Economic Definition of sixth rule of ignorance. Defined.
Offline Version: PDF
Term sixth rule of ignorance Definition: The sixth of seven basic rules of the economy. It is a fact of life that obtaining information is a costly activity, it requires resources that have alternative uses. As such, no one knows everything and everyone is ignorant about something. I might know a lot about economics, but you can recite every line of every episode of "Gilligan's Island", and that weird-looking guy you bumped into at the store has a detailed account of everything you've done for the past five years.
« simple expenditure multiplier | slope »
Permalink: https://glossary.econguru.com/economic-term/sixth+rule+of+ignorance