Sources

It is neither possible nor necessary to document the source of every statement made in this book. However, there are some key facts which some readers may want to check out or to explore further. Rather than clutter the text with footnotes, in a book intended for the general public, the citations are listed here in an informal way that should nevertheless make it possible to find the orighial sources.

CHAPTER 1: WHAT IS ECONOMICS?

The article about middle-class Americans began on the front page of Section 3 of the New York Times of August 1, 1999 and was written by Louis Uchitelle. The statement that Marxist economist Oskar Lange did not differ fundamentally from Milton Friedman on certain basic propositions and procedures can be verified by reading Oskar Lange, "The Scope and Method of Economics," in the Review of Economic Studies (1945-1946), pages 19-32, and comparing that with Milton Friedman's essay "The Methodology of Positive Economics" in his book Essays in Positive Economics.

CHAPTER 2: THE ROLE OF PRICES

The quoted statistics and analysis about the Soviet economy are from a book titled The Turning Point: Revitalizing the Soviet Economy by two Soviet economists, Nikolai Shmelev and Vladimir Popov, especially pages 128,130-131,141. The quote from Friedrich Engels is from his preface to the first German edition of The Poverty of Philosophy by Karl Marx, where Marx himself makes similar comments in the text, though not in as lucid language as that used by Engels. Information on Ghana and the Ivory Coast is from a book by W. L. Alpine and James Picket, Agriculture, Liberalisation and Economic Growth in Ghana and Cote DTvoire:1968-1990, published in Paris in 1996 by the Organisation for Economic Co-Operation and Development. The sales of beef suspected of "mad cow disease" was reported in the Financial Times of March 30, 1996. The relationship between housing prices and population changes in upstate New York is discussed was described on page 70 of an article titled "Down-and-Out Upstate," by Jerry Zremski in the Autumn 1999 issue of City Journal, published by the Manhattan Institute, a think tank in New York.

CHAPTER 3: PRICE CONTROLS

The fact that the housing shortage in the United States occurred when there was no change in the ratio of housing to people is from a book titled Roofs or Ceilings? by two economists later destined to win Nobel Prizes, Milton Friedman and George J. Stigler. The book itself has long been out of print, but excerpts from it were included in a collection of writings titled Rent Control: Costs and Consequences, edited by Robert Albon and published in 1980 by an Australian think tank, The Centre for Independent Studies, located in Sydney. This particular statement occurs on page 16. The data on housing in San Francisco after the 1906 earthquake are on pages 5 and 6. The facts about rent control in Sweden are from a different article in the same book, "The Rise, Fall and Revival of 'Swedish Rent Control" by Sven Rydeenfelt. The lack of building in Melbourne under Australian rent control is mentioned on page 125 in another article. The effects of rent control in Paris are from an article by Bertrand de Jouvenal titled "No Vacancies" in a book titled Rent Control: A Popidar Paradox, published in 1975 by a Canadian think tank, The Fraser Institute. Facts about the effects on rent control in Britain, France, Germany, and the Netherlands are from Rent Control in North America and Four European Countries by Joel F. Brenner and Herbert M. Franklin, published by Mercury Press), pages 4,9, and 69. Many of the facts about rent control and homelessness in the United States are from The Excluded Americans by William Tucker (especially pages 19,162, 275 and Chapter 19, which discusses various elite celebrities living in rent-controlled apartments). The comment from the New York Times is from page 40 of an article by John Tierney in their Sunday magazine section of May 4, 1997, titled "At the Intersection of Supply and Demand." The paradox of higher rents in rent-controlled cities is from another study by William Tucker, "How Rent Control Drives Out Affordable Housing," Policy Analysis paper number 274, published by the Cato Institute, a think tank in Washington. The decline of the housing stock under rent control in Washington is cited in an article by Thomas Hazlett in a book titled Resolving the Housing Crisis, published in 1982 by a San Francisco think tank, the Pacific Institute for Public Policy Research. The quote from an official of the Communist government of Vietnam is from page 422 of The Fortune Encyclopedia of Economics, edited by David R. Henderson and published in 1993 by Warner Books. Data on the number of buildings taken over by the city government in New York can be found on page 99 of The Homeless by Christopher Jencks, published by Harvard University Press in 1994. The fact that building resumed in various Massachusetts communities after the state banned local rent control laws can be found in Rude Awakenings by Richard W. White, Jr., published in 1992 by ICS Press in San Francisco. The passage describing the cause and effect of price controls during a seventeenth-century local food shortage in Italy is from page 381 of The Formation of National States in Western Europe, edited by Charles Tilly and published by the Princeton University Press in 1975. Discussion of the eighteenth-century and nineteenth century local food shortages in India is from Forty Centuries of Wage and Price Controls by Robert L. Schuettinger and Eamonn E Butler, published by the Heritage Foundation, a Washington think tank, in 1979.

