So much American aid poured in that many)Tj ET BT 90.125 418.25 TD (Micronesians abandoned economic activities on which they had supported themselves)Tj ET BT 90.125 404.5 TD (before, such as fishing and farming. )Tj ET BT 90.125 390.5 TD (In a price coordinated economic system that shares its resources, those who want to use)Tj ET BT 90.125 376.75 TD (wood to produce furniture, for example, must bid against those who want to use it to)Tj ET BT 90.125 362.75 TD (produce houses, paper or baseball bats. )Tj ET BT 90.125 238 TD (A government agency, however, faces no such pressure. )Tj ET BT 90.125 114 TD (Britons have been producing those things in which it has been a comparative advantage,)Tj ET BT 90.125 100.25 TD (such as manufacturing, shipping, and financial services\321and using the proceeds to buy)Tj ET BT 90.125 86.25 TD (food from other countries. Instead, the point is that what is being sold in the)Tj ET BT 90.125 210.5 TD (two places is not the same, even when the cameras themselves are physically identical. The same was true for the Federal Communications)Tj ET BT 90.125 570.75 TD (Commission regarding the telephone companies. )Tj ET endstream endobj 95 0 obj 2860 endobj 93 0 obj << /Type /Page /Parent 84 0 R /Resources << /Font << /F1 6 0 R /F2 7 0 R >> /ProcSet 2 0 R >> /Contents 94 0 R >> endobj 97 0 obj << /Length 98 0 R >> stream Businesses that bought less than a carload lot were charged $1.50 a case, and)Tj ET BT 90.125 85.75 TD (those who bought 50,000 cases or more a year, were charged $1.35. )Tj ET BT 90.125 612.25 TD (Even among those who are conventionally called workers or laborers, much of what they)Tj ET BT 90.125 598.5 TD (contribute to the economy is not labor but capital\321\322human capital,\323 as economists call)Tj ET BT 90.125 584.5 TD (it. )Tj ET BT 90.125 543 TD (The intent was to have a regulatory commission set prices where they would have been if)Tj ET BT 90.125 529 TD (there were a competitive marketplace. )Tj ET BT 90.125 640 TD (Saving Lives)Tj ET 90 638.5 63 0.5 re f BT 90.125 612.25 TD (Few things have saved as many lives as the simple growth of wealth. )Tj ET BT 90.125 626 TD (In the Soviet Union, a country without property rights, or with the food being owned \322by)Tj ET BT 90.125 612.25 TD (the people\323, there was no given individual with sufficient incentives to ensure that this)Tj ET BT 90.125 598.5 TD (food did not spoil needlessly before it reached the consumer. )Tj ET BT 90.125 390.5 TD (If some one buys a bond for the former price and sells it a year later for the latter price,)Tj ET BT 90.125 376.75 TD (the government will of course want to tax the $476.19 difference. Crime has been going up if you)Tj ET BT 90.125 626 TD (measure from 1960 to the present, but down if you measure from 1990 to the present. It also lends)Tj ET BT 90.125 459.75 TD (money to banks, which the banks can then re-lend to the general public. Free download or read online Basic Economics: A Citizens Guide to the Economy pdf (ePUB) book. But a piano sits in the store for a much longer time)Tj ET BT 90.125 321.25 TD (waiting to be sold than a loaf of bread does. How else could American industries)Tj ET BT 90.125 182.75 TD (have gotten all the millions of workers needed to fill the factories except by taking them)Tj ET BT 90.125 168.75 TD (from the farmers? )Tj ET BT 90.125 265.75 TD (International trade is necessary for many countries to achieve economies of scale that will)Tj ET BT 90.125 252 TD (enable them to sell at competitive prices. Allstate cannot afford to be slower)Tj ET BT 90.125 279.75 TD (in getting money into the hands of its policy-holders than State Farm is in getting money)Tj ET BT 90.125 265.75 TD (into the hands of its policy holders. )Tj ET BT 90.125 210.5 TD (Official government statistics are still cast in such terms as \322unearned income\323 and)Tj ET BT 90.125 196.5 TD (\322productivity\323 is defined as output divided by the labor that went into it. That)Tj ET BT 90.125 556.75 TD (was the cost of greater efficiency. )Tj ET BT 90.125 598.5 TD (The inherent reality is that there are not nearly enough beachfront homes to go around)Tj ET BT 90.125 584.5 TD (and prices are just a way of conveying that underlying reality. Why were aluminum prices going down under a monopoly,)Tj ET BT 90.125 404.5 TD (when in theory they should have been going up? If you can afford the risk,)Tj ET BT 90.125 210.5 TD (would you be better off buying $5,000 worth of stock in this enterprise or $5,000 worth)Tj ET BT 90.125 196.5 TD (of this company\325s bonds? )Tj ET BT 90.125 667.75 TD (The main point is that safety and risk depend upon the time period involved, as well as on)Tj ET BT 90.125 653.75 TD (the kind of asset. 