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Welcome to Economics!

Bureau of Labor Statistics, U.S. Department of Labor. 2015. "The Employment Situation—February 2015." Accessed March 27, 2015.

Williamson, Lisa. “US Labor Market in 2012.” Bureau of Labor Statistics. Accessed December 1, 2013.

The Heritage Foundation. 2015. "2015 Index of Economic Freedom." Accessed March 11, 2015.

Garling, Caleb. “S.F. plane crash: Reporting, emotions on social media,” The San Francisco Chronicle. July 7, 2013.

Irvine, Jessica. “Social Networking Sites are Factories of Modern Ideas.” The Sydney Morning Herald. November 25, 2011.

Pew Research Center. 2015. "Social Networking Fact Sheet." Accessed March 11, 2015.

Royal Swedish Academy of Sciences. 2019. "Research to Help the World's Poor."

The World Bank Group. 2015. "World Data Bank." Accessed March 30, 2014.

Choice in a World of Scarcity

Bureau of Labor Statistics, U.S. Department of Labor. 2015. “Median Weekly Earnings by Educational Attainment in 2014.” Accessed March 27, 2015.

Robbins, Lionel. An Essay on the Nature and Significance of Economic Science. London: Macmillan. 1932.

United States Department of Transportation. “Total Passengers on U.S Airlines and Foreign Airlines U.S. Flights Increased 1.3% in 2012 from 2011.” Accessed October 2013.

Smith, Adam. “Of Restraints upon the Importation from Foreign Countries.” In The Wealth of Nations. London: Methuen & Co., 1904, first pub 1776), I.V. 2.9.

Smith, Adam. “Of the Propriety of Action.” In The Theory of Moral Sentiments. London: A. Millar, 1759, 1.

Demand and Supply

Costanza, Robert, and Lisa Wainger. “No Accounting For Nature: How Conventional Economics Distorts the Value of Things.” The Washington Post. September 2, 1990.

European Commission: Agriculture and Rural Development. 2013. "Overview of the CAP Reform: 2014-2024." Accessed April 13, 205.

Radford, R. A. “The Economic Organisation of a P.O.W. Camp.” Economica. no. 48 (1945): 189-201.

Landsburg, Steven E. The Armchair Economist: Economics and Everyday Life. New York: The Free Press. 2012. specifically Section IV: How Markets Work.

National Chicken Council. 2015. "Per Capita Consumption of Poultry and Livestock, 1965 to Estimated 2015, in Pounds." Accessed April 13, 2015.

Wessel, David. “Saudi Arabia Fears $40-a-Barrel Oil, Too.” The Wall Street Journal. May 27, 2004, p. 42.

Pew Research Center. “Pew Research: Center for the People & the Press.”

Labor and Financial Markets

American Community Survey. 2012. "School Enrollment and Work Status: 2011." Accessed April 13, 2015.

National Center for Educational Statistics. “Digest of Education Statistics.” (2008 and 2010). Accessed December 11, 2013. 2013.

Williams, Walter E. 2017. "Mimimum Wage and Discrimination." Distributed by Creators Syndicate. Accessed 2022.


Abkowitz, A. “How Netflix got started: Netflix founder and CEO Reed Hastings tells Fortune how he got the idea for the DVD-by-mail service that now has more than eight million customers.” CNN Money. Last Modified January 28, 2009.

Associated Press (a). ”Analyst: Coinstar gains from Netflix pricing moves.” Boston Globe Media Partners, LLC. Accessed June 24, 2013.

Associated Press (b). “Netflix loses 800,000 US subscribers in tough 3Q.” ABC Inc. Accessed June 24, 2013.

Baumgardner, James. 2014. “Presentation on Raising the Excise Tax on Cigarettes: Effects on Health and the Federal Budget.” Congressional Budget Office. Accessed March 27, 2015.

Funding Universe. 2015. “Netflix, Inc. History.” Accessed March 11, 2015.

Laporte, Nicole. “A tale of two Netflix.” Fast Company 177 (July 2013) 31-32. Accessed December 3 2013.

Liedtke, Michael, The Associated Press. “Investors bash Netflix stock after slower growth forecast - fee hikes expected to take toll on subscribers most likely to shun costly bundled Net, DVD service.” The Seattle Times. Accessed June 24, 2013 from NewsBank on-line database (Access World News).