CHAPTER 4: AN OVERVIEW

Comparisons of bombing and rent control as means of destroying housing appear on pages 422 and 425 of an article by Walter Block titled "Rent Control" in The Fortune Encyclopedia of Economics, edited by David Henderson. The economic problems of the rich "black earth" country of Russia are discussed in Frank Viviano, "Russian Farmland Withers on the Vine: Politics, Mind-set Keep Nation on a Diet of Imports," San Francisco Chronicle, October 19, 1998, p. A1 and in Andrew Higgins, "Food Lines," Wall Street Journal, October 1998, pp. A1 ff. The steel manufacturer whose equipment automatically shifted from oil to natural gas was mentioned in Steve Liesman and Jacob M. Schlesinger, "Blunted Spike: The Price of Oil Has Doubled This Year; So Where's the Recession?" Wall Street Journal, December 13, 1999, where other fuel economy measures are mentioned. See pages A1 ff. Former food-exporting countries which become unable to feed themselves are mentioned in innumerable places, including Modern Times by Paul Johnson, pages 724-727 of the 1992 edition. Russian exports of wheat under the czar are shown on page 62 of The Turning Point by Soviet economists Nikolai Shmelev and Vladimir Popov. For a painfully enlightening examination of the media's inability to understand basic economic principles during the gasoline crises of the 1970s, and their resulting susceptibility to irrational explanations of what was happening, see Thomas W. Hazlett, TV Coverage of the Oil Crises: How Well Was the Public Serviced? (Washington: The Media Institute,1982).

CHAPTER 5: THE RISE AND FALL OF BUSINESSES

The historical sketches of various businesses are based on information from a variety of sources, including innumerable newspaper and magazine articles, as well as books such as New and Improved: The Story of Mass Marketing in America written by Richard S. Tedlow and published in 1996 by the Harvard Business School Press, Forbes Greatest Business Stories of All Time by Daniel Gross and the editors of Forbes magazine, Masters of Enterprise by H. W. Brands, Empire Builders by Burton W. Folsom, Jr., The First Hundred Years are the Toughest:What We Can Learn for the Century of Competition Between Sears and Wards by Cecil C. Hoge, Sr.A & P by M. A. Adelman, The Rise and Decline of the Great Atlantic & Pacific Tea Company by former A & P executive William L. Walsh and Made in America by Sam Walton. The declining circulation of New York City newspapers is from a story on page E5 of The New York Times of November 18,1990 by Frank J. Prial and titled, "Suburban Sprawl Also Applies to the Circulation of Newspapers." The quote about the Soviet economy is from an article by Robert Heilbroner titled "Socialism" in The Fortune Encyclopedia of Economics, p. 164. On the misallocation of gasoline, see Stephen Chapman, "The Gas Lines of '79," The Public Interest, Summer 1980, p.47; Steven Rattner, "Gas Crisis: Experts Find Mixture of Causes," New York Times, January 24, 1979, p. A1 ff; Pranay B. Gupte, U. S. to Allow Shift of Some Gas Stocks to Urban Sections," Nezv York Times, June 30, 1979, pp. A 1 ff. On the 3,000 pages of regulations and subsequent "clarifications," see the story by Rattner listed above. On the lack of gasoline shortages in the United States during the 1967 Arab oil embargo, see Thomas W. Hazlett, TV Coverage of the Oil Crises, pp. 14-15. The dire predictions that ending price controls on oil would cause skyrocketing gasoline prices are quoted in Werner Meyer, "Snake Oil Salesman," Policy Review, Summer 1986, pp. 74-76, passim. On gasoline prices reaching an all-time low, see "Gas is Cheap. But Taxes are Rising," Consumer Research, August 1994, pp. 28-29. The firing of Montgomery Ward executives who urged expansion into suburban malls is mentioned on page 153 of The New York Times Century of business, edited by Floyd Norris and Christine Blackman and published in the year 2000 by McGraw-Hill. The big New York department stores' initial rejection of credit cards is mentioned on page 204 of the same book.

