Economics and Statistics Administration. A unit in the U.S. Department of Commerce responsible for maintaining high-quality standards of statistical reporting in the federal government and for responding to the needs of the Department of Commerce and the rest of the executive branch for statistical information and analysis. • The unit comprises the Bureau of the […]
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economics. The social science dealing with the production, distribution, and consumption of goods and services.
law and economics. (often cap.) 1. A discipline advocating the economic analysis of the law, whereby legal rules are subjected to a cost-benefit analysis to determine whether a change from one legal rule to another will increase or decrease allocative efficiency and social wealth. • Originally developed as an approach to antitrust policy, law and
prisoner’s dilemma. A logic problem — often used by law-and-economics scholars to illustrate the effect of cooperative behavior — involving two prisoners who are being separately questioned about their participation in a crime: (1) if both confess, they will each receive a 5-year sentence; (2) if neither confesses, they will each receive a 3-year sentence;
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economist. A professional who studies economics and the economy; a specialist in economics.
quasi-rent. (often pl.) Law and economics. Value over and above one’s opportunity cost or next best alternative; the excess of an asset’s value over its salvage value. • In the economic theory of marriage, a quasi-rent is a spouse’s excess value of the marriage over the value of the next best option of not being
failing-company doctrine. Antitrust. The rule that allows an otherwise proscribed merger or acquisition between competitors when one is bankrupt or near failure. 15 USCA §§ 12–27. — Also termed failing-firm defense. [Cases: Monopolies 20(1). C.J.S. Monopolies §§ 106–111, 115–116, 125.] “The 1992 guidelines provide a limited defense for failing firms and failing divisions of firms.
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deficit. 1. A deficiency or disadvantage; a deficiency in the amount or quality of something. trade deficit. In economics, the excess of merchandise imports over merchandise exports during a specific period. — Also termed trade gap. Cf. trade surplus under SURPLUS. 2. An excess of expenditures or liabilities over revenues or assets.
STAT-USA. A unit in the U.S. Department of Commerce responsible for disseminating economics and trade information compiled by other federal agencies to businesses and individuals through subscription services and federal depository libraries. • STAT-USA is a part of the Department’s Economics and Statistics Administration.
welfare. 1. Well-being in any respect; prosperity. general welfare. The public’s health, peace, morals, and safety. public welfare. A society’s well-being in matters of health, safety, order, morality, economics, and politics. 2. A system of social insurance providing assistance to those who are financially in need, as by providing food stamps and family allowances. —