S
sacrifice ratio (E3)
The fall in the number of percentage points of annual output associated with a reduction in price inflation by one percentage point.
sacrifice theory (H2)
The assertion that taxation should be based on ABILITY TO PAY. This approach to taxation can be traced back to Adam SMITH and John Stuart MILL. It has been criticized for assuming that INTERPERSONAL UTILITY COMPARISONS are possible and for ignoring DISINCENTIVE EFFECTS of taxation.
See also: canons of taxation; progressive taxation
saddle point (C7)
The determinate solution, in some games, in which all players follow a MAXIMIN STRATEGY.
See also: game theory
safe asset (G0)
An asset with a fixed and certain rate of return, e.g. a bond of a reputable government. ...
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