Category: Economics

Latin phrases for economists Phrase Translation A priori Pre-supposed; your “priors beliefs”. Ad infinitum To infinity; and so on. Ad valorem Per value; a 10% tax is an ad valorem tax, whereas a duty per…

Oftentimes I hear conservatives argue for freer markets on efficiency grounds. Typically this will take the form of a pseudo-counterfactual, along the lines of “Well if there were profits to be made in this market,…