The Bureau of Economic Analysis attempts to translate the damages from natural disasters like hurricanes into two effects: the destruction of property and the capital stock buildings and equipment and the disruption of the flow of income that this stock of capital produces.

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Notwithstanding the advent of telecommuting, the effects of price changes in property markets have become increasingly localised.

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Mr Salins says the members of the state legislature are well aware of all the basic arguments about the evil effects of price controls on the property market.

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Some of the studies that found bigger wealth effects reflected periods when households were getting richer because of, say, rising property values, and not, as in the past decade, the stockmarket.

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Assistance can include grants for temporary housing and home repairs, low-cost loans to cover uninsured property losses, and other programs to help individuals and business owners recover from the effects of the disaster.

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Standard economic models predict that in the absence of clearly defined property rights, such common resources will be overexploited, with individuals acting without regard for the effects of their actions on the overall pool.

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The costs -- including effects on property values, insurance rates, food and water supplies -- would be in the tens or hundreds of billions of dollars, according to the United Nations and other organizations.

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Justice Antonin Scalia, writing for the majority, said that as conceived in the 18th century, the Fourth Amendment's protection of "persons, houses, papers, and effects, against unreasonable searches and seizures" would extend to private property such as an automobile.

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