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The federal "lemon law" also provides that the warrantor may be obligated to pay the attorney fees of the party prevailing in a lemon law suit, as do most state lemon laws. If a car has to be repaired for the same defect four or more times and the problem is still occurring, the car may be deemed to be a "lemon".
[4] [5] For example, the bailout that followed the 2008 financial crisis may be described as lemon socialism. [6] [7] [8] The pejorative arises from the belief among free market economists that in a functional free market, failing companies would be replaced by better functioning companies in response to market demand.
He remarked, "the free market is socialism for the rich—[free] markets for the poor and state protection for the rich." [14] He has stated that the rich and powerful "want to be able to run the nanny state" so that "when they are in trouble the taxpayer will bail them out," citing "too big to fail" as an example. [15]
Transformation problem: The transformation problem is the problem specific to Marxist economics, and not to economics in general, of finding a general rule by which to transform the values of commodities based on socially necessary labour time into the competitive prices of the marketplace. The essential difficulty is how to reconcile profit in ...
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The problems of economic growth have been discussed by numerous growth models, including the Harrod-Domar model, the neoclassical growth models of Solow and Swan, and the Cambridge growth models of Kaldor and Joan Robinson. This part of the economic problem is studied in the economies of development.
In economics, Gresham's law is a monetary principle stating that "bad money drives out good". For example, if there are two forms of commodity money in circulation, which are accepted by law as having similar face value, the more valuable commodity will gradually disappear from circulation. [1] [2]