency.
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LABOR FORCE PARTICIPATION RATE The proportion of the total noninstitutionalized civilian population 16 years of age and over that is in the civilian labor force. The labor force participation rate is essentially the ratio of the civilian labor force to the total noninstitutionalized civilian population 16 years of age and over. The data used to estimated the labor force participation rate is obtained along with other labor force data from the monthly Current Population Survey conducted by the Bureau of the Census for the Bureau of Labor Statistics. Labor force participation rates are also commonly calculated using data derived from the Census of the Population.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites trying to buy either car battery jumper cables or a dozen high trajectory optic orange golf balls. Be on the lookout for rusty deck screws.
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
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"In a time of drastic change, it is the learners who inherit the future. " -- Eric Hoffer, philosopher
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ICTB
International Customs Tariffs Bureau
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