what was the purpose of the national industrial recovery act
National Industrial Recovery Act of 1933 The National Industrial Recovery Act of 1933 (NIRA) was a US labor law and consumer law passed by the US Congress to authorize the President to regulate industry for fair wages and prices that would stimulate economic recovery.[1] It also established a national public works program known as the Public Works Administration (PWA, not to be confused with the WPA of 1935).[2] The National Recovery Administration (NRA) portion was widely hailed in 1933, but by 1934 business' opinion of the act had soured.[3] By March 1934 the "NRA was engaged chiefly in drawing up these industrial codes for all industries to adopt."[4] However, the NIRA was declared unconstitutional by the Supreme Court in 1935 and not replaced.[3][5][6]
Economics Theory and observation set out the conditions such that market prices of outputs and productive inputs select an allocation of factor inputs by comparative advantage, so that (relatively) low-cost inputs go to producing low-cost outputs. In the process, aggregate output may increase as a by-product or by design.[37] Such specialization of production creates opportunities for gains from trade whereby resource owners benefit from trade in the sale of one type of output for other, more highly valued goods. A measure of gains from trade is the increased income levels that trade may facilitate.[38]
National Recovery Administration The National Recovery Administration was a prime New Deal agency established by U.S. president Franklin D. Roosevelt (FDR) in 1933. The goal was to eliminate "cut-throat competition" by bringing industry, labor, and government together to create codes of "fair practices" and set prices. The NRA was created by the National Industrial Recovery Act (NIRA) and allowed industries to get together and write "codes of fair competition." The codes were intended to reduce "destructive competition" and to help workers by setting minimum wages and maximum weekly hours, as well as minimum prices at which products could be sold. The NRA also had a two-year renewal charter and was set to expire in June 1935 if not renewed.[1]
Limit of a function (the Dirichlet function) has no limit at any x-coordinate.