Views
10 months ago

Holt 7525-9 S15_IT

Irrational Exuberance As

Irrational Exuberance As with all bubbles, irrational exuberance played a key role in the housing bubble. Robert Shiller, who wrote a book titled “Irrational Exuberance”, defines the term as; “a heightened state of speculative fervor”. The term became famous when, in a speech given on December 5, 1996, Alan Greenspan (then the Chairman of the Federal Reserve Board) hinted that stock prices might be unduly escalated due to irrational exuberance. The Dow Jones Industrial Average fell 2% at the opening of trading the next day. All the participants who contributed to the housing bubble (government regulators, mortgage lenders, investment bankers, credit rating agencies, foreign investors, insurance companies, and home buyers) acted on the assumption that home prices would continue to rise. Example 10: Frank Nothaft, chief economist of Freddie Mac, was quoted in the June 22, 2005 issue of BusinessWeek magazine as saying, “I don’t foresee any national decline in home price values. Freddie Mac’s analysis of single-family houses over the last half century hasn’t shown a single year when the national average housing price has gone down.” Since home prices had not fallen nationwide in any single year since the Great Depression, it seemed reasonable to most people to assume that they would not fall. Example 11: Government regulators did not try to slow rising home prices, which they did not see as a bubble. Mortgage lenders continued to make more and more subprime and adjustable rate mortgages. These mortgages would continue to have low default rates, if home prices kept rising. Investment bankers continued to issue highly leveraged mortgage-backed securities. These securities would perform well, if home prices kept rising. Credit rating agencies continued to give AAA ratings to securities backed by subprime, adjustable rate mortgages. These ratings would prove to be accurate, if home prices kept rising. Foreign investors continued to invest heavily in highly-rated mortgage-backed securities. These securities would prove to deserve their high ratings, if home prices kept rising. Insurance companies continued to sell credit default swaps (a type of insurance contract) to investors in mortgage-backed securities. The insurance companies would face little liability on these contracts, if home prices kept rising. And home buyers continued to purchase homes even though the monthly payments would eventually prove unmanageable. They expected to be able to “flip” the home for a profit or refinance the loan when the adjustable rate increased. And this would work, if home prices kept rising. And home prices kept rising for a long time. Warnings of a housing bubble were issued as early as 2002. By July of 2003, home prices had risen by about 61% from July of 1996. Should a wise homeowner have bailed out of the housing market at this point to avoid being caught up in the housing bubble? Example 12: If the average homeowner had sold their home in July of 2003, for fear of the housing bubble bursting, they would have sold it for 34% less than they could have received in July of 2007, one year after home prices peaked. The S&P/Case-Shiller Index was at 134.65 in July of 2003 and was at 181.02 in July of 2007. The irrational exuberance that occurs during price bubbles is hard to recognize, hard to avoid, and not necessarily good for an individual to avoid. Housing was a good investment up until just before the peak of the housing bubble, the same way that stocks were a good investment up until just before the dot-com bubble burst in 2000. Example 13: At the time Alan Greenspan made his “irrational exuberance” comment, the Dow Jones Industrial Average had risen by an incredible 364% over the previous nine years, and stood at 6437.10. However, this would not have been a good time for an investor to bail out of the stock market. The DJIA would increase by another 75% over the next three years. FOR REVIEW ONLY - NOT FOR DISTRIBUTION The Federal Reserve System 11 - 8

