How Touchingly Lovely Doubly!
Saturday, August 16, 2008
Greg Mankiw's Blog: A Portrait, in ASCII
Greg Mankiw's Blog: A Portrait, from a Dumpling!
How Touchingly Lovely Doubly!
List of Asteroids
History of economic thought
The Centre for History and Economics
Portrait
How Touchingly Lovely Doubly!
Friday, August 15, 2008
Greg Mankiw's Blog: Toward, and Away From, Bipartisanship
Greg Mankiw's Blog:"First, and Last always Together "
An eyes popping sentence!
The tax rate on dividends would also be 20% for families making more than $250,000, rather than returning to the ordinary income rate.
Bipartisan
An eyes popping sentence!
The tax rate on dividends would also be 20% for families making more than $250,000, rather than returning to the ordinary income rate.
Thursday, August 14, 2008
Wednesday, August 13, 2008
Greg Mankiw's Blog: The Obama Tax Plan
The Obama Blameless Hidden Agenda
Click through to read the wisest ferreting’s, but here is your eyeball popping and blood boiling!
Surely without the full Coffer how could he fulfilled all the cheesy promises!
Income tax
Tax rate
Click through to read the wisest ferreting’s, but here is your eyeball popping and blood boiling!
Surely without the full Coffer how could he fulfilled all the cheesy promises!
Tuesday, August 12, 2008
Greg Mankiw's Blog: The Big Sort
The Stuck Together "Scratch My Back I Scratch Yours "
..."The facts of life do not penetrate to the sphere in which our beliefs are cherished,"...writes Proust.(THE VITAL CENTER, Schlesinger, Arthur M.Jr)
Economic restructuring
Arthur Schlesinger, Jr
..."The facts of life do not penetrate to the sphere in which our beliefs are cherished,"...writes Proust.(THE VITAL CENTER, Schlesinger, Arthur M.Jr)
Monday, August 11, 2008
Greg Mankiw's Blog: Feldstein on Monetary Policy
Greg Mankiw's Blog: Feldstein on Monetary Policy
Perfectly competitive market, neither employers nor employees have market power and where labor is not unionized. Union employee a wide variety of strategies – exertion of power to force employers to pay higher wages. They exercise of power thought strike e.g. do more then imbalance power between employer and employee – where unionization gives employee upper hand. If wage that employer are forced to pay as result of the exercise of union power is higher than the competitive equilibrium wage in this market the unemployment will be created.
Monetary policy
Union wage premium
Enterprise Bargaining Agreement
Perfectly competitive market, neither employers nor employees have market power and where labor is not unionized. Union employee a wide variety of strategies – exertion of power to force employers to pay higher wages. They exercise of power thought strike e.g. do more then imbalance power between employer and employee – where unionization gives employee upper hand. If wage that employer are forced to pay as result of the exercise of union power is higher than the competitive equilibrium wage in this market the unemployment will be created.
Sunday, August 10, 2008
Greg Mankiw's Blog: Obama's View of Oil Markets
Greg Mankiw's Blog: Obama's View of the Basic Forces
"...It is not lack of competition that is keeping oil prices high but, rather, the basic forces of supply and demand..."
Newton principia
Legal Positivism
Theories of law - Wiki
"...It is not lack of competition that is keeping oil prices high but, rather, the basic forces of supply and demand..."
Saturday, August 9, 2008
Greg Mankiw's Blog: Ec 10 in an Alternative Universe
Greg Mankiw's Blog: Ec 10 in an Altered State
His grand coming out tour
Ahaaaaaaaaa Finally Come Out!!
Today Ec 10 Lesson
His grand coming out tour
Ahaaaaaaaaa Finally Come Out!!
Today Ec 10 Lesson
Friday, August 8, 2008
Greg Mankiw's Blog: The View from the White House
Greg Mankiw's Blog: The View from the Heart
...
10-second macroeconomic review
GDP = Consumption + Investment + Government spending + Exports - Imports = C + I + G + X - M
In summary:
* We think the stimulus is working and increased Q2 consumption and GDP.
* The effects of the first stimulus are not yet complete. Most of the cash is out the door, but we think there will be increased consumption effects this quarter, and a diminishing amount in Q4.
* For many, "second stimulus" is code for "allow Congress to increase politically popular government spending shortly before Election Day, and call it macroeconomic stimulus."
* Increased government spending is slow and ineffective macroeconomic stimulus.
...
The Ripple Effect
Spending multiplier
...
10-second macroeconomic review
GDP = Consumption + Investment + Government spending + Exports - Imports = C + I + G + X - M
In summary:
* We think the stimulus is working and increased Q2 consumption and GDP.
* The effects of the first stimulus are not yet complete. Most of the cash is out the door, but we think there will be increased consumption effects this quarter, and a diminishing amount in Q4.
* For many, "second stimulus" is code for "allow Congress to increase politically popular government spending shortly before Election Day, and call it macroeconomic stimulus."
* Increased government spending is slow and ineffective macroeconomic stimulus.
...
Thursday, August 7, 2008
Greg Mankiw's Blog: Is a windfall profits tax Pigovian?
