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May 27, 2022 

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BOARD OF GOVERNORS, CHAIRMAN: The head of the Federal Reserve Board of Governors and the Federal Reserve System. This is the guy in charge of monetary policy and is considered to be one of the two or three most powerful people in terms of the national and global economy. The Chairman is one of the seven members of the Board and serves as Chairman for a five-year term. The Fed Chairman also serves as Chairman of the powerful Federal Open Market Committee, the Fed Committee that sets the course of monetary policy.

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TERM LIMITS: A policy designed in part to address the public sector efficiency created by re-election seeking political leaders by limiting the amount of time politicians can hold elected office ONLY. Once the limit has been reached, the politician can serve no more... in that particular office. The goal of term limits is to prevent political leaders from spending excessive effort seeking re-election and pursuing policies that appease only the special interest groups that might ensure re-election. The U.S. Presidency has had term limits in place for decades and a number of state and local offices also operate with term limits. Unfortunately term limit restrict voter choices. Perhaps the current office holder actually is the best person for the job and the one preferred by the voters. This matters not. Someone else will be elected. In addition, placing term limits on one office doesn't prevent the politician from seeking election to another office, and in so doing, curry the favor of the same special interest groups.

     See also | public choice | line item veto | sunset law | logrolling | explicit logrolling | majority rule | super majority rule | unanimity rule | plurality rule | Tiebout hypothesis | principal-agent problem | principle of the median voter |


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LAW OF DIMINISHING MARGINAL RETURNS

A principle of short-run production stating that as a firm combines more of a variable input with a fixed input, the marginal product of the variable input eventually declines. This is THE economic principle underlying the analysis of short-run production for a firm. It offers an explanation for the law of supply and the positive slope of the market supply curve.

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Today, you are likely to spend a great deal of time at a crowded estate auction hoping to buy either a pair of designer sunglasses or looseleaf notebook paper. Be on the lookout for telephone calls from long-lost relatives.
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
"He who has a „why¾ to live can bear with almost any „how.""

-- Friedrich Nietzsche, Philosopher

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