0.25 w BT /F1 12 Tf 516.125 39 TD (3)Tj ET BT 90.125 709.25 TD 0 Tc 0 Tw (of four might well rent two room \320 one for parents and one for kids. What this means is that the price indexes)Tj ET BT 90.125 210.5 TD (missed all the fulfilling prices of such things in the years before they became widely)Tj ET BT 90.125 196.5 TD (used, while counting all the rising prices of other things that were already widely used. )Tj ET BT 90.125 640 TD (A futures contract guarantees the seller a specified price in advance. 0.25 w BT /F1 12 Tf 510.125 39 TD 0 Tc 0 Tw (28)Tj ET BT /F2 12 Tf 90.125 695.5 TD (PART VI:)Tj ET BT 90.125 681.5 TD (The International Economy)Tj ET BT 90.125 653.75 TD (International Trade)Tj ET BT /F1 12 Tf 90.125 640 TD (Before NAFTA was passed, Congressman David Bonior of Michigan warned: \322If the)Tj ET BT 90.125 626 TD (agreement with Mexico receives congressional approval, Michigan\325s auto industry will)Tj ET BT 90.125 612.25 TD (eventually vanish.\323 But what actually happened was that employment in the automobile)Tj ET BT 90.125 598.5 TD (industry increased by more than 100,000 jobs over the next six years. )Tj ET BT 90.125 376.75 TD (The Federal Reserve system was established in 1914 as a result of fears of such economic)Tj ET BT 90.125 362.75 TD (consequences as deflation and bank failures. Since the receipts were redeemable in gold, they were in effect, \322as good as)Tj ET BT 90.125 252 TD (gold\323 and circulated as if they were money, buying goods and services as they were)Tj ET BT 90.125 238 TD (passed on from one person to the next. )Tj ET BT 90.125 196.5 TD (The stores are charging different prices because they are supplying different things that)Tj ET BT 90.125 182.75 TD (have different costs to the seller, as well as to the buyer. Time alone is a cost. These are)Tj ET BT 90.125 501.5 TD (genuine debts and causes for genuine concern. )Tj ET BT 90.125 279.75 TD (Merely demonstrating an unmet need is not sufficient to say that it should be met\321not)Tj ET BT 90.125 265.75 TD (when resources are scarce and have alternative uses. All of which have to)Tj ET BT 90.125 307.5 TD (compete with imported products made with less expensive steel overseas. )Tj ET BT 90.125 349 TD (Neither individuals nor companies are successful forever. )Tj ET BT 90.125 293.5 TD (In the case of business, the real question is: )Tj /F3 12 Tf 210.615 0 TD (What are the preconditions for earning a)Tj ET BT 90.125 279.75 TD (profit? Changing conditions in the surrounding society brought this about \320 together with)Tj ET BT 90.125 487.5 TD (differences in the speed with which different companies spotted the changes and realized)Tj ET BT 90.125 473.75 TD (their implications. )Tj ET endstream endobj 152 0 obj 3860 endobj 150 0 obj << /Type /Page /Parent 141 0 R /Resources << /Font << /F1 6 0 R /F2 7 0 R >> /ProcSet 2 0 R >> /Contents 151 0 R >> endobj 154 0 obj << /Length 155 0 R >> stream )Tj ET BT 90.125 459.75 TD (The most that a regulatory agency can do is accept what appear to be reasonable)Tj ET BT 90.125 446 TD (production costs and allow the monopoly to make what seems to be a reasonable profit)Tj ET BT 90.125 432 TD (over and above such costs. )Tj ET BT 90.125 404.5 TD (Seldom will they go quietly. Time that he is spending)Tj ET BT 90.125 279.75 TD (doing one thing cannot be spent doing something else. )Tj ET BT 90.125 404.5 TD (In many cases, laws are passed by Congress restricting international trade for the benefit)Tj ET 90 403 424.5 0.5 re f BT 90.125 390.5 TD (of some concentrated and vocal constituency, even though these restrictions may cause)Tj ET 90 389 417.75 0.5 re f BT 90.125 376.75 TD (far more losses of jobs nationwide. )Tj ET BT 90.125 487.5 TD (Prices had to come down in the economy as a whole if everything was to be purchased)Tj ET BT 90.125 473.75 TD (with a smaller money supply. )Tj ET BT 90.125 418.25 TD (What this also says is that, when the interest rate is 5%, $9,523.81 in the year 2003 is the)Tj ET BT 90.125 404.5 TD (same as $10K in the year 2004. )Tj ET BT 90.125 626 TD (Take cranberry juice. It is things not