James d. Gwartney

physical capital: Human-made resources (such as tools, equipment, and structures) used to
produce other goods and services. They enhance our ability to produce in the future. 
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plunder: The act of acquiring things by taking them from others. 
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political business cycle: A business cycle that results primarily from the manipulation of
policy tools (fiscal policy, monetary policy) by incumbent politicians hoping to stimulate the
economy just prior to an election and thereby improve their own and their party’s re-election
chances. 
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pork-barrel legislation: Government spending projects that benefit local areas but which are
paid for by taxpayers at large. The projects typically have costs that exceed benefits; the
residents of the district getting the benefits want these projects because they do not have to pay
much of the costs. 
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pork-barrelling: Government projects or appropriations yielding rich patronage benefits.
Often included in legislation unrelated to the use of these funds. 
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portfolio: The holdings of savings, investments, and real assets such as real estate owned by
an individual or financial institution. 
↩ 
poverty: State or condition in which a person or community lacks the financial resources and
essentials for a minimum standard of living. 
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price controls: Prices that are imposed by the government. The prices may be set either above
or below the level that would be established by markets. 
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price floor: A government-established minimum price that buyers must pay for a good or
resource. 
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price gouging: When a seller spikes the prices of goods, services, or commodities to a level
much higher than is considered reasonable or fair, and is considered exploitative, potentially to
an unethical extent. 
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