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Special-Interest Effect
The Special-Interest Effect is a phenomenon where a small group of individuals or entities, due to their strong interest, can influence legislation or regulations disproportionately to their size or importance in society.
Invisible Hand
A term coined by Adam Smith to describe how individuals' pursuit of self-interest in free markets leads to economic benefits for society as a whole.
Majority Voting System
A voting system in which decisions are made based on the preference of more than half of the voters, commonly used in elections and other decision-making processes.
Public Good
A good that is non-excludable and non-rivalrous, meaning individuals cannot be effectively excluded from use and where use by one individual does not reduce availability to others.
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