The Bursting of the Housing Bubble and the Credit Crisis Home prices reached their peak in the July of 2006. They did not fall drastically at first. Nonetheless, mortgage default rates began to rise as soon as home prices began to fall. Example 14: Home prices fell by less than 2% from July of 2006 to January of 2007. Foreclosure start rates increased by 43% over the last two quarters of 2006, and increased by 75% in 2007 compared to 2006. Speculators who bought homes (often with no money down) simply walked away from the property when the home price fell. Many never made even the first monthly payment. Homeowners with adjustable rate mortgages found that they could not refinance, because the decrease in home prices meant that they had negative equity in their homes. When their mortgage interest rates adjusted upward, their monthly payment was no longer manageable. Example 15: Foreclosure rates for adjustable rate mortgages increased much more than foreclosure rates for fixed rate mortgages. From the 2 nd quarter of 2006 to the end of 2007, foreclosure rates for fixed rate mortgages increased by about 55% (prime) and about 80% (subprime). During this same time period, foreclosure rates for ARMs increased by about 400% (prime) and about 200% (subprime). (Information is from “Anatomy of a Train Wreck” by Stan J. Liebowitz of the Independent Institute.) Just as rising home prices reinforced the continuing rise in home prices, falling home prices reinforced the continuing fall in home prices. The increase in foreclosures added to the inventory of homes available for sale. This further decreased home prices, putting more homeowners into a negative equity position and leading to more foreclosures. The increase in foreclosures also decreased the value of mortgage-backed securities. This made it difficult for investment banks to issue new mortgage-backed securities, eliminating a major source of financing for new mortgage loans, and contributing to the continuing decline in home prices. The bursting of the housing bubble led to enormous losses. Some of those losses were incurred by homeowners, particularly those who bought their homes or who took out home equity lines of credit against the value of their homes too close to the peak. Most of the losses were not incurred by homeowners, but by the financial system. Large losses were incurred by: 1. Mortgage lenders. Since the housing bubble burst, a number of the largest mortgage lenders have either been acquired (e.g. Countrywide Financial by Bank of America), have filed for bankruptcy (e.g. New Century Financial), or have been liquidated. 2. Investment banks. Since the housing bubble burst, the five largest U.S. investment banks have either filed for bankruptcy (Lehman Brothers), been acquired by other firms (Bear Sterns and Merrill Lynch), or have become commercial banks subject to greater regulation (Goldman Sachs and Morgan Stanley). 3. Foreign investors (mainly banks and governments) who had invested in mortgage-backed securities. 4. Insurance companies (e.g. AIG) who had sold credit default swaps. Credit default swaps are a type of contract that insures against the default of debt instruments, such as mortgage-backed securities. The bursting of any housing bubble would be expected to have a negative effect on the economy for two reasons: First, home construction is an important economic activity and the decline in home construction would reduce GDP. Second, the decrease in home prices would also reduce household consumption due to the wealth effect. (See Example 1A on page 6-2.) FOR REVIEW ONLY - NOT FOR DISTRIBUTION But the bursting of this housing bubble caused more severe and widespread harm than would be predicted from just these two reasons. As mentioned previously, most of the losses were suffered 11 - 9 The Federal Reserve System

  • Page 1 and 2:

    PRINCIPLES OF ECONOMICS JEFF HOLT S

  • Page 3 and 4:

    Principles of Economics, 6th Editio

  • Page 5 and 6:

    16. Study Guide for Chapter 7 17. C

  • Page 7 and 8:

    11. Appendix: Book Review - “The

  • Page 9 and 10:

    20. Appendix: The NCAA Cartel 21. S

  • Page 11 and 12:

    Introduction: A Brief History of U.

  • Page 13 and 14:

    In the twentieth century, per capit

  • Page 15 and 16:

    Appendix: The 35 Largest National E

  • Page 17 and 18:

    Multiple Choice: ___ 1. The Jamesto

  • Page 19 and 20:

    2. Describe the economic cost of th

  • Page 21 and 22:

    Chapter 1 Scarcity and Choices The

  • Page 23 and 24:

    Example 5B: At the end of 1982, the

  • Page 25 and 26:

    Example 11: When Cindy quits her jo

  • Page 27 and 28:

    consequences may result in failure

  • Page 29 and 30:

    An upward sloping curve (as in Exam

  • Page 31 and 32:

    In making decisions, humans tend to

  • Page 33 and 34:

    5. ______________________ _________

  • Page 35 and 36:

    ___ 13. If the value of one variabl

  • Page 37 and 38:

    Y Point X Y A 0 1 B 3 3 C 6 5 D 9 7

  • Page 39 and 40:

    Chapter 2 Trade and Economic System

  • Page 41 and 42:

    Example 4B: The following quantitie

  • Page 43 and 44:

    1. An increase in the quantity of r

  • Page 45 and 46:

    3. For whom to produce? This is det

  • Page 47 and 48:

    The graph below illustrates the shi

  • Page 49 and 50:

    The two primary economic systems ar

  • Page 51 and 52:

    ___ 12. The capitalist vision sees

  • Page 53 and 54:

    ___ 25. According to the book “Ca

  • Page 55 and 56:

    Chapter 3 Demand, Supply, and Equil

  • Page 57 and 58:

    . For inferior goods, income and de

  • Page 59 and 60:

    The same information can be placed

  • Page 61 and 62:

    Not only does a free market elimina

  • Page 63 and 64:

    $7 - 6 - 5 - S 3 S1 S 2 Price 4 - 3

  • Page 65 and 66:

    Example 17: The graph below illustr

  • Page 67 and 68:

    Questions for Chapter 3 Fill-in-the

  • Page 69 and 70:

    ___ 12. Assuming a market originall

  • Page 71 and 72:

    $8 - 7 - 6 - 5 - Price 4 - 3 - 2 -

  • Page 73 and 74:

    Chapter 4 Inflation and Unemploymen

  • Page 75 and 76:

    Computing the Rate of Inflation The

  • Page 77 and 78:

    Full Employment Though unemployment

  • Page 79 and 80:

    3. Cyclical unemployment - due to d

  • Page 81 and 82:

    During the Great Depression, the ec

  • Page 83 and 84:

    Appendix: Think Like an Economist -

  • Page 85 and 86:

    Answer questions 8. and 9. based on

  • Page 87 and 88:

    ___ 25. The extension of unemployme

  • Page 89 and 90:

    Chapter 5 Measuring Total Output: G

  • Page 91 and 92:

    5. Leisure. Leisure time is by defi

  • Page 93 and 94:

    The U.S. is a high per capita GDP c

  • Page 95 and 96:

    Example 17: In “An International

  • Page 97 and 98:

    The simple circular flow diagram be

  • Page 99 and 100:

    ___ 3. Which of the following would

  • Page 101 and 102:

    2. Explain what nonproduction trans

  • Page 103 and 104:

    Chapter 6 The Aggregate Market The

  • Page 105 and 106:

    Example 2C: Assume the same facts a

  • Page 107 and 108:

    Example 5B: The price of crude oil

  • Page 109 and 110:

    Price Level Real GDP SRAS AD 2 AD 1

  • Page 111 and 112:

    Appendix: Why the Aggregate Demand

  • Page 113 and 114:

    ___ 3. DEF Company can invest in ne

  • Page 115 and 116:

    2. List and explain the two factors

  • Page 117 and 118:

    Chapter 7 Classical Economic Theory

  • Page 119 and 120:

    Notice that the investment demand c

  • Page 121 and 122:

    Long-Run Equilibrium If Real GDP is

  • Page 123 and 124:

    Example 6B: When the economy is in

  • Page 125 and 126:

    Laissez-faire If the economy is sel

  • Page 127 and 128:

    ___ 5. According to Say’s Law: a.

  • Page 129 and 130:

    3. On the graph below, draw an aggr

  • Page 131 and 132:

    Chapter 8 Keynesian Economic Theory

  • Page 133 and 134:

    Example 2B: The graph below illustr

  • Page 135 and 136: Example 5: Assume that the table be
  • Page 137 and 138: Notice on the graph on the previous
  • Page 139 and 140: According to Keynesian theory, a ch
  • Page 141 and 142: “The General Theory” also inclu
  • Page 143 and 144: ___ 8. If the consumption function
  • Page 145 and 146: 3. If the MPC is .667, and investme
  • Page 147 and 148: Chapter 9 Fiscal Policy The basic e
  • Page 149 and 150: Keynesian Fiscal Policy Theory and
  • Page 151 and 152: Example 5A: The federal government
  • Page 153 and 154: The Laffer Curve What will happen t
  • Page 155 and 156: Appendix: The Importance of Incenti
  • Page 157 and 158: ___ 4. A decrease in government exp
  • Page 159 and 160: 2. Explain what automatic stabilize
  • Page 161 and 162: Chapter 10 Money, Money Creation, a
  • Page 163 and 164: Example 4B: The castaways on Gillig
  • Page 165 and 166: Looking at the balance sheet below,
  • Page 167 and 168: Demand-side One-shot Inflation Exam
  • Page 169 and 170: 4. Inflation increases uncertainty
  • Page 171 and 172: life; it came into existence not by
  • Page 173 and 174: calculated by using the potential d
  • Page 175 and 176: ___ 12. If the required-reserve rat
  • Page 177 and 178: 4. Referring to the balance sheet f
  • Page 179 and 180: Chapter 11 The Federal Reserve Syst
  • Page 181 and 182: 5. After Bank X sells the $300,000
  • Page 183 and 184: Low Mortgage Interest Rates Mortgag
  • Page 185: Relaxed Standards for Mortgage Loan
  • Page 189 and 190: On February 17, 2009, the federal g
  • Page 191 and 192: Fed policies caused short-term inte
  • Page 193 and 194: ___ 10. The Fed’s most important
  • Page 195 and 196: ___ 25. In response to the recessio
  • Page 197 and 198: Chapter 12 Monetary Policy The basi
  • Page 199 and 200: 2. A change in aggregate demand (AD
  • Page 201 and 202: Monetarist Transmission Mechanism C
  • Page 203 and 204: 3. Borrowers do not have to seek ou
  • Page 205 and 206: Appendix: Book Review - “The Age
  • Page 207 and 208: Questions for Chapter 12 Fill-in-th
  • Page 209 and 210: ___ 16. The primary source of incom
  • Page 211 and 212: 7. According to Alan Greenspan, wha
  • Page 213 and 214: Chapter 13 Taxes, Deficits, and the
  • Page 215 and 216: Example 5: In 2015, Taxpayer A had
  • Page 217 and 218: of $5 and a quantity of 10 units. T
  • Page 219 and 220: The complexity of the tax law also
  • Page 221 and 222: the current government spending and
  • Page 223 and 224: cut of 1964. The top rate was lower
  • Page 225 and 226: ___ 6. Federal excise taxes: a. are
  • Page 227 and 228: 3. How would eliminating the loopho
  • Page 229 and 230: Chapter 14 Economic Growth The basi
  • Page 231 and 232: 2. Labor. Labor can contribute to e
  • Page 233 and 234: estricting international trade (e.g
  • Page 235 and 236: An improvement in technology (e.g.
  • Page 237 and 238:

    The table below shows the economic

  • Page 239 and 240:

    will increase both Real GDP and per

  • Page 241 and 242:

    ___ 8. Which of the following is co

  • Page 243 and 244:

    ___ 26. The opinion that economic g

  • Page 245 and 246:

    Chapter 15 Less Developed Countries

  • Page 247 and 248:

    Example 8: Countries A, B, C, and D

  • Page 249 and 250:

    Obstacles to Economic Development f

  • Page 251 and 252:

    c. Restrictions on international tr

  • Page 253 and 254:

    Appendix: Book Review - “The Powe

  • Page 255 and 256:

    Example 25: In Brazil, about half t

  • Page 257 and 258:

    Study Guide for Chapter 15 Chapter

  • Page 259 and 260:

    ___ 13. Among the counterproductive

  • Page 261 and 262:

    4. List four ways that governments

  • Page 263 and 264:

    Chapter 16 International Trade The

  • Page 265 and 266:

    Other Benefits of Free Internationa

  • Page 267 and 268:

    Example 6: The graph below illustra

  • Page 269 and 270:

    competitive disadvantage. But dumpi

  • Page 271 and 272:

    is only 25% as productive as before

  • Page 273 and 274:

    Smith was skeptical of government a

  • Page 275 and 276:

    ___ 4. For Country X, what is the o

  • Page 277 and 278:

    ___ 18. Frédéric Bastiat’s “P

  • Page 279 and 280:

    4. On the graph below: (1) What is

  • Page 281 and 282:

    Chapter 17 Elasticity We are often

  • Page 283 and 284:

    Example 4A: What is price elasticit

  • Page 285 and 286:

    Example 5A: Gertie’s Gas and Go i

  • Page 287 and 288:

    Example 10A: When the price of Good

  • Page 289 and 290:

    Example 13B: On the graph below, su

  • Page 291 and 292:

    $7 - 6 - 5 - Price 4 - 3 - 2 - 1 -

  • Page 293 and 294:

    In the long run, would the deadweig

  • Page 295 and 296:

    ___ 7. The factors that determine w

  • Page 297 and 298:

    3. a. Which price (or prices) from

  • Page 299 and 300:

    Chapter 18 Utility The basic econom

  • Page 301 and 302:

    Nonetheless, society generally assu

  • Page 303 and 304:

    Example 9: Capital City operates a

  • Page 305 and 306:

    Marginal rate of substitution - the

  • Page 307 and 308:

    The diamond-water paradox is the ob

  • Page 309 and 310:

    Complete the table below to answer

  • Page 311 and 312:

