A fortiori, 'with all the more forces, Latin term used occasionally by economists. For example, suppose it is argued that a 4 per cent general increase in national income will tend to raise incomes generally and so probably lessen resistance to the legal removal of restrictive trade practices; then a fortiori a 5 per cent annual increase will make it still easier to outlaw restrictive practices

A priori, a term used to describe a proposition the truth of which is known in other ways than from experience. The validity of a priori propositions is either accepted by intuition (as when a statement is said to be 'true by definition') or is the result of logical reasoning from such statements. The Quantity Equation in the theory of the value of money is an example of an a priori proposition.

Ability to Pay. (a) The principle that taxes should be related to the income or wealth of the taxpayers. The implication is that the richer should be required to pay higher taxes than the poorer. This would cover not only progressive but also proportional and even some regressive income tax systems. (b) In American unionism, the ability of firms to give pay increases in accordance with their profitability. (c) The principle of charging what the traffic will bear, e.g. an exporter setting relatively higher prices in markets where he has little competition. These ideas imply an element of 'fairness or justice' whose meaning in economics is ambiguous Tax.

What next? Definition - Economic Definitions

Since then his writings have in turn been increasingly reinterpreted as a special case both by some followers and by some economists who had not wholly accepted his writings. The content of economics is in a state of change, and this site is therefore not a final statement of economic doctrine.

Economics is in the last resort a technique of thinking. The reader will therefore need to make an intellectual effort, more substantial for some web entries than for others, to get the most interest and value out of this website.