Greg Mankiw's Blog: Is a windfall profits tax Pigovian?
To keep things simple, imagine we were considering a small country that takes the world price of oil as given. Then a windfall profits tax on domestic companies discourages domestic production, but has it has no effect on domestic consumption.By contrast, a Pigovian tax at the gas pump reduces domestic consumption but has no effect on domestic production.
In a hypothetical closed economy, production and consumption are the same, so the two plans become closer. But even then they are not exactly the same. A tax on (accounting) profits is not the same as a tax on production. The former may distort the the choice of factor inputs (that is, capital vs labor), while the latter will not.
Gear
To keep things simple, imagine we were considering a small country that takes the world price of oil as given. Then a windfall profits tax on domestic companies discourages domestic production, but has it has no effect on domestic consumption.By contrast, a Pigovian tax at the gas pump reduces domestic consumption but has no effect on domestic production.
In a hypothetical closed economy, production and consumption are the same, so the two plans become closer. But even then they are not exactly the same. A tax on (accounting) profits is not the same as a tax on production. The former may distort the the choice of factor inputs (that is, capital vs labor), while the latter will not.
Wednesday, August 6, 2008
Greg Mankiw's Blog: Feldstein on the Tax Rebate
Greg Mankiw's Blog: Lets Do "Kick Start" Priavte-Sector Damand
Many mopeds and scooters still carry both a kickstart and an electric start, the former being useful in case the latter fails, as scooter and moped batteries tend to be smaller and, as a result, run down much faster than other forms of automotive batteries. Also, it is usually not possible to push start a moped or scooter with automatic transmission.
Kick Start - Authoritive Kick
Martin Feldstein
Economic Stimulus Act of 2008
Many mopeds and scooters still carry both a kickstart and an electric start, the former being useful in case the latter fails, as scooter and moped batteries tend to be smaller and, as a result, run down much faster than other forms of automotive batteries. Also, it is usually not possible to push start a moped or scooter with automatic transmission.
Greg Mankiw's Blog: And they call this "progressive" taxation
Greg Mankiw's Blog: And Renamed "Dark Vile" taxation
Arguments against implementation "Suicide Tax"
The diminishing returns argument applies to the fraction of income used for present consumption. As income rises, diminishing returns implies that a smaller and smaller fraction of income will be spent on consumption goods. The remaining income will (of necessity) be used to purchase capital goods. This acts as a form of positive feedback that in turn yields more income for capital spending. Meanwhile (and because) these capital goods induce a decline in the costs of production which has the effect of raising real wages generally and implicitly raising the general standard of living. The income paid back on the capital helps create the disincentive to consume that creates capital spending. Thus, those capitalists who effectively manage their property are rewarded and given control of more (newly created) property, of which they are increasingly less inclined to consume and increasingly more inclined to purchase capital goods and thus further elevate the general standard of living by driving down the costs of production. As they acquire more capital goods, eventually their ownership outstrips their ability to manage and oversee what they own; however, they only control as many capital goods as can be attributed to the income of their prior capital---which previously did not exist. Therefore, their ownership does not negatively contribute to the general standard-of-living relative to counterfactual state of them not purchasing those goods. It would thus be misleading to argue that redistributing their capital may yield further increases in the standard-of-living. Doing so may well cause that effect, but doing so neglects that it was the assumption that redistribution would not happen that induced the accumulation of capital. — Eugen von Böhm-Bawerk, Karl Marx and the Close of his System, 1896.
Ross Lockridge, Jr.
Progressive Tax
Arguments against implementation "Suicide Tax"
The diminishing returns argument applies to the fraction of income used for present consumption. As income rises, diminishing returns implies that a smaller and smaller fraction of income will be spent on consumption goods. The remaining income will (of necessity) be used to purchase capital goods. This acts as a form of positive feedback that in turn yields more income for capital spending. Meanwhile (and because) these capital goods induce a decline in the costs of production which has the effect of raising real wages generally and implicitly raising the general standard of living. The income paid back on the capital helps create the disincentive to consume that creates capital spending. Thus, those capitalists who effectively manage their property are rewarded and given control of more (newly created) property, of which they are increasingly less inclined to consume and increasingly more inclined to purchase capital goods and thus further elevate the general standard of living by driving down the costs of production. As they acquire more capital goods, eventually their ownership outstrips their ability to manage and oversee what they own; however, they only control as many capital goods as can be attributed to the income of their prior capital---which previously did not exist. Therefore, their ownership does not negatively contribute to the general standard-of-living relative to counterfactual state of them not purchasing those goods. It would thus be misleading to argue that redistributing their capital may yield further increases in the standard-of-living. Doing so may well cause that effect, but doing so neglects that it was the assumption that redistribution would not happen that induced the accumulation of capital. — Eugen von Böhm-Bawerk, Karl Marx and the Close of his System, 1896.
Tuesday, August 5, 2008
Monday, August 4, 2008
Aleksandr Isayevich Solzhenitsyn
Aleksandr Isayevich Solzhenitsyn
Aleksandr Isayevich Solzhenitsyn passed away at August 3, 2008.
