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ECONOMIC GROWTH, SOURCES: Our economy achieves economic growth with increases in the quantity or quality of resources. The quantity part is relatively simple. If we get more resources, then we have the ability to produce more output. We can also improve resource quality, making existing resources more productive, primarily through education and technology.
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POLITICAL ENTREPRENEURS Election seeking politicians who undertake risks inherent in the allocation of resources made through government actions. Like business entrepreneurs, political entrepreneurs take risks and organize production. They organize production with government laws, regulations, and policies. They run the risk of failed policies and losing elections. Their utility-maximizing actions are also a prime source of government failure. Falling victim to the principal-agent problem, pursuit of their own satisfaction (winning elections) often conflicts with what is best for the rest of society.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area looking to buy either a remote controlled train set or a genuine down-filled snow parka. Be on the lookout for deranged pelicans.
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This isn't me! What am I?
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The average length of a "business lunch" is about 36 minutes.
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"There are no shortcuts to any place worth going. " -- Beverly Sills, Opera singer
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ACIR
Advisory Council on Intergovernmental Relations
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