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NATIONAL INDUSTRIAL RECOVERY ACT: One of the first acts passed under New Deal program the Roosevelt administration in 1933, it specifically allowed workers to organized into unions and to engage in collective bargaining without interference from firms. This act, going by the acronym NIRA, was declared unconstitutional in 1935, but while in force gave a big boost to labor unions and membership. The National Labor Relations Act was created in 1935 to replace the NIRA.
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MARKET FAILURES Imperfections in the exchange process between buyers and sellers that prevent markets from efficiently allocating scarce resources. Market failures come in four varieties -- public goods, market control, externalities, and imperfect information. Market efficiency is achieved if the value of goods produced is equal to the value of foregone production. Markets fail when this efficiency condition is not achieved. Such failures can only be corrected by government intervention.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
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"Aerodynamically, the bumblebee shouldn't be able to fly, but the bumblebee doesn't know it so it goes on flying anyway. " -- Mary Kay Ash, entrepreneur
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AIBD
Association of International Bond Dealers (now called International Securities Market Association)
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