By Laurence S. Seidman

This paintings contains sections on battling recessions and the unfastened marketplace, in addition to up-to-date fabric at the professionals and cons of creating new person money owed below Social defense. it's also a dialogue of the tax-credit method of motivate the acquisition of medical insurance.

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Extra info for Economic Parables and Policies: An Introduction to Economics

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But anything that is owned is seldom free. Naturally, the owner insists on charging a price for its use, so any potential user is deterred from frivolous use. But who owns the air above city X, or the water in river Y? No one owns it, so no one charges a price for ''using'' it-that is, polluting it. Is it any wonder, then, that it is polluted excessively under a free market? In chapter 2, we explained why the free market generally produces the right amount of each product-not too much and not too little.

If they save and we don't, then even if the Js capture only a fraction of the full return, their future standard of living will still exceed ours. The reason is simple. The Js, who own alllabor, land, and capital used in I-Land, will obviously capture the full return on the $40 tractor invested in J-Land. And as long as J savers capture some of the return on the $40 tractor invested in Eden, we will capture only a fraction of the full return. " Adam looked glum. Finally, he said, "Eve, 1 understand that if the Js save and we don't, they'll live better than we will because we'll AN ECONOMIST'S GENESIS 21 pay them interest every year.

Before I can explain the stock market, I need to convey some basic information about corporations and corporate stock. Why do corporations issue shares of stock? Suppose the managers of corporation X see an opportunity to make more profit by investing in new technology. How do they get the funds to buy the new technology? One way is to use a portion of corporation X's current profits; the corporation usually (but not always) pays out a portion of profits as dividends to current stockholders, pays corporate income tax, and keeps the rest in the corporation-the portion kept is called retained earnings, so retained earnings are one source of funds to finance the purchase of new technology.

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