My love affair with Russian literary started when I was eight or nine years old from my uncle room. First Tolstoy’s the Resurrection. I didn’t know what that all words and meanings begin with but I read bits and pieces and became aware new things, difference things. He had a huge collection of philosophy and literary especially Russian and German. Some of these books and prints pictures were forbidden than. I was not allowed to enter his room but no one knew what I was doing anyway. I dug out hidden images underneath bookshelves, unbelief I was horrified and fascinated. During school holidays I was eager to come back home from Seoul. The dark moody with mould scented room was waiting for me with long lost friendly warmth. Poems, I start wrote poems than… dark immensity I was dreaming the landscape and lead to music… you can feel the people suffering, darkness despair longing and the great beauty. Yes I learnt the Beauty from the giants.
Aleksandr Isayevich Solzhenitsyn passed away at August 3, 2008.
My love affair with Russian literary started when I was eight or nine years old from my uncle room. First Tolstoy’s the Resurrection. I didn’t know what that all words and meanings begin with but I read bits and pieces and became aware new things, difference things. He had a huge collection of philosophy and literary especially Russian and German. Some of these books and prints pictures were forbidden than. I was not allowed to enter his room but no one knew what I was doing anyway. I dug out hidden images underneath bookshelves, unbelief I was horrified and fascinated. During school holidays I was eager to come back home from Seoul. The dark moody with mould scented room was waiting for me with long lost friendly warmth. Poems, I start wrote poems than… dark immensity I was dreaming the landscape and lead to music… you can feel the people suffering, darkness despair longing and the great beauty. Yes I learnt the Beauty from the giants.
Greg Mankiw's Blog: The Wu Index
Greg Mankiw's Blog: The Wu Index
"let w be the predicate: to be a predicate that cannot be predicated of itself. Can w be predicated of itself? From each answer, the opposite follows. Likewise, there is no class (as a totality) of those classes which, each taken as a totality, do not belong to themselves. From this I conclude that under certain circumstances a definable collection does not form a totality." Russell (June 16, 1902, letter to Frege)
Information about:N. Gregory Mankiw - RePEc
"let w be the predicate: to be a predicate that cannot be predicated of itself. Can w be predicated of itself? From each answer, the opposite follows. Likewise, there is no class (as a totality) of those classes which, each taken as a totality, do not belong to themselves. From this I conclude that under certain circumstances a definable collection does not form a totality." Russell (June 16, 1902, letter to Frege)
Sunday, August 3, 2008
Greg Mankiw's Blog: A Paradox
Greg Mankiw's Blog: A Paradox
Alan often told to me: “you are impossible, bad tempered, selfish, impractical, ridiculous, obnoxious, so therefore no man have you BUT only me!” I am not sure whether he really means I am a loveable or not! Here are some of my nickname from him among many many; pest, ferret, cherub... He basically tired of me asking so many questions...so I am asking myself...
Actually my grandmamma used told me similar: "you are untidy, talk-back and wild, willful, so many quesitons, playing with boys, not wearing socks and you always run - no man going to marry you(this is a big insult in Korea, within family Threatening!)!" hehe she was wrong!!!
But actully I agree with her, as you can see I am completely lack of all the virtue any good Korean girl should have or any western girl should have. Who was going to marry a girl like me, Alan always tells me, he was the shining knight who rescued a bad tempered skinny girl with fiery eyeballs from the pit!
Paradoxes and Contemporary Logic
Statistics
Alan often told to me: “you are impossible, bad tempered, selfish, impractical, ridiculous, obnoxious, so therefore no man have you BUT only me!” I am not sure whether he really means I am a loveable or not! Here are some of my nickname from him among many many; pest, ferret, cherub... He basically tired of me asking so many questions...so I am asking myself...
Actually my grandmamma used told me similar: "you are untidy, talk-back and wild, willful, so many quesitons, playing with boys, not wearing socks and you always run - no man going to marry you(this is a big insult in Korea, within family Threatening!)!" hehe she was wrong!!!
But actully I agree with her, as you can see I am completely lack of all the virtue any good Korean girl should have or any western girl should have. Who was going to marry a girl like me, Alan always tells me, he was the shining knight who rescued a bad tempered skinny girl with fiery eyeballs from the pit!
Saturday, August 2, 2008
Greg Mankiw's Blog: Why food prices are rising
Greg Mankiw's Blog:Food prices? Blame Policies, Not Markets!
"...a top World Bank agricultural economist, have imputed a large proportion of the rise in food prices to the growing use of food crops for fuel.
...The leading trading countries have repeatedly failed to commit to real reform, with short-term political convenience overriding their own national long-term interests."
Think about it, how many politicians have guts to take a risk their “minority” vote for sake of nation’s long term interest! Masquerade under “farm”, for many - it is very emotional word.
Doha Development Round
"...a top World Bank agricultural economist, have imputed a large proportion of the rise in food prices to the growing use of food crops for fuel.
...The leading trading countries have repeatedly failed to commit to real reform, with short-term political convenience overriding their own national long-term interests."
