If changing a company's forecast tax rate from 35 % to 21 % is a first order effect on earnings, what remains to be appreciated are the second order effects: the effects of the tax cuts on corporate and consumer behavior. (woodstockcorp.com)
You've only thought through the first order effects; the remaining effects have eluded you.» (alephblog.com)
But the first order effect is the absorption and emission of radiation by water vapor, i.e., the greenhouse effect. (realclimate.org)