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that Texas enjoys. While such benefits in general are obvious, what's less obvious is the
role MUDs play. By keeping home prices down, Texas can maintain higher ''real
incomes" without having higher wages and salaries. The high real incomes attract quality
high skilled labor, while reasonable nominal (market) wages and salaries attract businesses.
The bonus benefit that has become clear is that these same forces are now acting as a
major contnbutor to the amelioration ofa serious recession in Texas at the same time
many other parts ofthe nation still find themselves in the mire ofthe worst financial crisis
to hit the U.S. since the Great Depression.
Sincerely,
Barton Smith, Ph.D.
Director
