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RATIONAL IGNORANCE: The decision not to become informed about something because the cost of doing it is more than the expected benefit. In that information is costly, there's always some limit to how much anyone can know. The idea of rational ignorance, while popping up on a daily basis for most of us, is quite important come election time. Many voters decided, logically so, that it's not really worth their efforts to get ALL of the details on every candidate and issue on the ballot.
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COST-PUSH INFLATION Inflation of the economy's average price induced by decreases in aggregate supply that result from increases in production cost. This type of inflation occurs when the cost of using any of the four factors of production (labor, capital, land, or entrepreneurship) increases such that aggregate supply cannot satisfy aggregate demand. The alternative type of inflation is demand-pull inflation.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs trying to buy either a New York Yankees baseball cap or a solid oak entertainment center. Be on the lookout for the happiest person in the room.
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This isn't me! What am I?
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The average length of a "business lunch" is about 36 minutes.
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"I believe that every right implies a responsibility, every opportunity, an obligation, every possession, a duty. " -- John D. Rockefeller, industrialist
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AIBD
Association of International Bond Dealers (now called International Securities Market Association)
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