CHAPTER 6: THE ROLE OF PROFITS—AND LOSSES

Data on corporate profit rates in the American economy are from pages 46 and 49 of The Illustrated Guide to the American Economy by Herbert Stein and Murray Foss, third edition, published in 1999 by the AEI Press for the American Enterprise Institute, a Washington think tank. The statistic that the largest manufacturer of automobiles in the United States in 1896 produced just six cars is from The American Car Dealership by Robert Genat, page 7. The story of the microchip, including Intel's risking its corporate survival for the sake of research, is discussed on pages 247-248, 254, 259-262 of Forbes Greatest Business Stories of All Time, edited by Daniel Gross, et al and published in 1996 by John Wiley & Co. Data on economies and diseconomies of scale in the automobile and beer industries are from pages 76, 77, 131 and 145 of The Structure of American Industry, 9th edition, by Walter Adams and James Brock, published by Prentice-Hall. Data and comments on the efficiency of Soviet enterprises is from The Turning Point by Soviet economists Nikolai Shmelev and Vladimir Popov. Howard Johnson's pioneering in restaurant franchising is discussed on page 51 of Fast Food: Roadside Restaurants in the Automobile Age by John A Jakle & Keither A. Sculle, published by Johns Hopkins University Press in 1999.

CHAPTER 7: BIG BUSINESS AND GOVERNMENT

Data on the trucking industry are from pages 435 and 436 of an article by Thomas G. Moore titled "Trucking Deregulation" in The Fortune Encyclopedia of Economics. Data on airlines are from pages 380 and 381 of an article in the same book by Alfred E. Kahn titled "Airline Deregulation." Soviet enterprises' tendency to make things for themselves, rather than get them from specialized producers, is discussed on pages 160-161 of The Red Executive by David Granick.

CHAPTER 8: AN OVERVIEW

The historical information about the A & P grocery chain is from The Rise and Decline of the Great Atlantic & Pacific Tea Company by William I. Walsh. Lenin's estimate of how easy it was to run an enterprise was from his book The State and Revolution, written on the eve of the Bolshevik revolution. His later change of mind is from "The Flight to Overcome the Fuel Crisis," "The Role and Functions of Trade Unions Under the New Economic Policy," "Five Years of the Russian Revolution," and "The Ninth Congress of the Russian Communist Party (Bolsheviks), "all quoted from the 1951 edition of Selected Works by V. I. Lenin, published in Moscow by the Foreign Languages Publishing House. The information on the McDonald's restaurant chain is from Fast Food by John A. Jakle and Keith Sculle, pages 58 and 146-147, and from Masters of Enterprise: From John Jacob Astor and J. P. Morgan to Bill Gates and Oprah Winfrey by H. W. Brands, published in 1999 by The Free Press 1999, page 222.

CHAPTER 9: PRODUCTIVITY AND PAY

The misleading claim that income quintiles divide the country into five equal parts was made on page 48 of Economics Explained by Robert Heilbroner and Lester Thurow. Data on household incomes are from a U. S. Bureau of the Census serial publication, Current Population Reports, P-23-196, with its individual title being Changes in Median Household Income: 1969 to 1996. The misguided remark from the Washington Post is from page 34 of The Washhigton Post Weekly Edition, September 7,1998 in an article titled "The Rich Get Richer, and So Do the Old," by Barbara Vobejda. No doubt it was reprinted from a recent issue of the regular daily Washington Post. Data on people's changing incomes between 1975 and 1991 are from pages 8 and 22 of the 1995 Annual Report of the Federal Reserve Bank of Dallas. Earlier studies indicating similar patterns include Years of Poverty, Years of Plenty by Greg Duncan et al, published by the University of Michigan Press. The number of Americans working in the Soviet Union is from page 11 of The Turning Point by Nikolai Shmelev and Vladimir Popov. The fact that women who worked continuously earned slightly more than men who did the same is from page 103 of "The Economic Role of Women," The Economic Report of the President, 1973 (Washington, D.C.: U.S. Government Printing Office, 1973). The difference between the earnings of women with and without children are from page 15 of a valuable compendium of data on women in the economy titled Women's Figures, 1999 edition, written by Diana Furchtgott-Roth and Christine Stolba and published by the American Enterprise Institute, a Washington think tank. Data on male predominance in work-related deaths are from the same source, page 33. Data on the average life of capital equipment in the Soviet Union and in the United States are from pages 145-146 of The Turning Point by Nikolai Shmelev and Vladimir Popov. The internally contradictory claim that people are "living below subsistence" has been made in remarkably numerous, including a book published by the Harvard University Press in 1981, America's Struggle Against Poverty: 1900-1980 by James T. Patterson, page 42.

