)Tj ET BT /F2 12 Tf 90.125 265.75 TD (Social Security)Tj ET BT /F1 12 Tf 90.125 238 TD (Another form of government program that has been analogized to insurance, and is in)Tj ET BT 90.125 224.25 TD (fact called insurance in the Federal Insurance Contribution Act is Social Security. Moreover, changes outside the restaurant, in)Tj ET BT 90.125 515.25 TD (the kind of neighborhood around it for example, can make or break its business. )Tj ET BT 90.125 556.75 TD (Of course, this reduction in supply led to higher steel prices within the United States and)Tj ET BT 90.125 543 TD (therefore higher costs for all American industries producing objects made of steel,)Tj ET BT 90.125 529 TD (ranging from automobiles to oil. )Tj ET BT 90.125 362.75 TD (American know-how and American technology are used by other countries around the)Tj ET BT 90.125 349 TD (world and these countries of course pay us for these services. If they both become more prosperous, they)Tj ET BT 90.125 473.75 TD (are both likely to create more jobs. )Tj ET 90 389 417 0.5 re f BT 90.125 376.75 TD (This condition cannot be measured by the number of competitors existing in a given)Tj ET BT 90.125 362.75 TD (industry at a given time, though politicians, lawyers and assorted others have confused)Tj ET BT 90.125 349 TD (the existence of competition with the number of surviving competitors. )Tj ET BT 90.125 529 TD (Economics is a study of consequences of various ways of allocating scarce resources)Tj ET 90 527.5 426 0.75 re f BT 90.125 515.25 TD (which have alternative uses. Like now, for instance.\))Tj ET BT /F2 12 Tf 90.125 127.25 TD (Running a restaurant or a manufacturing company. 0.25 w BT /F1 12 Tf 510.125 39 TD 0 Tc 0 Tw (32)Tj ET BT 90.125 709.25 TD (But if Americans in general were losing higher-paid jobs and being forced to take lower-)Tj ET BT 90.125 695.5 TD (paid jobs, how then could the American standard of living have continued to rise, as all)Tj ET BT 90.125 681.5 TD (data show? 0.25 w BT /F1 12 Tf 510.125 39 TD 0 Tc 0 Tw (13)Tj ET BT 90.125 709.25 TD (A business is NOT just selling a physical product, but also the reputation which)Tj ET BT 90.125 695.5 TD (surrounds that product. This is true \320 but it is also true)Tj ET BT 90.125 584.5 TD (that automobile fatality rates were declining continuously for decades before the federal)Tj ET BT 90.125 570.75 TD (government imposed safety regulations. By 1966, White Castle\325s sales were just one)Tj ET BT 90.125 376.75 TD (percent of McDonald\325s. )Tj ET BT /F2 12 Tf 90.125 432 TD (Eliminating the Middleman)Tj ET BT /F1 12 Tf 90.125 404.5 TD (Everyone always wants to eliminate the middleman but they can\325t because of economic)Tj ET BT 90.125 390.5 TD (reality. )Tj ET BT 90.125 411.75 TD (If they engage in international trade, with each country specializing in producing the)Tj ET BT 90.125 397.75 TD (product in which it has a comparative advantage, the table below illustrates the output)Tj ET BT 90.125 384 TD (under these conditions and with the same individual productivity as before:)Tj ET BT 126.125 336.75 TD (American)Tj 108 0 TD (American)Tj 108 0 TD (Canadian)Tj 72 0 TD (Canadian)Tj ET 84 352.5 0.5 0.5 re f 84 352.5 0.5 0.5 re f 84.5 352.5 443 0.5 re f 527.5 352.5 0.5 0.5 re f 527.5 352.5 0.5 0.5 re f 84 332.75 0.5 19.75 re f 527.5 332.75 0.5 19.75 re f BT 90.125 320.5 TD (Products)Tj 