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Announcing: New iTulip Glossary
For years now, readers have been asking for an iTulip glossary. I'm glad to announce that we finally have one. It's a bit rough around the edges still, but it's a start. A couple of sample entries:
state lottery : n. A regressive tax imposed by the state on those of its citizens it has failed to provide a basic education on the laws of probability. Usage: "You don't see many Harvard graduates waiting in line to buy lottery tickets." Related quotation: "I never play the lottery because I figure I have about the same chance of winning whether I play or not." - Fran Liebowitz
inflation : n. To an economist, an increase in the general or "all goods" price level resulting from an oversupply of money; to a government statistician, a political football thrown onto the field as producer and consumer price indexes, continuously reformulated and subject to interpretations invented to suit various constituencies over time, such as the under-reporting home price inflation via an equivalent rent formula when home prices are rising and rents are falling, in order to hide the fact of a housing bubble that is needed to keep the economy from falling into recession (see housing bubble); to the person on the street, rapidly rising prices of non-traded goods and services, especially insurance, education, and health care, resulting from an excess of cheap credit and the inappropriate use of credit to purchase depreciating assets.
Suggestions for new entries are encouraged.
The glossary is available on the main iTulip landing page via the drop-down menu Resources.
iTulip Glossary
For years now, readers have been asking for an iTulip glossary. I'm glad to announce that we finally have one. It's a bit rough around the edges still, but it's a start. A couple of sample entries:
state lottery : n. A regressive tax imposed by the state on those of its citizens it has failed to provide a basic education on the laws of probability. Usage: "You don't see many Harvard graduates waiting in line to buy lottery tickets." Related quotation: "I never play the lottery because I figure I have about the same chance of winning whether I play or not." - Fran Liebowitz
inflation : n. To an economist, an increase in the general or "all goods" price level resulting from an oversupply of money; to a government statistician, a political football thrown onto the field as producer and consumer price indexes, continuously reformulated and subject to interpretations invented to suit various constituencies over time, such as the under-reporting home price inflation via an equivalent rent formula when home prices are rising and rents are falling, in order to hide the fact of a housing bubble that is needed to keep the economy from falling into recession (see housing bubble); to the person on the street, rapidly rising prices of non-traded goods and services, especially insurance, education, and health care, resulting from an excess of cheap credit and the inappropriate use of credit to purchase depreciating assets.
Suggestions for new entries are encouraged.
The glossary is available on the main iTulip landing page via the drop-down menu Resources.
iTulip Glossary
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