It has the power to tell the banks what fraction of their deposits must be kept in)Tj ET BT 90.125 473.75 TD (reserve, with only the remainder of the money being allowed to be lent out. The phrase, \322as good as gold\323 can be misleading as the phrase)Tj ET BT 90.125 584.5 TD (\322money in the bank\323, when talking about the long run. People walked to White Castle stands, which meant they were located in places)Tj ET BT 90.125 640 TD (with high population densities, so as to generate a large volume of pedestrian traffic. )Tj ET BT 90.125 293.5 TD (Many countries have preferred using gold, silver or some other material that is inherently)Tj ET BT 90.125 279.75 TD (limited in supply, as money. )Tj ET BT 90.125 114 TD (Britons have been producing those things in which it has been a comparative advantage,)Tj ET BT 90.125 100.25 TD (such as manufacturing, shipping, and financial services\321and using the proceeds to buy)Tj ET BT 90.125 86.25 TD (food from other countries. It)Tj ET BT 90.125 612.25 TD (has been claimed that automobile fatality rates have declined since the federal)Tj ET BT 90.125 598.5 TD (government began imposing various safety regulations. It is only after you define)Tj ET BT 90.125 99.5 TD (what you want as moving the car forward that the efficiency of different engines can be)Tj ET BT 90.125 85.75 TD (compared in terms of what percentage of their power is used for that particular purpose. )Tj ET BT /F2 12 Tf 90.125 376.75 TD (Business and Labor)Tj ET BT /F1 12 Tf 90.125 349 TD (In his 900-page classic, )Tj /F2 12 Tf 115.635 0 TD (The Wealth of Nations. But the speculator happens to have more knowledge of markets and of)Tj ET BT 90.125 529 TD (economic and statistical analysis than the farmer, just as the farmer has more knowledge)Tj ET BT 90.125 515.25 TD (of how to grow the crop. More fundamentally, labor, like all other sources of production costs, was no)Tj ET BT 90.125 459.75 TD (longer seen as a source of value. In readable language, he shows how to critique economic policies in terms of the incentives they … This additional competition then tends to)Tj ET BT 90.125 626 TD (force prices and profits down. Those injured in an)Tj ET BT 90.125 543 TD (earthquake in California can be rushed more quickly to far more elaborately equipped)Tj ET BT 90.125 529 TD (hospitals with larger numbers of more highly trained medical personnel. )Tj ET BT 90.125 404.5 TD (Buying life insurance at age 30 would be the same as buying a 40 year-old bond and)Tj ET BT 90.125 390.5 TD (buying life insurance at age 40 would be the same as buying a 30 year-old bond. Instead, if Acme Bank receives a million dollars worth of checks written by)Tj ET BT 90.125 667.75 TD (depositors whose accounts are with Zebra Bank, it does not ask the Zebra Bank for the)Tj ET BT 90.125 653.75 TD (million dollars, but balances off against whatever checks were written by Acme Bank)Tj ET BT 90.125 640 TD (depositors and ended up in the hands of the Zebra Bank. )Tj ET BT 90.125 626 TD (They were selling to a large number of people all of whom came from a limited distance)Tj ET BT 90.125 612.25 TD (from the store. )Tj ET BT 90.125 182.75 TD (As early as 1776, Adam Smith\325s classic )Tj /F3 12 Tf 193.969 0 TD (The Wealth of Nations)Tj /F1 12 Tf 107.666 0 TD ( argued that the real wealth)Tj ET BT 90.125 168.75 TD (of a nation consists of its goods and services, not its supply of gold. The first case is called a \322shortage\323 and the)Tj ET BT 90.125 570.75 TD (second is called a \322surplus\323 \320 but both depend on existing prices. I\325m from the Federal)Tj ET BT 90.125 570.75 TD (Government and I\325m here to help you.\323 Ronald Reagan in his push for less government.\))Tj ET BT 90.125 543 TD (Presidents Hoover and Roosevelt both tried to use the powers of the federal government)Tj ET BT 90.125 529 TD (to restore the economy. Colonel)Tj ET BT 90.125 446 TD (Sanders is not about to let chickens become extinct. )Tj ET BT /F2 12 Tf 90.125 612.25 TD (Prices rise in the first place because the amount demanded exceeds the amount)Tj ET BT 90.125 598.5 TD (supplied at existing prices. With a car, shoppers could now buy far more)Tj ET BT 90.125 404.5 TD (groceries at one time than they could have carried home in their arms from an urban)Tj ET BT 90.125 390.5 TD (neighborhood store before the war. )Tj ET BT /F2 12 Tf 90.125 487.5 TD (Inventories)Tj ET BT /F1 12 Tf 90.125 459.75 TD (Inventory is a substitute for knowledge. The entire