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IMPORT QUOTA: A limit on the importation of a particular good brought into one country from another country. An import quota, for example, would stipulate something like only X million pounds of swiss cheese can be imported into the United States from Switzerland each year. Such import quotas are a popular type of nontariff barrier imposed by countries throughout the world, competing with tariffs as the number one trade restriction. The general justification for import quotas is to protect domestic firms and industries from unfair competition by foreign companies. While this can be needed, import quotas are frequently used by oligopoly firms, with significant political influence to limit competition and maintain market control.
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BROWN PRAGMATOX
Your compete MICRO*scope for today
You are the type of person who is always ready and willing to help others. Family and friends realize that you carefully consider every expenditure that you make. Today, you are likely to spend a great deal of time watching infomercials looking to buy either a handcrafted bird feeder or a New York Yankees baseball cap. Be on the lookout for cardboard boxes. You should consider shopping at stores or businesses beginning with the letter A, but do not buy any products with a serial number or product code containing the number 477554. Your preferred shopping venue is thrift stores. Your special symbol is the comma (,).
Is this You?
As a Brown Pragmatox, you are down-to-earth and practical. You are hard working and industrious. You are frugal to the point that you might even refrain from making a purchase that you really, really need. Doing so often causes problems down the road. You definitely go with function over form and substance over style.
This isn't me! What am I?
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UNSTABLE EQUILIBRIUM Equilibrium that is not restored if disrupted by an external force. Few economic models have an equilibrium that is unstable, reflecting the observation that the real world adapts to changes and maintains a fair degree of stability. However, there are situations where an unstable equilibrium more accurately reflects economic phenomena. The alternative to an unstable equilibrium is a stable equilibrium.
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The Depths Of DEPRESSIONIn the discussion of recession we see that one of the problems confronting both pedestrians and the economy is stepping in an occasional pothole. These potholes are usually small and do little damage. Every now and then, however, our economy falls face first into one humdinger of pothole that's big enough to swallow the better part of a marching band. Rather than a mere recessionary pothole, these are best thought of as depressionary canyons. The Great Depression of the 1930s was the most memorable depressionary canyon on record for the good old U. S. of A. The question we need to ponder over the next few pages is: Are there any more depressionary canyons like the 1930s lurking along the economic pavement?
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
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"I learned about the strength you can get from a close family life. I learned to keep going, even in bad times. I learned not to despair, even when my world was falling apart. I learned that there are no free lunches. And I learned the value of hard work. " -- Lee Iacocca
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JEL
Journal of Economic Literature
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