Think about it, how many politicians have guts to take a risk their “minority” vote for sake of nation’s long term interest! Masquerade under “farm”, for many - it is very emotional word.
Greg Mankiw's Blog: What do economics and hummus have in common?
Greg Mankiw's Blog: What do economics and hummus have in common? Hot spicy and temperamental!
This is my favorite hummus
This is my Korean favorite - Don't know how to make, takes ages to make! That is only I know! Eating? - No Worries!
This is another my favorite Pampushky which I am going to try!
This is the most mind boggling of all - The Divine Solow Delicacy
Here are recipe of variety neoclassical cuisine,
Rid your insatiable gourmet with style of gallantry.
Vibrant texture; color style space filled your emotion!
Occupied immensity with coral trout, beautifully lacquered
Firebird Peking duck walking with tangy, fleshed faced
With parched-thin skin, sense of sublime through desire to be worship!
Neoclassical
Yummy Hummus
This is my favorite hummus
This is my Korean favorite - Don't know how to make, takes ages to make! That is only I know! Eating? - No Worries!
This is another my favorite Pampushky which I am going to try!
This is the most mind boggling of all - The Divine Solow Delicacy
Here are recipe of variety neoclassical cuisine,
Rid your insatiable gourmet with style of gallantry.
Vibrant texture; color style space filled your emotion!
Occupied immensity with coral trout, beautifully lacquered
Firebird Peking duck walking with tangy, fleshed faced
With parched-thin skin, sense of sublime through desire to be worship!
Friday, August 1, 2008
Greg Mankiw's Blog: More on the GSE Rescue Bill
Greg Mankiw's Blog: More on The Old Fat Dowager Wolf Tribute
Hire few bloodthirsty ferrets go through the cardiovascular systemic circulation
Hire few bloodthirsty ferrets go through the cardiovascular systemic circulation
Greg Mankiw's Blog: The Cost of Being PC
Greg Mankiw's Blog: The Cost of Being Crazy
He live in his mad house - his brain
Positioned an elite well sheltered mad institution
Get PhD in Economania
Lucrative and profitable, no worries
Aggregated demand for his fundamentals
Aggregated supply for his choosy cool Grande Latte hot summer day
Then become a tenured nut prof
Genders talons in his brain
Sultan of secular racisms sexism fascism dimorphism eugenics
Become a famous brand - the life is fundamentally fair!
Eugenics
He live in his mad house - his brain
Positioned an elite well sheltered mad institution
Get PhD in Economania
Lucrative and profitable, no worries
Aggregated demand for his fundamentals
Aggregated supply for his choosy cool Grande Latte hot summer day
Then become a tenured nut prof
Genders talons in his brain
Sultan of secular racisms sexism fascism dimorphism eugenics
Become a famous brand - the life is fundamentally fair!
Thursday, July 31, 2008
Greg Mankiw's Blog: Why everyone hates high gas prices
Greg Mankiw's Blog: Prof Dan Ariely's Crazy Hypothesis -- BDSM
Pardoned on your wallet – tyranny gasoline - finally we all know we are enslaved by the master, we hate it but we can not live without it. Hoping someday a shining knight with alternative sword rescues us this dependence --- it is not a yogurt matter it is soul matter! Drops of lewdness everyone’s tongue with a crude station!
Dan Ariely
Pardoned on your wallet – tyranny gasoline - finally we all know we are enslaved by the master, we hate it but we can not live without it. Hoping someday a shining knight with alternative sword rescues us this dependence --- it is not a yogurt matter it is soul matter! Drops of lewdness everyone’s tongue with a crude station!
Wednesday, July 30, 2008
Tuesday, July 29, 2008
Greg Mankiw's Blog: LHS, vindicated
Greg Mankiw's Blog: LHS, vindicated
Dear Heaven, Earth and Moon and Sun
He committed unforgivable sin
He engendered and imperiled for our human species
His mind is off the rail track and runs wild
He is undoubtedly mad lots of vile in his tongue
He is a wicked master of devil incarnation
A tyranny of nastiest
Irreclaimability of warrant
Embarked with a grand drops of conceit
Reward him 1000000000000000000 whips at his bum!
Gender role
Dear Heaven, Earth and Moon and Sun
He committed unforgivable sin
He engendered and imperiled for our human species
His mind is off the rail track and runs wild
He is undoubtedly mad lots of vile in his tongue
He is a wicked master of devil incarnation
A tyranny of nastiest
Irreclaimability of warrant
Embarked with a grand drops of conceit
Reward him 1000000000000000000 whips at his bum!
Greg Mankiw's Blog: The GSE Rescue Bill
Greg Mankiw's Blog: Rise your swords, shining faithful knights at their services!
Rise your swords, shining faithful knights at their services to her grace gravely fat sickly dowager! Gee, yes either way good or bad she commends attention the name of trillions. I think she has so much plastic surgery, without any decent exercise just feeding herself up many years, all her organs is going to shut down so need major surgery!
Rise your swords, shining faithful knights at their services to her grace gravely fat sickly dowager! Gee, yes either way good or bad she commends attention the name of trillions. I think she has so much plastic surgery, without any decent exercise just feeding herself up many years, all her organs is going to shut down so need major surgery!
