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BANK OF THE UNITED STATES: This was actually two central banks that preceded the Federal Reserve System as the nation's monetary authority. The First Bank of the United States, under the design of Alexander Hamilton, commenced operations in 1791, almost immediately after the U.S. Constitution was written and George Washington became the first U.S. President. Its charter was not renewed and it ceased to operate in 1811. Financial instability resulting from the absence of a central bank over the next few years prompted the formation of the Second Bank of the United States in 1816. The Second Bank's performance, however, was somewhat more suspect. When it knocked heads with President Andrew Jackson, a strong critic of central banking, the Second Bank ceased to be in 1836.
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PERFECT COMPETITION, LONG-RUN ADJUSTMENT A perfectly competitive industry undertakes a two-part adjustment to equilibrium in the long run. One is the adjustment of each perfectly competitive firm to the appropriate factory size that maximizes long-run profit. The other is the entry of firms into the industry or exit of firms out of the industry, to eliminate economic profit or economic loss. The end result of this long-run adjustment is a multi-faceted equilibrium condition that price is equal to marginal cost and average cost (both short run and long run).
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"You have to find something that you love enough to be able to take risks, jump over the hurdles and break through the brick walls that are always going to be placed in front of you. If you don't have that kind of feeling for what it is you're doing, you'll stop at the first giant hurdle. " -- George Lucas
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