    4. The graph below shows indifferen

  • Page 313 and 314:

    Chapter 19 The Firm The basic econo

  • Page 315 and 316:

    than contributing to team productio

  • Page 317 and 318:

    1. Difficulty in raising large amou

  • Page 319 and 320:

    Corporations also use self-financin

  • Page 321 and 322:

    Example 24: A blacksmith who produc

  • Page 323 and 324:

    For financing needs, proprietorship

  • Page 325 and 326:

    ___ 13. Corporations: a. are comple

  • Page 327 and 328:

    5. List two things that the absence

  • Page 329 and 330:

    Chapter 20 Production and Costs The

  • Page 331 and 332:

    In Example 5B, Birdwell finds that

  • Page 333 and 334:

    variable cost initially decreases,

  • Page 335 and 336:

    Quantity TC MC AFC AVC ATC 0 240 X

  • Page 337 and 338:

    If the scale of operation is increa

  • Page 339 and 340:

    average total cost. Average fixed c

  • Page 341 and 342:

    ___ 11. Concerning the cost curves:

  • Page 343 and 344:

    5. Complete the following cost tabl

  • Page 345 and 346:

    Chapter 21 Perfect Competition The

  • Page 347 and 348:

    Even though a perfect competitor ca

  • Page 349 and 350:

    Example 6C: This example builds on

  • Page 351 and 352:

    At what price will there be neither

  • Page 353 and 354:

    Appendix: Perfect Competition in th

  • Page 355 and 356:

    Multiple Choice: ___ 1. A perfect c

  • Page 357 and 358:

    ___ 17. Perfect competition: a. req

  • Page 359 and 360:

    Answers for Chapter 21 Fill-in-the-

  • Page 361 and 362:

    Chapter 22 Monopoly Of the four mar

  • Page 363 and 364:

    3. Exclusive ownership of an essent

  • Page 365 and 366:

    maximizing quantity (4 units) creat

  • Page 367 and 368:

    $22 - 20 - 18 - 16 - 14 - Deadweigh

  • Page 369 and 370:

    2. Negotiating, beginning at a high

  • Page 371 and 372:

    Legal barriers are created by gover

  • Page 373 and 374:

    ___ 8. The slope of the demand curv

  • Page 375 and 376:

    Price Quantity 3. List some of the

  • Page 377 and 378:

    Chapter 23 Monopolistic Competition

  • Page 379 and 380:

    For Percomp (the perfect competitor

  • Page 381 and 382:

    Example 7A: The graph below represe

  • Page 383 and 384:

    Example 9: The Organization of the

  • Page 385 and 386:

    Example 12 illustrates the dilemma

  • Page 387 and 388:

    its current price and quantity. The

  • Page 389 and 390:

    ___ 14. Game theory: a. is a method

  • Page 391 and 392:

    Answers for Chapter 23 Fill-in-the-

  • Page 393 and 394:

    Chapter 24 Factor Markets The basic

  • Page 395 and 396:

    $ $240 - 200 - 160 - 120 - 80 - 40

  • Page 397 and 398:

    Since producers will attempt to equ

  • Page 399 and 400:

    2. Differences in nonmoney aspects

  • Page 401 and 402:

    were his strikeouts, walks, and hom

  • Page 403 and 404:

    ___ 3. To maximize profits, a produ

  • Page 405 and 406:

    ___ 19. According to the book, “M

  • Page 407 and 408:

    Multiple Choice: 1. a. 8. c. 15. d.

  • Page 409 and 410:

    Chapter 25 Labor Unions The primary

  • Page 411 and 412:

    The elasticity of demand for union

  • Page 413 and 414:

    Example 4A: Assume that the graph b

  • Page 415 and 416:

    Notice from the graph in Example 6

  • Page 417 and 418:

    Wage Factory A Quantity of Labor S

  • Page 419 and 420:

    As a cartel, a labor union faces a

  • Page 421 and 422:

    ___ 10. For a monopsony: a. there i

  • Page 423 and 424:

    3. The graph below represents a lab

  • Page 425 and 426:

    Chapter 26 Interest, Present Value,

  • Page 427 and 428:

    An increase in expected rates of re

  • Page 429 and 430:

    An asset is valuable because we exp

  • Page 431 and 432:

    Example 13B: General Ordnance prove

  • Page 433 and 434:

