Basic Economics: A Common Sense Guide to the Economy
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Basic Economics, which has now been translated into six languages, has grown so much that a large amount of material in the back of the book in previous editions has now been put online instead, so the book itself and its price will not have to expand. The central idea of Basic Economics, however, remains the same: that the fundamental facts and principles of economics do not require jargon, graphs, or equations, and can be learned in a relaxed and even enjoyable way.
by the Supreme Court, the Fair Labor Standards Act of 1938 was upheld by the High Court and became the major force establishing a national minimum wage. As already noted, the inflation of the 1940s largely nullified the effect of the Fair Labor Standards Act, until it was amended in 1950 to raise minimum wages to a level that would have some actual effect on current wages. By 1954, black unemployment rates were double those of whites and have continued to be at that level or higher. Those
peculiar to Alan Greenspan’s tenure as chairman of that board. In 2007, with the Federal Reserve under a new chairman, the Wall Street Journal reported:What did they say? What did they mean? Investors routinely dissect the Federal Reserve policy committee’s statements to infer far-reaching economic implications from a phrase here or a deleted word there. The Fed’s comments Wednesday afternoon have proven especially tricky to decipher. In assessing the role of the Federal Reserve, as well as
general, and even a given government may be able to enforce its laws more effectively in some places than in others. For centuries during the Middle Ages, the borderlands between English and Scottish kingdoms were not effectively controlled by either country and so remained lawless and economically backward. Mountainous regions have often been difficult to police, whether in the Balkans, the Appalachian region of the United States, or elsewhere. Such places have likewise tended to lag in economic
various affluent communities in California, Virginia, and other places have required land to be sold only in lots of one acre or more per house, thereby pricing such land and homes beyond the reach of most people and thus neutralizing the greater aggregate purchasing power of less affluent people. Zoning boards, “open space” laws, historical preservation agencies and other organizations and devices have also been used to severely limit the sale of private property for use in ways not approved by
Economist, for examples of Afghan refugees dying of starvation while waiting for paperwork to be completed by aid workers. 8 My own family, which occupied a two-bedroom apartment in 1939, before the war, occupied two apartments with a total of four bedrooms in 1944, and of course two kitchens and two bathrooms. Yet we were as baffled as everyone else as to why there was suddenly a housing shortage. 9 My wife was once an attorney for a non-profit organization that often represented tenants