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LEGAL CLAIMS: Ownership of the physical goods, services, and resources that make up the real side of the economy. Legal claims are a key feature of the paper, or financial side of the economy. Transferring legal claims is the primary method of diverting income from household saving to investment and government borrowing. Legal-claim buyers loan income and legal-claim sellers borrower income.
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PHENOMENON An event or action that is subject to investigation, analysis, and explanation using the scientific method. Phenomena are the sorts of things that science seeks to explain. They can be common events, like the blowing wind, or unusual, like the extinction of the dinosaurs.
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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"Success is where preparation and opportunity meet." -- Bobby Unser, Race car driver
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WACM
Weak Axiom of Cost Minimization
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