Netflix, Inc. 2013. “A Quick Update On Our Streaming Plans And Prices.” Netflix (blog). Accessed March 11, 2015.

Organization for Economic Co-Operation and Development (OECC). n.d. “Average annual hours actually worked per worker.” Accessed March 11, 2015.

Savitz, Eric. “Netflix Warns DVD Subs Eroding; Q4 View Weak; Losses Ahead; Shrs Plunge.”, 2011. Accessed December 3, 2013. 2014. “Coffee Export Volumes Worldwide in November 2014, by Leading Countries (in 60-kilo sacks).” Accessed March 27, 2015.

Stone, Marcie. “Netflix responds to customers angry with price hike; Netflix stock falls 9%.” News & Politics Examiner, 2011. Clarity Digital Group. Accessed June 24, 2013.

Weinman, J. (2012). Die hard, hardly dying. Maclean's, 125(18), 44.

The World Bank Group. 2015. “Gross Savings (% of GDP).” Accessed March 11, 2015.

Yahoo Finance. Retrieved from

The Macroeconomic Perspective

U.S. Department of Commerce: Bureau of Economic Analysis. “National data: National Income and Product Accounts Tables.”

U.S. Department of Commerce: United States Census Bureau. “Census of Governments: 2012 Census of Governments.”

United States Department of Transportation. “About DOT.” Last modified March 2, 2012.

U.S. Department of Energy. “”

U.S. Department of Health & Human Services. “Agency for Healthcare Research and Quality.”

United States Department of Agriculture. “USDA.”

Schneider, Friedrich. Department of Economics. “Size and Development of the Shadow Economy of 31 European and 5 other OECD Countries from 2003 to 2013: A Further Decline.” Johannes Kepler University. Last modified April 5, 2013.

The National Bureau of Economic Research. “Information on Recessions and Recoveries, the NBER Business Cycle Dating Committee, and related topics.”

Economic Growth

Bolt, Jutta, and Jan Luiten van Zanden. “The Maddison Project: The First Update of the Maddison Project Re-Estimating Growth Before 1820 (Maddison-Project Working Paper WP-4).” University of Groningen: Groningen Growth and Development Centre. Last modified January 2013.

Central Intelligence Agency. “The World Factbook: Country Comparison GDP (Purchasing Power Parity).”

DeLong, Brad. “Lighting the Rocket of Growth and Lightening the Toil of Work: Another Outtake from My ‘Slouching Towards Utopia’ MS....” This is Brad DeLong's Grasping Reality (blog). September 3, 2013.

Easterlin, Richard A. “The Worldwide Standard of Living since 1800.” The Journal of Economic Perspectives. no. 1 (2000): 7–26.

Maddison, Angus. Contours of the World Economy 1-2030 AD: Essays in Macro-Economic History. Oxford: Oxford University Press, 2007.

British Library. “Treasures in Full: Magna Carta.”

Rothbard, Murray N. Ludwig von Mises Institute. “Property Rights and the Theory of Contracts.” The Ethics of Liberty. Last modified June 22, 2007.

Salois, Matthew J., J. Richard Tiffin, and Kelvin George Balcombe. IDEAS: Research Division of the Federal Reserve Bank of St. Louis. “Impact of Income on Calorie and Nutrient Intakes: A Cross-Country Analysis.” Presention at the annual meeting of the Agricultural and Applied Economics Association, Pittsburg, PA, July 24–26, 2011.

van Zanden, Jan Luiten. The Long Road to the Industrial Revolution: The European Economy in a Global Perspective, 1000–1800 (Global Economic History Series). Boston: Brill, 2009.

The World Bank. “CPIA Property Rights and Rule-based Governance Rating (1=low to 6=high).”

Rex A. Hudson, ed. Brazil: A Country Study. “Spectacular Growth, 1968–73.” Washington: GPO for the Library of Congress, 1997.

“Women and the World Economy: A Guide to Womenomics.” The Economist, April 12, 2006.

Farole, Thomas, and Gokhan Akinci, eds. Special Economic Zones: Progress, Emerging Challenges, and Future Directions. Washington: The World Bank, 2011.