Monday, July 28, 2008
Greg Mankiw's Blog: Save My Iced Grande Latte!
Greg Mankiw's Blog: Save the mutton brain, blanketed with a cavemen tool
Congress to Halt Closing of Unprofitable Starbucks – but How? Why? What for?
"Corporations cut unprofitable activities to focus on increasing the bottom line, and returning value to shareholders! --- The name of the game!
“They would need ESL classes and cultural training to learn how to relate to ordinary Americans and function in society.”... What if the say “ the ordinary Americans are not their aspiration?” common fair go! Should learning from MacDonald what is all about the global brand – the colonization!
...we will reverse that trend... but who is going to pay tax for the aid?
Anyway people who drink white Iced Grande Latte is a bosomy, I am hot straight tall black monopoly
Colonialism
Ant
Congress to Halt Closing of Unprofitable Starbucks – but How? Why? What for?
"Corporations cut unprofitable activities to focus on increasing the bottom line, and returning value to shareholders! --- The name of the game!
“They would need ESL classes and cultural training to learn how to relate to ordinary Americans and function in society.”... What if the say “ the ordinary Americans are not their aspiration?” common fair go! Should learning from MacDonald what is all about the global brand – the colonization!
...we will reverse that trend... but who is going to pay tax for the aid?
Anyway people who drink white Iced Grande Latte is a bosomy, I am hot straight tall black monopoly
Sunday, July 27, 2008
Greg Mankiw's Blog: Resilience
Greg Mankiw's Blog: Resilience: "Resilience - Foundation"
You remove few walking lawless evil nightmares of course bouncing it back. Economy is very much like a “human” need treatment sometime little sometime a major surgery, self –correction and up and down - Economy need a yoga practices, need a universal twist e.g - building up its flexibility! Prevent strains and stiffness!
Foundation is important – without it, it is difficult to deal with the streets. Like me I am hardly sick I am very fit, I have a tank like endurance(Resilience is more correct?) I think, this is come from gene – all our family tall and fit- and years addiction of exercise. AND I was born a village where so many good things – no pollution!
Resilience
Young's modulus
Credit squeeze
Squeeze exercise
You remove few walking lawless evil nightmares of course bouncing it back. Economy is very much like a “human” need treatment sometime little sometime a major surgery, self –correction and up and down - Economy need a yoga practices, need a universal twist e.g - building up its flexibility! Prevent strains and stiffness!
Foundation is important – without it, it is difficult to deal with the streets. Like me I am hardly sick I am very fit, I have a tank like endurance(Resilience is more correct?) I think, this is come from gene – all our family tall and fit- and years addiction of exercise. AND I was born a village where so many good things – no pollution!
Friday, July 25, 2008
Greg Mankiw's Blog: The View from Chicago
Greg Mankiw's Blog: The View from Essential Window
Gee, stimuli, mutiny mutiny!
You will get the best echoed ripples...
Daniel Fischel
Political party
Ambivalence
Gee, stimuli, mutiny mutiny!
You will get the best echoed ripples...
Thursday, July 24, 2008
Greg Mankiw's Blog: Cross-Price Elasticity of Demand XII
Greg Mankiw's Blog: Mega surviving techs competition
Flying feet forever – search for gasoline salvation, you only can find your salvation through greenery techs! Wow he finally takes off now!! Probably heading for poles! He might be a mad slave driver!
Aviation
Single aisle
Airbus A320
Flying feet forever – search for gasoline salvation, you only can find your salvation through greenery techs! Wow he finally takes off now!! Probably heading for poles! He might be a mad slave driver!
Wednesday, July 23, 2008
Greg Mankiw's Blog: Thanks, LBJ
Greg Mankiw's Blog: LBJ Dowager - One tidbit:
What a feed for a dowager over the years, in her advanced years she still commends an affection with her fat hands, with handsome choosy gigolos, she might chocked herself during the peak.
Special purpose entity
SPE Are Often A Clever Way to Raise Debt Levels
Enron scandal
What a feed for a dowager over the years, in her advanced years she still commends an affection with her fat hands, with handsome choosy gigolos, she might chocked herself during the peak.
Tuesday, July 22, 2008
Greg Mankiw's Blog: Time to pass out the WIN buttons
Greg Mankiw's Blog: Winning inviolable non-stop
Now, economy, inflation is beyond dismal. You dare your luck to do nastiest. You are your own twin lodging in your brain. The sum of all the horrors; the disgrace the beggary the pitiable spectacle, all the stupid advance age and this terrible vision will reward for the weapon of your bloody nerdness and will be the best of luck!
Haggling
Price discrimination
Bargaining
Now, economy, inflation is beyond dismal. You dare your luck to do nastiest. You are your own twin lodging in your brain. The sum of all the horrors; the disgrace the beggary the pitiable spectacle, all the stupid advance age and this terrible vision will reward for the weapon of your bloody nerdness and will be the best of luck!