owned by anybody \(air and water, for)Tj ET BT 90.125 418.25 TD (example\), which are polluted. Right now that scarcity is money based on poor)Tj ET BT 90.125 459.75 TD (cash flow. Hence the Sherman Anti-Trust Act of)Tj ET BT 90.125 681.5 TD (1890. )Tj ET endstream endobj 133 0 obj 3367 endobj 131 0 obj << /Type /Page /Parent 122 0 R /Resources << /Font << /F1 6 0 R >> /ProcSet 2 0 R >> /Contents 132 0 R >> endobj 135 0 obj << /Length 136 0 R >> stream The entire process would not take place. Preface Acknowledgments Chapter 1: What Is Economics? The ONLY person whose payment is contingent upon)Tj ET 261.25 416.75 34.75 0.75 re f BT 90.125 404.5 TD (how well the business is doing is the owner of that business. \(\322Hi. )Tj ET BT 90.125 113.5 TD (Middlemen continue to exist because they can do their phase of the operation more)Tj ET BT 90.125 99.5 TD (efficiently than others. Only, this is never done in a vacuum. If a goldsmith felt confident that he would never)Tj ET BT 90.125 182.75 TD (have to redeem more than one third of the gold that he held for other people at any given)Tj ET BT 90.125 168.75 TD (time, then he could lend out the other two-thirds and earn interest on it. When that happens, the)Tj ET BT 90.125 473.75 TD (in-flow of investments from other sectors of the economy stop. As investors)Tj ET BT 90.125 446 TD (acquire more information about the condition of the companies they have invested in, or)Tj ET BT 90.125 432 TD (the condition of other companies, or other industries which look like a better place to put)Tj ET BT 90.125 418.25 TD (their money, the money moves and stocks rise and fall accordingly. But Keynes never)Tj ET BT 90.125 598.5 TD (claimed that the economy had just produced too much. )Tj ET endstream endobj 101 0 obj 4303 endobj 99 0 obj << /Type /Page /Parent 84 0 R /Resources << /Font << /F1 6 0 R >> /ProcSet 2 0 R >> /Contents 100 0 R >> endobj 104 0 obj << /Length 105 0 R >> stream The crucial requirement for maintaining growth and progress)Tj ET BT 90.125 695.5 TD (is that successful experiments be continued and unsuccessful experiments be terminated.\323)Tj ET BT /F1 12 Tf 414.125 681.5 TD ( Milton Friedman)Tj ET BT 90.125 653.75 TD (Keeping track of the money coming in and the money going out can make the difference)Tj ET BT 90.125 640 TD (between profit and loss. In a burning building, any given individual can get out faster by)Tj ET BT 90.125 307.5 TD (running than by walking. )Tj ET BT 90.125 279.75 TD (For most of its history, the United States has been a debtor nation\321and has likewise had)Tj ET BT 90.125 265.75 TD (the highest standard of living in the world. )Tj ET BT 90.125 182.75 TD (In short, these indexes were based upwards in their estimates of inflation. Meanwhile, whole airlines went bankrupt. )Tj ET BT 90.125 653.75 TD (Yes. )Tj ET BT /F2 12 Tf 90.125 598.5 TD (Economies of Scale)Tj ET BT /F1 12 Tf 90.125 584.5 TD (Sometimes a particular product requires such huge investment in machinery and in)Tj ET BT 90.125 570.75 TD (developing a skilled labor force that the resulting output can be sold at a low enough)Tj ET BT 90.125 556.75 TD (price to be competitive only when some enormous amount of output is produced, because)Tj ET BT 90.125 543 TD (of what economists call \322economies of scale.\323)Tj ET BT 90.125 515.25 TD (If General Motors produced only a hundred Chevrolets, the cost per car would be)Tj ET BT 90.125 501.5 TD (astronomical, since all the expensive machinery and all the engineering research and)Tj ET BT 90.125 487.5 TD (development that went into creating the automobile would have to be recovered from the)Tj ET BT 90.125 473.75 TD (sale of just 100 vehicles. Thomas Sowell (s. 30. kesäkuuta 1930) on yhdysvaltalainen taloustieteilijä ja yhteiskuntateoreetikko, joka on tullut tunnetuksi väittämästä jonka mukaan tukipolitiikka on rikkonut afroamerikkalaiset perheet.Sowell on ollut Stanfordin yliopiston Hoover-instituutin Senior Fellow vuodesta 1980. 