Garcia, Abraham, and Pierre Mohnen. United Nations University, Maastricht Economic and Social Research and Training Centre on Innovation and Technology: UNU-MERIT. “Impact of Government Support on R&D and Innovation (Working Paper Series #2010-034).”

Heston, Alan, Robert Summers, and Bettina Aten. “Penn World Table Version 7.1.” Center for International Comparisons of Production, Income and Prices at the University of Pennsylvania. Last modified July 2012.

United States Department of Labor: Bureau of Labor Statistics. “Women at Work: A Visual Essay.” Monthly Labor Review, October 2003, 45–50.

Central Intelligence Agency. “The World Factbook: Country Comparison: GDP–Real Growth Rate.”

Sen, Amartya. “Hunger in the Contemporary World (Discussion Paper DEDPS/8).” The Suntory Centre: London School of Economics and Political Science. Last modified November 1997.


Bureau of Labor Statistics. Labor Force Statistics from the Current Population Survey. Accessed March 6, 2015

Cappelli, P. (20 June 2012). “Why Good People Can’t Get Jobs: Chasing After the Purple Squirrel.”


Sources for Table 9.1:

US Inflation Calculator. "Historical Inflation Rates: 1914-2013." Accessed March 4, 2015.

Bernhard, Kent. “Pump Prices Jump Across U.S. after Katrina.” NBC News, September 1, 2005.

Wynne, Mark A. “Core Inflation, A Review of Some Conceptual Issues.” Federal Reserve Bank of St. Louis. p. 209. Accessed April 14, 2014.

Shiller, Robert. “Why Do People Dislike Inflation?” NBER Working Paper Series, National Bureau of Economic Research, p. 52. 1996.

Wines, Michael. “How Bad is Inflation in Zimbabwe?” The New York Times, May 2, 2006.

Hanke, Steve H. “R.I.P. Zimbabwe Dollar.” CATO Institute. Accessed December 31, 2013.

Massachusetts Institute of Technology. 2015. "Billion Prices Project." Accessed March 4, 2015.

The International Trade and Capital Flows

Central Intelligence Agency. “The World Factbook.” Last modified October 31, 2013.

U.S. Department of Commerce. “Bureau of Economic Analysis.” Last modified December 1, 2013.

U.S. Department of Commerce. “United States Census Bureau.”

Tabuchi, Hiroko. “Japan Reports a $78 Billion Trade Deficit for 2012.” The New York Times, January 23, 2013.

World Bank. 2014. "Exports of Goods and Services (% of GDP)." Accesed April 13, 2015.

The Aggregate Demand/Aggregate Supply Model

Keynes, John Maynard. The General Theory of Employment, Interest and Money. London: Palgrave Macmillan, 1936.

U.S. Department of Commerce: United States Census Bureau. “New Residential Sales: Historical Data.”

Library of Economics and Liberty. “The Concise Encyclopedia of Economics: Jean-Baptiste Say.”

Library of Economics and Liberty. “The Concise Encyclopedia of Economics: John Maynard Keynes.”

Organization for Economic Cooperation and Development. 2015. "Business Tendency Surveys: Construction." Accessed March 4, 2015.

University of Michigan. 2015. "Surveys of Consumers." Accessed March 4, 2015.

The Keynesian Perspective

Mahapatra, Lisa. “US Exports To China Have Grown 294% Over The Past Decade.” International Business Times. Last modified July 09, 2013.

The Conference Board, Inc. “Global Economic Outlook 2014, November 2013.”

Thomas, G. Scott. “Recession claimed 170,000 small businesses in two years.” The Business Journals. Last modified July 24, 2012.

United States Department of Labor: Bureau of Labor Statistics. “Top Picks.”

Harford, Tim. “What Price Supply and Demand?”

National Employment Law Project. “Job Creation and Economic Recovery.”

Hoover, Kevin. “Phillips Curve.” The Concise Encyclopedia of Economics.

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Blinder, Alan S., and Mark Zandi. “How the Great Recession Was Brought to an End.” Last modified July 27, 2010.

The Neoclassical Perspective

Lumina Foundation. 2014. "A Stronger Nation Through Higher Education." Accessed March 4, 2015.

The National Bureau of Economic Research.

