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NIRA: The common abbreviation for the National Industrial Recovery Act, which was one of the first acts passed under New Deal program the Roosevelt administration in 1933. The NIRA specifically allowed workers to organized into unions and to engage in collective bargaining without interference from firms. This act 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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COMMON-PROPERTY GOODS Goods characterized by rival consumption and the inability to exclude nonpayers. Common-property goods are one of four types of goods differentiated by consumption rivalry and nonpayer excludability. The other three goods are private (rival consumption and nonpayers can be excluded), public (nonrival consumption and nonpayers cannot be excluded), and near-public (nonrival consumption and nonpayers can be excluded). Nonrival consumption and the ease of excluding of nonpayers means common-property goods cannot be efficiently exchanged through markets and are often overconsumed.
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GRAY SKITTERY
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Today, you are likely to spend a great deal of time at an auction hoping to buy either a birthday greeting card for your grandmother or a coffee cup commemorating yesterday. Be on the lookout for malfunctioning pocket calculators.
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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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"We must be willing to let go of the life we have planned, so as to have the life that is waiting for us. " -- E. M. Forster, writer
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Y
Income, Nominal Gross National Product
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