Monday, July 21, 2008
Sunday, July 20, 2008
Greg Mankiw's Blog: From The Daily Show#links
Greg Mankiw's Blog: From The Daily Show#links
Economy all about digging grave yard, who dig more deep who gets the points.There is no right or wrong in economy; everything is right everything is wrong, the point of the view of majority or minority that “only” count. When economy is going well – well no one talk about it. When their wallets on a gate of the graveyard everyone get blood in their eyeballs – bumping Bumper stickers their sockets for the bull terriers barking!! But then that make us so loveable creatures - when you are fighting you are more alive… Economy stupid is stupid stupid economy alalal a mad woman in a mad house.
Why baby are generally happy? Unless they are sick. Because they have no worries. When they cry because they want to eat and their nappy been changed.
If you don’t know much about things that probably make you more happy and an optimistic congenial beauty!
If you know more you would know then you don’t know much about what around you that make you small and unhappy…? Do you think this make you a pessimistic pit-bull?
Mankiw's 10 Principles of economics translated- bla bla bla people are stupid and a basket of Snickersbar, Craniological stupid candybar!!!
Click here Daily Show - the Stupidonomy
Economy all about digging grave yard, who dig more deep who gets the points.There is no right or wrong in economy; everything is right everything is wrong, the point of the view of majority or minority that “only” count. When economy is going well – well no one talk about it. When their wallets on a gate of the graveyard everyone get blood in their eyeballs – bumping Bumper stickers their sockets for the bull terriers barking!! But then that make us so loveable creatures - when you are fighting you are more alive… Economy stupid is stupid stupid economy alalal a mad woman in a mad house.
Why baby are generally happy? Unless they are sick. Because they have no worries. When they cry because they want to eat and their nappy been changed.
If you don’t know much about things that probably make you more happy and an optimistic congenial beauty!
If you know more you would know then you don’t know much about what around you that make you small and unhappy…? Do you think this make you a pessimistic pit-bull?
Greg Mankiw's Blog: A Income Tax Surcharge on Old, Sick People
Greg Mankiw's Blog: Great Mean - Testing
Mean – Testing individual, if they hide their income somewhere; family or Cayman Islands e.g law reform for the provision. Australian we have “ Means-Test”.
And also “The Statute of Frauds 1677, Agreement buying or selling land…required evidence to be writing”.
Means -Test
Welfare state
Superannuation in Australia
Baby boomers
Mean – Testing individual, if they hide their income somewhere; family or Cayman Islands e.g law reform for the provision. Australian we have “ Means-Test”.
And also “The Statute of Frauds 1677, Agreement buying or selling land…required evidence to be writing”.
Saturday, July 19, 2008
Greg Mankiw's Blog: Cross-Price Elasticity of Demand X
Greg Mankiw's Blog: Because of the Gasoline Price
Risks to civilization, humans and planet Earth - Crzy, Crzy
Earth is choker block so we need another place to live, surely somewhere up there it waiting for us to discover!
Hoping after I die the Earth gone to a madhouse so that I don’t know about her sad madness!
Earth is fundamentally sick; mentally and psychically worn out – too many children, almost 7 billions, will grow fast, she doesn’t have resources to fed them unless she find another…, or and otherwise she might committed a mess suicide - just one BigBang! but then that is too simple way out! Or Or she is mad so she doesn’t have right mind so, gives her childern poison, drown or stave slowly slowly painfully die togther... sad... BUT?
Substitute Good
Risks to civilization, humans and planet Earth
World population
Risks to civilization, humans and planet Earth - Crzy, Crzy
Earth is choker block so we need another place to live, surely somewhere up there it waiting for us to discover!
Hoping after I die the Earth gone to a madhouse so that I don’t know about her sad madness!
Earth is fundamentally sick; mentally and psychically worn out – too many children, almost 7 billions, will grow fast, she doesn’t have resources to fed them unless she find another…, or and otherwise she might committed a mess suicide - just one BigBang! but then that is too simple way out! Or Or she is mad so she doesn’t have right mind so, gives her childern poison, drown or stave slowly slowly painfully die togther... sad... BUT?
Friday, July 18, 2008
Greg Mankiw's Blog: Ed Glaeser on Paul Ehrlich
Greg Mankiw's Blog: Butterfly Strategy
Enchanting Butterflies. I love butterflies, I had so many of them in our old houses, best catch them at midday at summer, because they are resting at the flowers and listening summer songs. You don’t know what I am talking about the summer songs, only you can hear at the moment at the field and gardens. All thing beaming smile silently I think...
Greg Mankiw's Blog: Butterfly Strategy
Lepidoptera
Female reproductive system (human)
Paul Ehrlich
Edward Glaeser
Mimicry
Butterfly
Butterfly Effect
Political entrepreneur
Strategic Dominance
The Population Bomb
Enchanting Butterflies. I love butterflies, I had so many of them in our old houses, best catch them at midday at summer, because they are resting at the flowers and listening summer songs. You don’t know what I am talking about the summer songs, only you can hear at the moment at the field and gardens. All thing beaming smile silently I think...
Greg Mankiw's Blog: Butterfly Strategy
Greg Mankiw's Blog: Who needs an inflation-targeting central bank when we have Pick n Pay?