U.S. Department of Commerce: United States Census Bureau. “The 2012 Statistical Abstract.”

U.S. Department of the Treasury. “TARP Programs.” Last modified December 12, 2013.

United States Government. “ Track the Money.” Last modified October 30, 2013.

American Statistical Association. “ASA Headlines.”

Haubrich, Joseph G., George Pennacchi, and Peter Ritchken. “Working Paper 11-07: Inflation Expectations, Real Rates, and Risk Premia: Evidence from Inflation Swaps.” Federal Reserve Bank of Cleveland. Last modified March 2011.

University of Michigan: Institute for Social Research. “Survey Research Center.”

Carvalho, Carlos, Stefano Eusepi, and Christian Grisse. “Policy Initiatives in the Global Recession: What Did Forecasters Expect?” Federal Reserve Bank of New York: Current Issues in Economics and Finance, 18, no. 2 (2012).

Money and Banking

Hogendorn, Jan and Marion Johnson. The Shell Money of the Slave Trade. Cambridge University Press, 2003. 6.

Federal Reserve Statistical Release. November 23, 2013.

Credit Union National Association. 2014. "Monthly Credit Union Estimates." Last accessed March 4, 2015.

Dallas Federal Reserve. 2013. "Ending `Too Big To Fail': A Proposal for Reform Before It's Too Late". Accessed March 4, 2015.

Richard W. Fisher. “Ending 'Too Big to Fail': A Proposal for Reform Before It's Too Late (With Reference to Patrick Henry, Complexity and Reality) Remarks before the Committee for the Republic, Washington, D.C. Dallas Federal Reserve. January 16, 2013.

“Commercial Banks in the U.S.” Federal Reserve Bank of St. Louis. Accessed November 2013.

Bitcoin. 2013.

National Public Radio. Lawmakers and Regulators Take Closer Look at Bitcoin. November 19, 2013.

Monetary Policy and Bank Regulation

Matthews, Dylan. “Nine amazing facts about Janet Yellen, our next Fed chair.” Wonkblog. The Washington Post. Posted October 09, 2013.

Appelbaum, Binyamin. “Divining the Regulatory Goals of Fed Rivals.” The New York Times. Posted August 14, 2013.

U.S. Department of the Treasury. “Office of the Comptroller of the Currency.” Accessed November 2013.

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Board of Governors of the Federal Reserve System. “Reserve Requirements.” Accessed November 5, 2013.

Cox, Jeff. 2014. "Fed Completes the Taper." Accessed March 31, 2015.

Jahan, Sarwat. n.d. "Inflation Targeting: Holding the Line." International Monetary Fund. Accessed March 31, 2015.

Tobin, James. “The Concise Encyclopedia of Economics: Monetary Policy.” Library of Economics and Liberty. Accessed November 2013.

Federal Reserve Bank of New York. “The Founding of the Fed.” Accessed November 2013.

Ihrig, Jane and Scott Wolla. “Closing the Monetary Policy Curriculum Gap: A Primer for Educators Making the Transition to Teaching the Fed's Ample-Reserves Framework.”Board of Governors of the Federal Reserve System. Posted October 23, 2020.

Exchange Rates and International Capital Flows

Friedman, Milton. Capitalism and Freedom. Chicago: University of Chicago Press, 1962.

Government Budgets and Fiscal Policy

Kramer, Mattea, et. al. A People's Guide to the Federal Budget. National Priorities Project. Northampton: Interlink Books, 2012.

Kurtzleben, Danielle. “10 States With The Largest Budget Shortfalls.” U.S. News & World Report. January 14, 2011.

Miller, Rich, and William Selway. “U.S. Cities and States Start Spending Again.” BloombergBusinessweek, January 10, 2013.

Weisman, Jonathan. “After Year of Working Around Federal Cuts, Agencies Face Fewer Options.” The New York Times, October 26, 2013.

Chantrill, Christopher. “Government Spending Details: United States Federal State and Local Government Spending, Fiscal Year 2013.”

Burman, Leonard E., and Joel Selmrod. Taxes in America: What Everyone Needs to Know. New York: Oxford University Press, 2012.

Hall, Robert E., and Alvin Rabushka. The Flat Tax (Hoover Classics). Stanford: Hoover Institution Press, 2007.

