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DEMERIT GOOD: A good that society, usually government, deems is overvalued by consumers in normal market exchanges. As such, governments typically restrict the consumption of demerit goods through policies such as taxes or direct government control. Demerit goods are often have characteristics of quasi-public goods or externality by-products. Examples include tobacco and narcotic drugs. The counter type of good is a merit good.
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POLICY LAGS Time lags that occur between the onset of an economic problem and the full impact of the policy intended to correct the problem. Policy lags come in two broad categories--inside lag (getting the policy activated) and outside lag (the subsequent impact of the policy). The three specific inside lags are recognition lag, decision lag, and implementation lag. The one specific outside lag is termed impact lag. Policy lags can reduce the effectiveness of business-cycle stabilization policies and can even destabilize the economy. Policy lags, especially inside lags, are often different for monetary policy than for fiscal policy.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors trying to buy either a T-shirt commemorating last Friday (you know why) or a rotisserie oven that can also toast bread. Be on the lookout for defective microphones.
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This isn't me! What am I?
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Lombard Street is London's equivalent of New York's Wall Street.
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"Things turn out best for the people who make the best of the way things turn out." -- Art Linkletter
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RPI
Retail Price Index
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