CHAPTER 10: CONTROLLED LABOR MARKETS

The effect of minimum wages in reducing the employment of workers in general in various countries, and the employment of younger and less skilled workers in particular, is discussed on pages 33,34, and 335 of What Future for New Zealand's Minimum Wage Laiv, based on a study done by ACIL Economics and Policy, Pty. Ltd., and published by the New Zealand Business Roundtable. Similar conclusions for the United States are found in Youth and Minority Unemployment, written by Walter E. Williams and published in 1977 by the Hoover Institution Press. The effect of informal minimum wages in West Africa are discussed on pages

18 and 19 of West African Trade, written by Professor P. T. Bauer of the London School of Economics and published in 1954 by Cambridge University Press. The use of minimum wage laws to promote racial discrimination is discussed on page 14 of Youth and Minority Unemployment by Walter Williams and on page 50 of The Japanese Canadians by Charles H. Young and Helen R. Y. Reid. Data on American automobile production and employment are from Motor Vehicle Facts & Figures: 1997, published by the American Automobile Manufacturers Association and from pages

19 and 20 of an article by Christopher J. Singleton titled "Auto Industry Jobs in the 1980s: A Decade of Transition," which appeared in the U. S. Department of Labor's Monthly Labor Review for February 1992. Data on the decline of unionization is available from many sources, one being an article by Richard A. Ryan titled "Labors Gains Undercut by Lingering Problems," which appeared in The Detroit News of July 265,1999.

CHAPTER 11: AN OVERVIEW

Data on employees' share in national income are from page 39 of The Illustrated Guide to the American Economy, third edition, written by Her bert Stein and Murray Foss, and published in 1999 by the AEI Press. Data on the movement of individuals from one income bracket to another over time are from pages 8 and 14 of the 1995 Annual Report of the Federal Reserve Bank of Dallas. Data on the income levels that mark the beginning of various quintiles were downloaded from the U. S. Bureau of the Census web site. Data on the hours worked by people in the top one percent of the income distribution is from page 31 of A Portrait of the Affluent in America Today published in 1998 by the U. S. Trust Company.

CHAPTER 12: INVESTMENT AND SPECULATION

The disastrous speculation in silver by the Hunt brothers is covered on pages 249-250 of The New York Times Century of Business, edited by Floyd Norris and Christine Bockelmann and published in the year 2000 by McGraw-Hill. The buying up of future payments due to accident victims in installments by paying a lump sum is discussed in an article beginning on the front page of the Wall Street Journal of February 25,1998 titled "Thriving Industry Buys Insurance Settlements from Injured Plaintiffs." Twentieth century energy consumption and the growth of know reserves of various metals are discussed on pages 40 and 41 of an article by William J. Baumol and Sue Anne Blackman titled "Natural Resources" in The Fortune Encyclopedia of Economics. See also Section II, Table 1 of the Basic Petroleum Data Book, vol. XX, No. 2 (July s2000), published by the American Petroleum Institute.

CHAPTER 13: RISKS AND INSURANCE

Information on the current value of a dollar invested in gold, stocks, and bonds in 1801 is from an article titled "Now What?" in the September 21,1998 Forbes Global Business & Finance, pages 20-21. The comment on academic institutions losing money in the stock market is from the Wall Street Journal of October 13,1998, page CI. Information on the number of insurance companies in the United States and their assets is from page 2 of a 1994 publication of the Insurance Institute of America titled How Insurance Works, written by Barry D. Smith and Eric A. Wiening. The use of global positioning systems by insurance companies looking for their policy-holders in the wake of natural disaster is from the New York Times of January 18,1999, section, C, page 8. The title of the story is 'Media; Sweetheart, Give Me a Reboot" and it was written by Dylan Loeb McClain.

CHAPTER 14: AN OVERVIEW

California motorists' reactions to heavier fines for traffic violations were reported in a story beginning on the front page of the San Francisco Chronicle of July 23,1992. The story is titled "Revolt Against Steep Traffic

Fines" and was written by T. Christian Miller. The comment on the negative effects of anticipations of land reform is from Development Without Aid by Melvyn B. Krauss.