Kliff, Sarah. “How Congress Paid for Obamacare (in Two Charts).” The Washington Post: WonkBlog (blog), August 30, 2012.

Matthews, Dylan. “America’s Taxes are the Most Progressive in the World. Its Government is Among the Least.” The Washington Post: WonkBlog (blog). April 5, 2013.

Eisner, Robert. The Great Deficit Scares: The Federal Budget, Trade, and Social Security. New York: Priority Press Publications, 1997.

Weisman, Jonathan, and Ashley Parker. “Republicans Back Down, Ending Crisis Over Shutdown and Debt Limit.” The New York Times, October 16, 2013.

Wessel, David. Red Ink: Inside the High-Stakes Politics of Federal Budget. New York: Crown Publishing Group, 2013.

Alesina, Alberto, and Francesco Giavazzi. Fiscal Policy after the Financial Crisis (National Bureau of Economic Research Conference Report). Chicago: University Of Chicago Press, 2013.

Martin, Fernando M. “Fiscal Policy in the Great Recession and Lessons from the Past.” Federal Reserve Bank of St. Louis: Economic Synopses. no. 1 (2012).

Bivens, Josh, Andrew Fieldhouse, and Heidi Shierholz. “From Free-fall to Stagnation: Five Years After the Start of the Great Recession, Extraordinary Policy Measures Are Still Needed, But Are Not Forthcoming.” Economic Policy Institute. Last modified February 14, 2013.

Lucking, Brian, and Dan Wilson. Federal Reserve Bank of San Francisco, “FRBSF Economic Letter—U.S. Fiscal Policy: Headwind or Tailwind?” Last modified July 2, 2012.

Greenstone, Michael, and Adam Looney. Brookings. “The Role of Fiscal Stimulus in the Ongoing Recovery.” Last modified July 6, 2012.

Leduc, Sylvain, and Daniel Wilson. Federal Reserve Bank of San Francisco: Working Paper Series. “Are State Governments Roadblocks to Federal Stimulus? Evidence from Highway Grants in the 2009 Recovery Act. (Working Paper 2013-16).” Last modified July 2013.

Lucking, Brian, and Daniel Wilson. “FRBSF Economic Letter-Fiscal Headwinds: Is the Other Shoe About to Drop?” Federal Reserve Bank of San Francisco. Last modified June 3, 2013. “Track the Money.”

Bastagli, Francesca, David Coady, and Sanjeev Gupta. International Monetary Fund. “IMF Staff Discussion Note: Income Inequality and Fiscal Policy.” Last modified June 28, 2012.

The Impacts of Government Borrowing

The White House. “This is why it's time to make college more affordable.” Last modified August 20, 2013.

Rubin, Robert E., Peter R. Orszag, and Allen Sinai. “Sustained Budget Deficits: Longer-Run U.S. Economic Performance and the Risk of Financial and Fiscal Disarray.” Last modified January 4, 2004.

U.S. Department of Commerce: Bureau of Economic Analysis. “National Data: National Income and Product Accounts Tables.” Accessed December 1, 2013.

Board of Governors of the Federal Reserve System, “Selected Interest Rates (Daily) – H.15.” Accessed December 10, 2013.

The White House. “Fiscal Year 2013 Historical Tables: Budget of the U.S. Government.” Accessed December 12, 2013.

The National Science Foundation. Accessed December 19, 2013.

Macroeconomic Policy Around the World

International Labour Organization. “Global Employment Trends for Youth 2013.”

International Monetary Fund. “World Economic and Financial Surveys: World Economic Outlook—Transitions and Tensions.” Last modified October 2013. “The Prize in Economics 1987 - Press Release.” Nobel Media AB 2013. Last modified October 21, 1987.

Redvers, Louise. BBC News Business. “Youth unemployment: The big question and South Africa.” Last modified October 31, 2012.

The World Bank. “The Complete World Development Report Online.”

The World Bank. “World DataBank.”

Todaro, Michael P., and Stephen C Smith. Economic Development (11thEdition). Boston, MA: Addison-Wesley: Pearson, 2011, chap. 1–2.

“Shinzo Abe’s Government Looks Likely to Disappoint on Fiscal Consolidation.” The Economist, May 4, 2013.

