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WEALTH OF NATIONS, THE: Officially titled "An Inquiry into the Nature and Causes of the Wealth of Nations", this book written by Adam Smith and published in 1776, is considered to be the foundation for the modern study of economics. The Wealth of Nations was the first to combine assorted economic discourse and analyses into a single book. One of its most important themes is the efficiency of free trade and market exchanges unrestricted by government that leads to macroeconomic full employment and microeconomic efficiency. The Wealth of Nations is one of the most famous books worldwide. It continues to provide economic insight over two hundred years after its initial appearance.

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Lesson 20: Federal Reserve System | Unit 1: The Fed Page: 1 of 20

Topic: King Clarence <=PAGE BACK | PAGE NEXT=>

A key player in the medieval money game: Clarence the King. Clarence is the government regulator.

Because Fred practices fractional-reserve banking like modern banks, he has a problem:

  • Several knights redeem their gold receipts at the same time, but Fred does not have sufficient reserves.
  • King Clarence provides Fred with enough gold to satisfy the knights.
  • If Fred's banking operation ceases to exist, economic prosperity is also in jeopardy.
  • King Clarence decides to watch Fred to make sure that he keeps enough gold in reserve to avoid similar problems.
This is how King Clarence sort of 'discovers' the regulatory function of the modern banking system.

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TAX EFFICIENCY

Taxes, mandatory payments used to finance government operations, inherently disrupt the allocation of resources. This disruption might be good, correcting an otherwise inefficient allocation caused by pollution or market control. However, for an already efficiency allocation, a tax creates and inefficient wedge between the demand price and the supply price. This tax is generally paid partially by buyers and partially by sellers, which the tax incidence. Inefficiency arises because a tax reduces the total amount of consumer surplus and producer surplus, which is deadweight loss.

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APLS

BLACK DISMALAPOD
[What's This?]

Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club hoping to buy either an AC adapter for your CD player or storage boxes for your family photos. Be on the lookout for the last item on a shelf.
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This isn't me! What am I?

Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
"Do what you feel in your heart to be right for you'll be criticized anyway. You'll be damned if you do and damned if you don't. "

-- Eleanor Roosevelt, first lady

CPI-U
Consumer Price Index-All Urban Consumers
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