CHAPTER 15: NATIONAL OUTPUT

Data on the unemployment rate during the Great Depression of the 1930s is from page 196 of an article titled "Great Depression" by Robert J. Samuelson, published in the Fortune Encyclopedia of Economics. Data on the fall in prices of various corporate stocks from 1929 to 1932 are from page 76 of Since Yesterday: The 1930s in America by Frederick Lewis Allen, published in 1986 in the Perennial Library edition by Harper & Row.

CHAPTER 16: MONEY AND THE BANKING SYSTEM

The fact that a hundred-dollar bill in the 1990s had less purchasing power than a twenty-dollar bill in the 1960s is from page 47 of an article titled "Going Underground," written by Peter Brimelow and published in the September 21,1998 issue of Forbes Global Business and Finance. The fact that Chinese money was once preferred to Japanese money in Japan is from page 150 of a book titled Money by Jonathan Williams. The fact that most savings accounts in Bolivia were in dollars during that country's runaway inflation is from page 210 of an article titled "Hyperinflation," written by Michael K. Salemi and published in The Fortune Encyclopedia of Economics, where the German hyperinflation of the 1920s is also discussed on page 208. The fact that German workers were paid twice a day during this period is from pages 450-451 of Germany: 1866-1945 by Gordon A. Craig. The haste of Russians to spend their rubles during that country's inflation is in a news story from the front page of the Christian Science Monitor of August 31, 1999. The reporter was Judith Matloff and the title of the story was "Russians Replay 'Bad Old Days'." Data on the 1921 inflation in the Soviet Union is from page 6 of The Turning Point by Nikolai Shmelev and Vladimir Popov. The remarkable agreement of both liberal and conservative economists on the confused and counterproductive monetary policies of the Federal Reserve during the Great Depression of the 1930s can be found by comparing the accounts in The Great Crash by John Kenneth Galbraith and in A Monetary History of the United States by Milton Friedman and Anna J. Schwartz, where this point is discussed on pages 407-419. President Herbert Hoover's admonition to President-elect Franklin D. Roosevelt is quoted on page 16 of The Great Depression by John A. Garraty. The collapse of hundreds of American banks during the Great Depression is mentioned on page 11 of A Monetary History of the United States by Friedman and Schwartz.

CHAPTER 17: THE ROLE OF GOVERNMENT

The comment on the changing role of government in economies around the world is from page 10 of a 1990 book that goes into that subject at length—The Commanding Heights, written by Daniel Yergin and Joseph Stanislaw and published by Simon & Schuster. Complaints about the confiscation of the profits of Soviet enterprises by the government of the U.S.S.R. are from page 261 of The Turning Point by Nikolai Shmelev and Vladimir Popov. The comment on bribes in China and Japan is from by Angelo Codevilla.

The story of how unscrupulous landlords exploit and destroy rent-controlled apartment buildings is told in The Ecology of Housing Destruction by Peter D. Salins. The particular comment quoted is from page 93 of that book. The story of the genesis and consequences of President Nixon's wage and price controls is from page of The Commanding Heights by Daniel Yergin and Joseph Stanislaw and from an essay by Herbert Stein in the Wall Street Journal of August 25,1996, page A12. Examples of private market ways of taking externalities into account are found in an article titled "Public Goods and Externalities" by Tyler Cowen in The Fortune Encyclopedia of Economics, edited by David R. Henderson. Franklin D. Roosevelt's use of presidential powers created during the First World War to take the United States off the gold standard is mentioned on page 86 of The New York Times Century of Business.

CHAPTER 18: AN OVERVIEW

The argument that government policy worsened, rather than alleviated, the Great Depression can be found in A Monetary History of the United States by Milton Friedman and Anna J. Schwartz, pages 407-419, in Paul Johnson's A History of the American People, pages 737-760 and in Out of Work by Richard K. Vedder and Lowell E. Gallaway, pages 89-97, 137-146.

CHAPTER 19: INTERNATIONAL TRADE

The comment from the New York Times about whether the United States was a "job winner" or a "job loser" from freer trade was from an article by Louis Uchitelle titled "Nafta and Jobs," which appeared in the November 14,1993 issue, on the first page of section 4. Congressman Bo-nior's warning and the facts to the contrary are both from page 3 of a study titled Trade Liberalization: The North American Free Trade Agreement's Economic Impact on Michigan, published in December 1999 by The Mackinac Center, a think tank in Michigan. The Estimate of economies of scale in automobile production are from page 76 of The Structure of American Industry, ninth edition, by Walter Adams and James Brock, published in

1995 by Prentice-Hall. Pages 97 and 104 of the same book discusses job losses in the American steel industry and the job losses in the U.S. economy as a whole from trying to protect jobs in the steel industry. Information on automobile production in Australia is from pages 59 and 81 Ward's Automotive Yearbook, 59th edition, published in 1997 by Ward's Communications in Southfield, Michigan. Reports on the Dutch and Swedish international retailers is from "Shopping All Over the World," in The Economist of June 19,1999, page 60. An example of how job shifts abroad lead to production changes domestically can be seen in a Wall Street Journal story by Joel Millman titled "Job Shift to Mexico Lets U.S. Firms Upgrade," which appeared in the November 15,1999, page A 28.

