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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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ECONOMIC REPORT OF THE PRESIDENT: An annual report of the economic performance of the U.S. economy written by the Chairman of the Council of Economic Advisors (CEA). It provides an overview of the nation's economic progress. A goal of the report is to provide the President with objective economic analysis and advice on the development and implementation of a wide range of domestic and international economic policy issues. The Council of Economic Advisors, the governmental body responsible for the report, was established by the Employment Act of 1946. The Economic Report of the President has been published every year since 1950.

     See also | Brookings Institution | National Bureau of Economic Research | Conference Board, The | Bureau of Economic Analysis | Bureau of Labor Statistics | Nobel Prize in Economic Sciences | Congressional Budget Office | government | employment | production | real | income | budget | labor force | Council of Economic Advisors | asymmetric information | National Bureau of Economic Research | federal deficit | Federal Reserve System | business cycle | American Economic Association | economist | political views | laissez faire | business cycles | positive economics | full employment | economic growth | economic thinking | economic analysis | economic system | mixed economy | capitalism |


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POLITICAL ENTREPRENEURS

Election seeking politicians who undertake risks inherent in the allocation of resources made through government actions. Like business entrepreneurs, political entrepreneurs take risks and organize production. They organize production with government laws, regulations, and policies. They run the risk of failed policies and losing elections. Their utility-maximizing actions are also a prime source of government failure. Falling victim to the principal-agent problem, pursuit of their own satisfaction (winning elections) often conflicts with what is best for the rest of society.

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Today, you are likely to spend a great deal of time watching infomercials wanting to buy either a set of luggage with wheels or a birthday gift for your aunt. Be on the lookout for rusty deck screws.
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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.
"What gets measured gets done."

-- Peter Drucker, educator

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