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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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INFLATION A persistent increase in the average price level in the economy. It is measured by the inflation rate, the annual percentage change in a price index such as the Consumer Price Index (CPI) or GDP price deflator. Inflation is the most common phenomenon associated with the price level. Two related phenomena are deflation, a decrease in the price level, and disinflation, a decrease in the inflation rate. Inflation is one of two key macroeconomic problems. The other is unemployment.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time browsing about a thrift store looking to buy either a remote controlled World War I bi-plane or a wall poster commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for telephone calls from long-lost relatives.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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"If you don't make mistakes, you aren't really trying." -- Coleman Hawkings,musician
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KLIC
Kullback-Leibler Information Criterion
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