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May 26, 2022 

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NATIONAL INDUSTRIAL RECOVERY ACT: One of the first acts passed under New Deal program the Roosevelt administration in 1933, it specifically allowed workers to organized into unions and to engage in collective bargaining without interference from firms. This act, going by the acronym NIRA, was declared unconstitutional in 1935, but while in force gave a big boost to labor unions and membership. The National Labor Relations Act was created in 1935 to replace the NIRA.

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X-INEFFICIENCY: Cost that is higher than it needs to be because a firm is operating inefficiently. This is most often seen for firms that have a great deal of market control, especially monopoly. The lack of competition allows a business to pad it's expenses, hire unneeded employees (like relatives), goof off instead of working, and all sorts of other things that lessen production and increase cost. The business is not penalized for these actions, because market control allows the company to extract whatever price is needed to cover cost.

     See also | economic rent | profit | opportunity cost | efficiency | market control | monopoly | natural monopoly | average-cost pricing | public utility |


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EXPLICIT LOGROLLING

The straightforward, unambigous trading of votes to ensure a favorable outcome for two or more separate decisions. Commonly practiced in legislative bodies, explicit logrolling occurs when each of two voters agree to cast separate votes for two separate programs. The contrast is with implicit logrolling in which two separate programs or policies are combined into a single package, which is then subject to a single vote. Whether explicit or implicit, logrolling is generally used when neither decision is able to obtain the necessary majority of the votes needed for passage on their own accord.

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Today, you are likely to spend a great deal of time watching the shopping channel looking to buy either a T-shirt commemorating the 2000 Presidential election or a really, really exciting, action-filled video game. Be on the lookout for pencil sharpeners with an attitude.
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The first "Black Friday" on record, a friday marked by a major financial catastrophe, occurred on September 24, 1869 -- A FRIDAY -- when an attempted cornering of the gold market induced a financial crises and economy-wide depression.
"Try not to become a man of success, but rather try to become a man of value. "

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