Banerjee, Abhijit V., and Esther Duflo. Poor Economics. “About the Book: Overview.”

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Central Intelligence Agency. “The World Factbook: Africa, Democratic Republic of the Congo.” Last modified November 12, 2013.

Easterly, William. The White Man’s Burden: Why the West’s Efforts to Aid the Rest Have Done So Much Ill and So Little Good. Penguin Group (USA), 2006.

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Moyo, Dambisa. Dead Aid: Why Aid Is Not Working and How There Is Another Way in Africa. Penguin, 2010.

Field, Erica, Rohini Pande, Natalia Rigol, Simone Schaner, and Charity Troyer Moore. 2021. "On Her Own Account: How Strengthening Women’s Financial Control Impacts Labor Supply and Gender Norms," American Economic Review, 111(7): 2342–2375.

The World Bank. "World Bank Country and Lending Rules."

The World Bank. “Millennium Development Goals.”

Todaro, Michael P., and Stephen C Smith. Economic Development (11th Edition). Boston, MA: Addison-Wesley: Pearson, 2011, chap. 3.

Vercillo, Siera. “The Failures of Canadian Foreign Aid: Tied, Mismanaged and Uncoordinated.” The Attaché Journal of International Affairs. (2010).

Viscusi, Gregory, and Mark Deen. “Why France Has So Many 49-Employee Companies.” Business Week. Last modified May 3, 2012.

Edwards, S. (n.d.). “America’s Unsustainable Current Account Deficit.” National Bureau of Economic Research Digest.

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Why India’s Labour Laws are a Problem. (2006, May 18). BBC. May 18, 2006.

International Trade

Krugman, Paul R. Pop Internationalism. The MIT Press, Cambridge. 1996.

Krugman, Paul R. “What Do Undergrads Need to Know about Trade?” American Economic Review 83, no. 2. 1993. 23-26.

Ricardo, David. On the Principles of Political Economy and Taxation. London: John Murray, 1817.

Ricardo, David. “On the Principles of Political Economy and Taxation.” Library of Economics and Liberty.

Bernstein, William J. A Splendid Exchange: How Trade Shaped the World. Atlantic Monthly Press. New York. 2008.

U.S. Census Bureau. 2015. “U.S. International Trade in Goods and Services: December 2014.” Accessed April 13, 2015.

U.S. Census Bureau. U.S. Bureau of Economic Analysis. 2015. “U.S. International Trade in Goods and Services February 2015.” Accessed April 10, 2015.

Vernengo, Matias. “What Do Undergraduates Really Need to Know About Trade and Finance?” in Political Economy and Contemporary Capitalism: Radical Perspectives on Economic Theory and Policy, ed. Ron Baiman, Heather Boushey, and Dawn Saunders. M. E. Sharpe Inc, 2000. Armonk. 177-183.

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The World Bank. “Data: World Development Indicators.” Accessed October 2013.

Globalization and Protectionism

Bureau of Labor Statistics. “Industries at a Glance.” Accessed December 31, 2013.

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Kristof, Nicholas. “Let Them Sweat.” The New York Times, June 25, 2002.

Kohut, Andrew, Richard Wike, and Juliana Horowitz. “The Pew Global Attitudes Project.” Pew Research Center. Last modified October 4, 2007.

Lutz, Hannah. 2015. “U.S. Auto Exports Hit Record in 2014.” Automotive News. Accessed April 1, 2015.

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United States International Trade Commission. “About the USITC.” Accessed January 6, 2014.

E. Helpman, and O. Itskhoki, “Labour Market Rigidities, Trade and Unemployment,” The Review of Economic Studies, 77. 3 (2010): 1100-1137.

M.J. Melitz, and D. Trefler. “Gains from Trade when Firms Matter.” The Journal of Economic Perspectives, 26.2 (2012): 91-118.

Rauch, J. “Was Mancur Olson Wrong?” The American, February 15, 2013.

Office of the United States Trade Representative. “U.S. Trade Representative Froman Announces FY 2014 WTO Tariff-Rate Quota Allocations for Raw Cane Sugar, Refined and Specialty Sugar and Sugar-Containing Products.”Accessed January 6, 2014.

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