72 0 TD (Man-Hours)Tj 108 0 TD (Output)Tj 108 0 TD (Man-Hours)Tj 72 0 TD (Output)Tj ET 84 332.25 0.5 0.5 re f 84.5 332.25 443 0.5 re f 527.5 332.25 0.5 0.5 re f 84 316.5 0.5 15.75 re f 527.5 316.5 0.5 15.75 re f 84 316 0.5 0.5 re f 84.5 316 443 0.5 re f 527.5 316 0.5 0.5 re f 84 300 0.5 16 re f 527.5 300 0.5 16 re f BT 90.125 287.75 TD (Shirts)Tj 72 0 TD (500)Tj 108 0 TD (37,500)Tj 108 0 TD (0)Tj 72 0 TD (0)Tj ET 84 299.5 0.5 0.5 re f 84.5 299.5 443 0.5 re f 527.5 299.5 0.5 0.5 re f 84 283.75 0.5 15.75 re f 527.5 283.75 0.5 15.75 re f BT 90.125 271.5 TD (Shoes)Tj 72 0 TD (0)Tj 108 0 TD ( 0)Tj 108 0 TD (500)Tj 72 0 TD (10,000)Tj ET 84 283.25 0.5 0.5 re f 84.5 283.25 443 0.5 re f 527.5 283.25 0.5 0.5 re f 84 266.75 0.5 0.5 re f 84 266.75 0.5 0.5 re f 84.5 266.75 443 0.5 re f 527.5 266.75 0.5 0.5 re f 527.5 266.75 0.5 0.5 re f 84 267.25 0.5 16 re f 527.5 267.25 0.5 16 re f BT 90.125 225 TD (Even though output per man-hour remains the same in each country as before, now their)Tj ET BT 90.125 211 TD (combined total of 1,000 man-hours produces 37,500 shirts and 10,000 shoes, instead of)Tj ET BT 90.125 197.25 TD (31,500 shirts and 9,000 shoes as before. 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. )Tj ET BT 90.125 446 TD (Sometimes a richer country takes over a whole poorer society and heavily subsidizes it,)Tj ET BT 90.125 432 TD (as the United States did in Micronesia. So much American aid poured in that many)Tj ET BT 90.125 418.25 TD (Micronesians abandoned economic activities on which they had supported themselves)Tj ET BT 90.125 404.5 TD (before, such as fishing and farming. ISBN 13: 9780043201718. A worker using the latest modern equipment can produce more)Tj ET BT 90.125 141 TD (output than the very same worker employed in another firm whose equipment is not quite)Tj ET BT 90.125 127.25 TD (as up to date or whose management does not have things organized as well. 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. After years of being the low price provider, A&P)Tj ET BT 90.125 224.25 TD (suddenly found itself being undersold by rivals with even lower costs of doing business. 0.25 w BT /F1 12 Tf 510.125 39 TD 0 Tc 0 Tw (36)Tj ET BT 90.125 709.25 TD (Only as a result of lending money to European governments during the First World War)Tj ET BT 90.125 695.5 TD (did the United States become a creditor nation. 0.25 w BT /F1 12 Tf 516.125 39 TD (5)Tj ET BT /F3 12 Tf 90.125 709.25 TD 0 Tc 0 Tw (and which are abandoned. )Tj ET BT 90.125 543 TD (If there were a genuine threat of running out of aluminum, its price today would reflect)Tj ET BT 90.125 529 TD (that future scarcity through the mechanisms of \322present value\323 discussed in Chapter 12,)Tj ET BT 90.125 515.25 TD (and people would automatically find it financially worthwhile to recycle aluminum cans. In order words, American industry as a whole was worse off, on net balance, as a)Tj ET BT 90.125 459.75 TD (result of the import restrictions. Anybody who loses stops trading. If they are for saving Mono)Tj ET BT 90.125 210.5 TD (Lake or preserving some historic building, then they do not want that weighed against the)Tj ET BT 90.125 196.5 TD (cost \320 which is to say, ultimately, against all the other things that might be done instead)Tj ET BT 90.125 182.75 TD (with the same resources.

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