Perverse incentive

Motivation for another to perform a specified action but unexpectedly leads to an undesirable result

Philanthropy

Making donations to charities in order to improve human wellbeing.

Phillips curve

An inverse relationship between the rate of inflation and the rate of unemployment.

Piece-rate work

A type of employment in which the worker is paid a fixed amount for each unit of the product made.

Pigouvian subsidy

A government subsidy to encourage an economic activity that has positive external effects. (For example, subsidizing basic research.)

Pigouvian tax

A tax levied on activities that generate negative external effects so as to correct an inefficient market outcome. See also: […]

Pigovian tax

A surcharge on activity that causes negative externalities.

Piracy

The unauthorized duplication of intellectual property.

Planned obsolescence

A vendor’s intentional design, engineering, and support decisions that reduce an offering’s useful life span.

Plunge protection team

A controversial governmental working group that is focused on maintaining confidence in the financial markets. It was created by President […]