    Appendix: Present Value Table One f

  • Page 435 and 436:

    ___ 4. An increase in expected rate

  • Page 437 and 438:

    Problems: 1. List and explain the t

  • Page 439 and 440:

    Chapter 27 Market Failure The basic

  • Page 441 and 442:

    External Benefit If a market genera

  • Page 443 and 444:

    Example 2: To encourage the consump

  • Page 445 and 446:

    $100 - 90 - 80 - MSC 70 - $ 60 - 50

  • Page 447 and 448:

    A common good is nonexcludable. Non

  • Page 449 and 450:

    Study Guide for Chapter 27 Chapter

  • Page 451 and 452:

    ___ 5. What government policy would

  • Page 453 and 454:

    4. Based on the information on the

  • Page 455 and 456:

    Chapter 28 Public Choice and Govern

  • Page 457 and 458:

    Candidates and the Median Voter Mod

  • Page 459 and 460:

    Example 8: According to State and F

  • Page 461 and 462:

    Example 10: When Elvis Presley was

  • Page 463 and 464:

    4. Pessimistic bias. This is the te

  • Page 465 and 466:

    ___ 5. An elected official will: a.

  • Page 467 and 468:

    2. If a certain policy will yield s

  • Page 469 and 470:

    Chapter 29 Government Regulation of

  • Page 471 and 472:

    underproduction is the amount that

  • Page 473 and 474:

    micromanagement results in business

  • Page 475 and 476:

    market. They may agree with their c

  • Page 477 and 478:

    Questions for Chapter 29 Fill-in-th

  • Page 479 and 480:

    ___ 10. The public interest theory

  • Page 481 and 482:

    4. List the four types of costs imp

  • Page 483 and 484:

    Chapter 30 Agriculture and Health C

  • Page 485 and 486:

    weather may cause bumper crops. Bad

  • Page 487 and 488:

    Security and Rural Investment Act o

  • Page 489 and 490:

    Example 12: From 1960 to 2013, the

  • Page 491 and 492:

    1. NHI would provide universal heal

  • Page 493 and 494:

    d. Insurance providers are not allo

  • Page 495 and 496:

    Study Guide for Chapter 30 Chapter

  • Page 497 and 498:

    Answer questions 7. through 10. by

  • Page 499 and 500:

    ___ 21. If there were no individual

  • Page 501 and 502:

    Chapter 31 Income Distribution and

  • Page 503 and 504:

    Income is more equally distributed

  • Page 505 and 506:

    over a typical career is the accumu

  • Page 507 and 508:

    Ideal Income Redistribution The ide

  • Page 509 and 510:

    Poverty - a family whose income fal

  • Page 511 and 512:

    Appendix: Income Inequality around

  • Page 513 and 514:

    How is this story an analogy for th

  • Page 515 and 516:

    ___ 2. In 2013, the Lowest Income 6

  • Page 517 and 518:

    Problems: 1. Explain the two primar

  • Page 519 and 520:

    Absolute advantage - when one natio

  • Page 521 and 522:

    Fiat money - money by government de

  • Page 523 and 524:

    Nonrivalrous good - a good for whic

  • Page 525 and 526:

    Absolute advantage, 16-9 Absolute e

  • Page 527 and 528:

    “Company town”, 25-6 Comparativ

  • Page 529 and 530:

    Eli Lilly and Company, 22-1 Emergen

  • Page 531 and 532:

    Houston, Texas, 15-10 Human capital

  • Page 533 and 534:

    Market, 3-1, 3-8-9 Market basket, 4

  • Page 535 and 536:

    Political bias, 9-4, 12-7 Political

  • Page 537 and 538:

    Short run production, 20-2-3 Short-

  • Page 539 and 540:

    Upturns, 9-4 USDA, 27-9, 30-1-2, 30

Download Policano Presentation Notes - The Paul Merage School ...
BEACONOMICS - Los Angeles Chamber of Commerce
ECONOMIC REPORT OF THE PRESIDENT
Eco Today - Mar10:ET Master Page 2007 - ASKnLearn
The Instant Economist By John Charles Pool Ross M ... - Paolo Cirio
Central Banks Do?
Orange Unified School District Budget Update December 9, 2010
IAS
The-Impact-of-Local-Right-to-Work-Zones
The Failure of the "New Economics" - Ludwig von Mises Institute