SIXTH RULE OF IGNORANCE: The sixth of seven basic rules of the economy. It is a fact of life that obtaining information is a costly activity, it requires resources that have alternative uses. As such, no one knows everything and everyone is ignorant about something. I might know a lot about economics, but you can recite every line of every episode of "Gilligan's Island", and that weird-looking guy you bumped into at the store has a detailed account of everything you've done for the past five years.

     See also | seven rules | economy | information | opportunity cost | scarcity | rational ignorance | adverse selection | moral hazard | advertising |

SIXTH RULE OF IGNORANCE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: May 20, 2024].

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The movement of factors of production from one productive activity to another. In particular, mobility is the ease with which resources can change production activities. Mobility generally takes one of two forms--geographic mobility (movement from place to place) and occupational mobility (movement from job to job). Mobility is a key determinant of factor supply.

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Today, you are likely to spend a great deal of time at a garage sale looking to buy either a brown leather attache case or car battery jumper cables. Be on the lookout for jovial bank tellers.
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