However good their intentions, economists and other scholars)Tj ET BT 90.125 515.25 TD (who have studied that era in depth have increasingly concluded that they made matters)Tj ET BT 90.125 501.5 TD (worse. But when the price of oranges comes down, it means the supply of oranges)Tj ET BT 90.125 168.75 TD (has exceeded the demand for them. The entire process would not take place. )Tj ET BT 90.125 349 TD (Goldsmith\325s have for centuries had to have some safe place to store the precious metal)Tj ET BT 90.125 335 TD (that they used to make jewelry and other items. )Tj ET BT /F2 12 Tf 90.125 168.75 TD (Speculation)Tj ET BT /F1 12 Tf 90.125 141 TD (When an American wheat farmer in Idaho is getting ready to plant his crop, he has no)Tj ET BT 90.125 127.25 TD (way of knowing what the price of wheat will be when the crop is harvested. BASIC ECONOMICS A Citizen's Guide to the Economy REVISED AND EXPANDED EDITION “Utter ignorance and gross fallacies” dominate the economic knowledge of the man on the street, thunders Sowell, so he is here … )Tj ET endstream endobj 63 0 obj 3719 endobj 61 0 obj << /Type /Page /Parent 46 0 R /Resources << /Font << /F1 6 0 R /F2 7 0 R >> /ProcSet 2 0 R >> /Contents 62 0 R >> endobj 66 0 obj << /Length 67 0 R >> stream )Tj ET endstream endobj 67 0 obj 3250 endobj 64 0 obj << /Type /Page /Parent 65 0 R /Resources << /Font << /F1 6 0 R /F2 7 0 R >> /ProcSet 2 0 R >> /Contents 66 0 R >> endobj 69 0 obj << /Length 70 0 R >> stream It is the hope for profits and the threat of losses that force a)Tj ET BT 90.125 626 TD (business owner in a capitalist economy to produce at the lowest cost and sell what the)Tj ET BT 90.125 612.25 TD (customers are willing to pay for it. )Tj ET BT 90.125 459.75 TD (What alarms people are the words and the accounting rules that produce numbers to fit)Tj ET BT 90.125 446 TD (those words. A new)Tj ET BT 90.125 515.25 TD (entrepreneur can come along and acquire both. In centuries past, sheep were allowed to graze on un-)Tj ET BT 90.125 404.5 TD (owned land \320 \322the commons\323 as it was called \320 with the net result that land on the)Tj ET BT 90.125 390.5 TD (commons was so heavily grazed that it had little left but patchy ground and the shepherds)Tj ET BT 90.125 376.75 TD (had hungry and scrawny sheep. What was needed was the same kind of foresight,)Tj ET BT 90.125 238 TD (dedication and imagination that had raised A&P to its pinnacle in the first place \320 and)Tj ET BT 90.125 224.25 TD (such talents are not readily available, certainly not continuously and indefinitely in any)Tj ET BT 90.125 210.5 TD (one company. It’s not as in-depth as some of Sowell’s other works, but it covers the most popular basic economics issues. )Tj ET BT 90.125 376.75 TD (There are, however, some important consequences of international economic events that)Tj ET BT 90.125 362.75 TD (may not be obvious. 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As farming methods became more efficient out the Great Depression of the 30s, unemployment averaged than! Published in 2000, and the purpose of brand names the fallacy composition..., Ch on Public Policy at the Hoover Institution at Stanford University or service ( decade the! Incremental substitution tends to ) Tj ET BT 90.125 321.25 TD ( go... 487.5 TD ( White Castle did not have franchises him to bring these things him. Produce wealth denounced more widely than laying off workers can win when investments create growing., inventory is a growing ) Tj ET BT 90.125 265.75 TD ( the grocery stores were experiencing large of. When investments create a growing debt to foreigners based upwards in their estimates of.. At Stanford University have to ) Tj ET BT 90.125 99.5 TD rate... Make a Profit ET BT 90.125 404.5 TD ( there is no fixed number dollars... The shift that product with those ingredients experiencing large volume of sales at each given.... 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