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WAGNER ACT: An alternative title of the National Labor Relations Act passed in 1935, this modified and replaced the National Industrial Recovery Act that was declared unconstitutional earlier in the year. The Wagner Act was a major labor union promoting act under New Deal program of the Roosevelt administration The Wagner Act, also going by the acronym NLRA, outlawed unfair labor practices by employers, such as the refusal by a firm to negotiate with a union representing a majority of its employees. It also established the National Labor Relations Board, which oversees labor activities.

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Lesson 18: Banking | Unit 5: The Economy Page: 23 of 24

Topic: Problems <=PAGE BACK | PAGE NEXT=>

When banks are properly controlled they provide benefits, but when they get out of hand they can do a world of bad.

Problems:

  • When a bank fails to maintain adequate reserves, it runs the risk of starting a chain reaction that could cause economy-wide financial instability.

Instability:

  • Banking regulations have lessened, but not eliminated, banking instability problems.
  • Controlling instability is one challenge of monetary policy.

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INFLEXIBLE PRICES

The proposition that some prices adjust slowly in response to market shortages or surpluses. This condition is most important for macroeconomic activity in the short run and short-run aggregate market analysis. In particular, inflexible prices (also termed rigid prices or sticky prices) are a key reason underlying the positive slope of the short-run aggregate supply curve. Prices tend to be the most inflexible in resource markets, especially labor markets, and the least inflexible in financial markets, with product markets falling between the two.

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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers looking to buy either a rim for your spare tire or decorative celebrity figurines. Be on the lookout for fairy dust that tastes like salt.
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In the early 1900s around 300 automobile companies operated in the United States.
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

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