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KALDOR-HICKS IMPROVEMENT: Based on the Kaldor-Hicks efficiency criterion, the notion that an action improves efficiency if the willingness to pay of those benefiting exceed the willingness to accept of those harmed. In other words, if those gains exceed those losses, or the benefits exceed the costs, then social welfare is improved and undertaking the action provides a net benefit to society. In other words, the winners can, in principle, compensate the losers for their loss, and still come out ahead. The actual compensation, however, is required. A contrasting condition for attaining efficiency is the Pareto improvement.
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LAGGING ECONOMIC INDICATORS Seven economic statistics that tend to move up or down a few months AFTER business-cycle expansions and contractions. Most importantly, these measures indicate peak and trough turning points about three to twelve months after they occur. Lagging economic indicators are one of three groups of economic measures used to track business-cycle activity. The other two are coincident economic indicators and leading economic indicators.
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
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"A genius is a talented person who does his homework." -- Thomas Edison
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