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WEALTH OF NATIONS, THE: Officially titled "An Inquiry into the Nature and Causes of the Wealth of Nations", this book written by Adam Smith and published in 1776, is considered to be the foundation for the modern study of economics. The Wealth of Nations was the first to combine assorted economic discourse and analyses into a single book. One of its most important themes is the efficiency of free trade and market exchanges unrestricted by government that leads to macroeconomic full employment and microeconomic efficiency. The Wealth of Nations is one of the most famous books worldwide. It continues to provide economic insight over two hundred years after its initial appearance.
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NEAR-PUBLIC GOODS Goods characterized by nonrival consumption and the ability to exclude nonpayers. Near-public goods are one of four types of goods differentiated by consumption rivalry and nonpayer excludability. The other three goods are near-public (rival consumption and nonpayers can be excluded), public (nonrival consumption and nonpayers cannot be excluded), and common-property (rival consumption and nonpayers cannot be excluded). The ease of excluding of nonpayers means near-public goods can be exchanged through markets, but nonrival consumption means efficiency can only be achieved with government intervention.
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GRAY SKITTERY
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Today, you are likely to spend a great deal of time at a garage sale hoping to buy either a coffee cup commemorating the 1960 Presidential election or a how-to book on fixing your computer, with illustrations. Be on the lookout for jovial bank tellers.
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
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"The less secure a man is, the more likely he is to have extreme prejudices. " -- Clint Eastwood, actor, director
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ICCH
International Commodities Clearing House
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