Greg Mankiw's Blog: Pricing
Good Try!! I know what you are doing! Fist of bribe - Villainy of seduction, but least summons its intention!
Pricing
Good Try!! I know what you are doing! Fist of bribe - Villainy of seduction, but least summons its intention!
Greg Mankiw's Blog: Wisdom
Greg Mankiw's Blog: Wisdom
Greg Mankiw - Principles of Economics
"Wisdom" - The word economy comes from the Greek word oikonomos, which means "one who manages a household..." drop off what you are doing - dig economy! Become a cool Wisest! Making lots of money, he must get his PhD economy for managing his money! He can paint his own money!
Milton Friedman
Wisdom
Eastern Philosophy
Greg Mankiw - Principles of Economics
"Wisdom" - The word economy comes from the Greek word oikonomos, which means "one who manages a household..." drop off what you are doing - dig economy! Become a cool Wisest! Making lots of money, he must get his PhD economy for managing his money! He can paint his own money!
Thursday, July 17, 2008
Greg Mankiw's Blog: Competition is good for consumers
Greg Mankiw's Blog: Competition is good for consumers
Discounted 0.50cent for the foot in the door, prove yourself as a reliable good worker and bargain again, this time $2.10. Here is another possibilities for an extension market(monopoly!); play cello for $2 and play piano $2(practices and making money same time! if your brother complained the noise, tell him you are “working”! and tell him he doesn’t have the tuning ears!) gathering fruit $2, pick up eggs $2, tidy up your room for $2 and comb grandmamma hair for $2, reading script for $2, change water altar daily $2, changed candles $2, maintaining Four Friends of the Study $2, feed chickens $2, feeding dogs(Yellow (Nuruyingyi (Korean))and Boop(Korean?)) for $2, cut flowers $2, watering orchid for $2 = Sum of $28, discount price altogether $15 weekly, as you don’t have to do them daily! You can buy lots of cartoon book! And ice-cream too! Wowww, gees gees geee…gigs this is very profitable market! Make sure positioned as monopoly yourself! If you brother try to enter the competition, well yell YELLLL….at him with your foghorn voice, saying this is your market!
Competition
Consumer
Personalized marketing
Employment Trends (EMP/TRENDS)
Discounted 0.50cent for the foot in the door, prove yourself as a reliable good worker and bargain again, this time $2.10. Here is another possibilities for an extension market(monopoly!); play cello for $2 and play piano $2(practices and making money same time! if your brother complained the noise, tell him you are “working”! and tell him he doesn’t have the tuning ears!) gathering fruit $2, pick up eggs $2, tidy up your room for $2 and comb grandmamma hair for $2, reading script for $2, change water altar daily $2, changed candles $2, maintaining Four Friends of the Study $2, feed chickens $2, feeding dogs(Yellow (Nuruyingyi (Korean))and Boop(Korean?)) for $2, cut flowers $2, watering orchid for $2 = Sum of $28, discount price altogether $15 weekly, as you don’t have to do them daily! You can buy lots of cartoon book! And ice-cream too! Wowww, gees gees geee…gigs this is very profitable market! Make sure positioned as monopoly yourself! If you brother try to enter the competition, well yell YELLLL….at him with your foghorn voice, saying this is your market!
Greg Mankiw's Blog: Cross-Price Elasticity of Demand IX
Greg Mankiw's Blog: Cross-Price Elasticity of Demand IX - Flying Econo-obnoxious
Korean cars hit the jackpot! Nasty gasoline price good for the Korean car industry! Gasoline, you are a hansome-ist meanness!! High High up up!! He he…
Histroy of the Automobile
Used Car
Automobile
Korean cars hit the jackpot! Nasty gasoline price good for the Korean car industry! Gasoline, you are a hansome-ist meanness!! High High up up!! He he…
Wednesday, July 16, 2008
Greg Mankiw's Blog: It's worked before
Greg Mankiw's Blog: It's worked before
Here is the New Bubblea; Eating and Drinking!
Fertilizer
Agricuture
Civilization
Food
Wealth
Plague
Investment
Here is the New Bubblea; Eating and Drinking!
Tuesday, July 15, 2008
Greg Mankiw's Blog: What I am doing this week
Greg Mankiw's Blog: A Reading for the Pigou Club
Greg Mankiw's Blog: A Reading for the Pigou Club
Fearful madness fortunetelling “Gas”, Let me see your fat face. A lucky face. You are a big nosed Pinot Noir flavored expression only in your night-cap. World now listen your spiral string orchestra, grace of every end of human existence. Gas, recover your memory where you had your price was a scrape of a hanging gallows. I am not envy your greasy eminent face, rather I would like to be a lean and mean rollerblading face-physic.
Pigovian tax
Alarm on carbon trading scheme - Jeffrey Sachs
Health topics
Fearful madness fortunetelling “Gas”, Let me see your fat face. A lucky face. You are a big nosed Pinot Noir flavored expression only in your night-cap. World now listen your spiral string orchestra, grace of every end of human existence. Gas, recover your memory where you had your price was a scrape of a hanging gallows. I am not envy your greasy eminent face, rather I would like to be a lean and mean rollerblading face-physic.