CHAPTER 20: INTERNATIONAL TRANSFERS OF WEALTH

Data on imports and exports between affiliates of the same company are from page 272 of The Illustrated Guide to the American Economy, third edition, by Herbert Stein and Murray Foss, which also has capital inflow data on pages 274 and 275. Statistics on foreign investment in the United States are from the an official Commerce Department publication, Survey of Current Business, Volume 79, Number 4 (June 1999), p. 16. The fact that a balance of payments surplus preceded the 1992 recession is also from Survey of Current Business, Vol. 79, No. 2. (December 1999), page D-20. Data on foreign ownership of American railroads in the nineteenth century are from page 195 of The History of Foreign Investment in the United States to 1914, Data on foreign ownership of American railroads in the nineteenth century are from page 195 of The History of Foreign Investment in the United States to 1914, written by Mira Wilkins and published by Harvard University Press. Information on Americans producing more on than one-third of all the manufactured goods in the world in 1913 is from page 142 of the same book. Page 68 of Myron Weiner's 1995 book, The Migration Crisis is the source of the statement that remittances from citizens living abroad exceed all the foreign aid from all the government agencies in the world. Professor P. T. Bauer's comment on foreign aid is from page 102 of his 1981 book Equality, the Third World and Economic Delusion, published by Harvard University Press. J. P. Morgan's comment on gold was quoted on page 41 of The New York Times Century of Business.

CHAPTER 22: "NON-ECONOMIC" VALUES

The counterproductive effects of recycling have been shown by many studies. See, for example, John Tierney, "Recycling is Garbage/ New York Times Magazine, June 30,1996, beginning on page 24.

CHAPTER 23: PRICES AND PURCHASING POWER

Comparisons of delivery times the Post Office, on the one hand, and Federal Express and United Parcel Service, on the other are from an article titled "Special Delivery" in the December 1998 issue of Consumer Reports, page 15. Data on how many people buy cameras from discount houses, rather than camera stores, is from The 1997-1998 PMA Industry Trends Report published in Jackson, Michigan, by the Photo Marketing Association International.

CHAPTER 24: BUSINESS AND LABOR

The quotes from Adam Smith are from the Modern Library edition of The Wealth of Nations, page 128 and 250. The quote from David Ricardo is from page 123 of Volume III of The Works and Correspondence of David Ricardo, edited by Piero Sraffa and published by Cambridge University Press. The fact that the bulk of agricultural subsidies go to big corporations, rather than to family farmers, can be verified from many sources, including The Structure of American Industry by Walter Adams and James Brock, 9th edition, page 29. The same book also has data on losses in the computer industry on pages 166-167. Business support for President Nixon's wage and price controls is mentioned on page 149 of The Suicidal Corporation by Paul Weaver. Data on air fares and better use of plane capacity after airline deregulation are from an article by Don Phillips titled '20 Days, 18 Flights," which appeared on page 8 of the Washington Post National Weekly Edition of July 5,1999—and which probably appeared shortly before that in the regular daily edition. The estimate that airline fares were up to 50 percent higher under government regulation than they would have been in a free market is from page 248 of the Adams and Brock book mentioned above. For an example of the old federal "fair trade" laws in action, see Thomas O'Donnell and Janet Banford, "Jack Daniels, Meet Adam Smith" in the November 23,1961 issue of Forbes magazine, page 163. Information on fees charged by nonprofit organizations is from an interview with Peter Drucker that was published in the March/April 1999 issue of Philanthropy on page 11. The controversial practice of non-profit organizations selling the right to use their logos to commercial businesses is discussed in a New York Times story beginning on page A1 of their May 3,1999 issue under the title, "Sales Pitches Tied to Charities Draw States' Scrutiny," written by Reed Abelson.

This Page Intentionally Left Blank

0 0

Post a comment