process would not take place. )Tj ET BT 90.125 584.5 TD (Putting things away after you use them is an investment of time in the present to reduce)Tj ET BT 90.125 570.75 TD (the time required to find them in the future. )Tj ET BT 90.125 543 TD (McDonald\325s not only has to meet the standards set by the government, it has to meet the)Tj ET BT 90.125 529 TD (standards set by the competition of Wendy\325s and Burger King. )Tj ET endstream endobj 108 0 obj 3582 endobj 106 0 obj << /Type /Page /Parent 103 0 R /Resources << /Font << /F1 6 0 R /F2 7 0 R >> /ProcSet 2 0 R >> /Contents 107 0 R >> endobj 110 0 obj << /Length 111 0 R >> stream When building a)Tj ET BT 90.125 487.5 TD (beer brewery, construction costs are about one-third less per barrel of beer when the)Tj ET BT 90.125 473.75 TD (brewery\325s capacity is 4.5 million barrels per year than when its capacity is 1.5 million)Tj ET BT 90.125 459.75 TD (barrels. 0.25 w BT /F1 12 Tf 510.125 39 TD 0 Tc 0 Tw (42)Tj ET BT 90.125 709.25 TD (Brand names are not guarantees. )Tj ET BT 90.125 556.75 TD (Defunct companies as Graflex and Pan American \322controlled\323 a substantial share of their)Tj ET BT 90.125 543 TD (respective markets, when in fact the passage of time showed that they controlled nothing,)Tj ET BT 90.125 529 TD (or else they would never have allowed themselves to be forced out of business. )Tj ET BT 90.125 349 TD (Neither individuals nor companies are successful forever. 2 Sowell Basic Economics A Citizen's Guide to the Economy.pdf. Only, this is never done in a vacuum. )Tj ET BT 90.125 293.5 TD (In the case of business, the real question is: )Tj /F3 12 Tf 210.615 0 TD (What are the preconditions for earning a)Tj ET BT 90.125 279.75 TD (profit? It is lent out by banks and other)Tj ET BT 90.125 390.5 TD (financial institutions, being spent by different people for different purposes, but still)Tj ET BT 90.125 376.75 TD (remaining just as much a part of purchasing power as if it had never been saved. From the standpoint of society as a)Tj ET BT 90.125 418.25 TD (whole, the COST of anything is the value that it has as in alternative uses. )Tj ET BT 90.125 99.5 TD (\(OPEC is a perfect example.\))Tj ET endstream endobj 32 0 obj 3811 endobj 30 0 obj << /Type /Page /Parent 27 0 R /Resources << /Font << /F1 6 0 R /F2 7 0 R /F3 19 0 R >> /ProcSet 2 0 R >> /Contents 31 0 R >> endobj 34 0 obj << /Length 35 0 R >> stream What economic speculation)Tj ET BT 90.125 681.5 TD (involves is coping with an inherent risk in such a way as to minimize it and to leave it to)Tj ET BT 90.125 667.75 TD (be borne by whoever is best equipped to bear it. Eventually, diseconomies of scale begin to outweigh the economies, so it)Tj ET BT 90.125 182.75 TD (does not pay a firm to expand beyond that point. 0.25 w BT /F1 12 Tf 510.125 39 TD 0 Tc 0 Tw (28)Tj ET BT /F2 12 Tf 90.125 695.5 TD (PART VI:)Tj ET BT 90.125 681.5 TD (The International Economy)Tj ET BT 90.125 653.75 TD (International Trade)Tj ET BT /F1 12 Tf 90.125 640 TD (Before NAFTA was passed, Congressman David Bonior of Michigan warned: \322If the)Tj ET BT 90.125 626 TD (agreement with Mexico receives congressional approval, Michigan\325s auto industry will)Tj ET BT 90.125 612.25 TD (eventually vanish.\323 But what actually happened was that employment in the automobile)Tj ET BT 90.125 598.5 TD (industry increased by more than 100,000 jobs over the next six years. However, because accounting conventions)Tj ET BT 90.125 459.75 TD (count some kinds of cash flows, but not others, there can be \322deficits\323 and \322surpluses.\323)Tj ET BT 90.125 446 TD (When flows of foreign investments into the United States are not counted, then the)Tj ET BT 90.125 432 TD (United States can have a deficit and run up \322debts\323\321according to accounting)Tj ET BT 90.125 418.25 TD (conventions. Their)Tj ET BT 90.125 501.5 TD (American employees have been paid sufficiently high wages that they have repeatedly)Tj ET BT 90.125 487.5 TD (voted against joining labor unions in secret ballot elections. The crucial requirement for maintaining growth and progress)Tj ET BT 90.125 695.5 TD (is that successful experiments be continued and unsuccessful experiments be terminated.\323)Tj ET BT /F1 12 Tf 414.125 681.5 TD ( Milton Friedman)Tj ET BT 90.125 653.75 TD (Keeping track of the money coming in and the money going out can make the difference)Tj ET BT 90.125 640 TD (between profit and loss.

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