0.25 w BT /F1 12 Tf 510.125 39 TD 0 Tc 0 Tw (17)Tj ET BT 90.125 709.25 TD (he wishes. War-)Tj ET BT 90.125 598.5 TD (time government posters said:)Tj ET BT /F3 12 Tf 126.125 584.5 TD (Use it up,)Tj ET BT 162.125 570.75 TD (Wear it out,)Tj ET BT 126.125 556.75 TD (Make it do,)Tj ET BT 162.125 543 TD (Or do without. )Tj ET BT 90.125 667.75 TD (A remarkable thing about this theory is that those who advocate it seldom provide)Tj ET BT 90.125 653.75 TD (concrete examples of when it actually happened. Juni 1930 in Gastonia, North Carolina) ist ein US-amerikanischer Ökonom und Fellow der konservativen Hoover Institution. This changed ratio of)Tj ET BT 90.125 487.5 TD (money to civilian goods will lead to inflation as more money is bid for fewer goods and)Tj ET BT 90.125 473.75 TD (prices rise as a result. Most American workers today do not contribute merely work)Tj ET BT 90.125 556.75 TD (but skills, which is why their incomes increase substantially over their lifetimes. For example, it may be twice as)Tj ET BT 90.125 570.75 TD (efficient at producing chairs but ten times as efficient at producing television sets. So)Tj ET BT 90.125 681.5 TD (long as each successive generation was larger than the previous one, Social Security)Tj ET BT 90.125 667.75 TD (operated successfully like a pyramid scheme in its early phases, where enough new)Tj ET BT 90.125 653.75 TD (people are joining that their payments in can provide a good return on the investment)Tj ET BT 90.125 640 TD (made by earlier members. One of the ways of dealing with)Tj ET BT 90.125 265.75 TD (this uncertainty is to prepare alternative courses of action. )Tj ET BT 90.125 376.75 TD (If a camera store sells a particular make and model of camera for $300 and the discount)Tj ET BT 90.125 362.75 TD (house sells it for $280, it may still pay to go to the camera store where another make and)Tj ET BT 90.125 349 TD (model of camera is available for $250 that does what you want to do just as well or)Tj ET BT 90.125 335 TD (better. Economic concepts apply even when no money is)Tj ET BT 90.125 238 TD (changing hands. In)Tj ET BT 90.125 321.25 TD (the process, however, they produce all the things that give their fellow Americans the)Tj ET BT 90.125 307.5 TD (highest standard of living in the world. Economics is about how a society economizes and how individuals)Tj ET BT 90.125 418.25 TD (share, without even being aware of sharing. )Tj ET endstream endobj 15 0 obj 3944 endobj 13 0 obj << /Type /Page /Parent 5 0 R /Resources << /Font << /F1 6 0 R /F2 7 0 R >> /ProcSet 2 0 R >> /Contents 14 0 R >> endobj 17 0 obj << /Length 18 0 R >> stream If you’re open-minded, read through this. But, while deflation benefited these particular)Tj ET BT 90.125 556.75 TD (groups If They Kept Their Jobs, the difficulty of paying them meant that many would)Tj ET 125.75 555.25 115.25 0.5 re f BT 90.125 543 TD (lose their jobs. Since the)Tj ET BT 90.125 155 TD (receipts for gold and two thirds of the gold itself were both in circulation at the same)Tj ET BT 90.125 141 TD (time, the goldsmiths were, in effect, adding to the total money supply. GM\325s stock, which peaked at 72 3/4 in 1929, hit bottom at 7 5/8 in 1932. In the absence of these pressures, owners in a)Tj ET BT 90.125 598.5 TD (socialistic environment have far less incentive to be as efficient as possible under given)Tj ET BT 90.125 584.5 TD (conditions, much less to keep up with changing conditions and respond to them quickly,)Tj ET BT 90.125 570.75 TD (as capitalist enterprises must do if they expect to survive. )Tj ET BT 90.125 487.5 TD (As economists would say, country A has an \322absolute advantage\323 in producing both)Tj ET BT 90.125 473.75 TD (products but, country B has a \322comparative advantage\323 in producing chairs while A has a)Tj ET BT 90.125 459.75 TD (\322comparative advantage\323 in producing television sets. )Tj ET BT 90.125 127.25 TD (People\325s work has been sufficiently central to their lives to help define who they are, as)Tj ET BT 90.125 113.5 TD (reflected in the great number of family names which are based on occupations\321Smith,)Tj ET BT 90.125 99.5 TD (Shepherd, Weaver, Taylor, dyer, Carpenter, Wright, Miller, Brewer, Cook, butler, and)Tj ET endstream endobj 155 0 obj 4126 endobj 153 0 obj << /Type /Page /Parent 141 0 R /Resources << /Font << /F1 6 0 R /F2 7 0 R >> /ProcSet 2 0 R >> /Contents 154 0 R >> endobj 157 0 obj << /Length 158 0 R >> stream )Tj ET BT 90.125 279.75 TD (When AT&T was the world\325s largest corporation, its own CEO said, \322AT&T is so big,)Tj ET BT 90.125 265.75 TD (that when you give it a kick in the behind today, it takes two years before the head says,)Tj ET BT 90.125 252 TD (\324Ouch!\325\323)Tj ET BT 90.125 224.25 TD (While there are economies of scale, there are also diseconomies of scale. 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