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Suppose Ecuador imposes a tariff on imported bananas. If the increase in producer surplus is $50 million, the reduction in consumer surplus is $150 million, and the deadweight loss of the tariff is $30 million, then the tariff generates $130 million in revenue for the government.
Road To Serfdom
A book by Friedrich Hayek, published in 1944, warning of the potential dangers of government control leading to totalitarianism, arguing for the preservation of individual freedoms.
Laissez-Faire Economics
An economic philosophy of free-market capitalism that opposes government intervention.
Austrian-Born Economist
Refers to economists originating from Austria, particularly those associated with the Austrian School of Economics, known for emphasizing the importance of individual choice and spontaneous order in the economy.
Nazi Germany
The regime led by Adolf Hitler and the National Socialist German Workers' Party from 1933 to 1945, characterized by its totalitarian government and pursuit of aggressive expansion.
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