Saturday, July 12, 2008
Greg Mankiw's Blog: How to Win the Economist Vote
Greg Mankiw's Blog: How to Win the Economist Vote -Wow, he has a foghorn –Pandering for economists
Hugging the grid amorously
Sale, Election Bargain! HERE is the Exclusive and Sexy 8 for the Nation! Her "Finest" Mind is on your disposal for our nation’s conquest! Here, her Splendors kernel 8 puts on her gallants g-string, ready to dance, drum and bow the string! -- The Asking Price is “few” billions only!!
Hugging the grid amorously
Sale, Election Bargain! HERE is the Exclusive and Sexy 8 for the Nation! Her "Finest" Mind is on your disposal for our nation’s conquest! Here, her Splendors kernel 8 puts on her gallants g-string, ready to dance, drum and bow the string! -- The Asking Price is “few” billions only!!
Greg Mankiw's Blog: On Fannie and Freddie
Greg Mankiw's Blog: On Fannie and Freddie - Getting too fat!
The On Fannie and Freddie cobbling shoes are an outlandish homeowners tagging point
Remarks at the Conference of State Bank Supervisors State Banking Summit and Leadership Conference
Systemic Risk
Financial risk management
Collateralized debt obligation
The On Fannie and Freddie cobbling shoes are an outlandish homeowners tagging point
Greg Mankiw's Blog: Pessimism abounds
Greg Mankiw's Blog: Pessimism abounds - Digging gold from the graveyard
Life is all about cycle – ups and downs!
Contrarian investing
Warren Buffett
Life is all about cycle – ups and downs!
Friday, July 11, 2008
Thursday, July 10, 2008
Wednesday, July 9, 2008
Tuesday, July 8, 2008
Monday, July 7, 2008
Sunday, July 6, 2008
Climate Change All Saved in Here -
Greg Mankiw's Blog: Rogoff joins the Pigou Club: "Rogoff joins the Pigou Club"
A while back, Greg Mankiw gave four reasons not to join the Pigou Club:
1. You deny the existence of these externalities as a type of market failure...
2. You recognize the externalities but you don’t think the government should try to respond to them. You are such a believer in small government that you are willing to live with inferior economic outcomes, such as pollution and congestion.
3. You recognize the externalities, think the government should try to correct them, but think the current low taxes we put on gasoline are sufficient...
4. You recognize the externalities but think the government should try to correct the market failure through regulations (such as CAFE standards) or through market-based solutions that do not raise government revenue (such as cap-and-trade systems)...
The Pigou Club
Bryan Caplan Politely Declines to Join the Pigou Club - Yeah, he might have better ideas!
A while back, Greg Mankiw gave four reasons not to join the Pigou Club:
1. You deny the existence of these externalities as a type of market failure...
2. You recognize the externalities but you don’t think the government should try to respond to them. You are such a believer in small government that you are willing to live with inferior economic outcomes, such as pollution and congestion.
3. You recognize the externalities, think the government should try to correct them, but think the current low taxes we put on gasoline are sufficient...
4. You recognize the externalities but think the government should try to correct the market failure through regulations (such as CAFE standards) or through market-based solutions that do not raise government revenue (such as cap-and-trade systems)...
The Pigou Club
Bryan Caplan Politely Declines to Join the Pigou Club - Yeah, he might have better ideas!
Saturday, July 5, 2008
Greg Mankiw's Blog: The Snarkiest - Coolest url of All Time
Greg Mankiw's Blog: The Coolest url of All Time
I think it is a great idea for the Chinese image, all culture events are nice touch feeling. What An enchanting invitation!
Societal psychology is characterised by fifteen key propositions:
1. Human beings need to be studied in a sociocultural context
2. The individual and the collective cannot be separated ontologically
3. The ecology of the environment, its objective characteristics, needs to be studied alongside its mediated reality
4. People create social organizations - but it is the social organizations that recast people
5. Innovation is as much an imperative of the social system of relations to the environment as is conformity
6. The aim of societal psychology is the development of conceptual frameworks or models rather than the forlorn search for invariant laws
7. The need for theoretical pluralism
8. There is a need to maintain a historical perspective
9. Cross-fertilization between societal psychology and the other social sciences is indispensable for the adequate analysis of social phenomena and social systems
10. There is a need for cross-fertilization among societal, developmental, and personality psychologists
11. There is also a need for cross-fertilization between basic and applied research
12. Societal psychology requires a systems approach
13. The study of a social phenomenon requires a multilevel approach, at the macro as well as the micro level
14. We need to accept and examine the implication that there is no such thing as value-free social research
15. We need to adopt a much wider range of research tools
--
Photo Essay: Revisiting the Most Controversial Olympics of All
Culture of Australia
China Culture
POP CULTURE; The New Colossus: American Culture As Power Export
Symphony of Millions - Melting Love <
I think it is a great idea for the Chinese image, all culture events are nice touch feeling. What An enchanting invitation!
Societal psychology is characterised by fifteen key propositions:
1. Human beings need to be studied in a sociocultural context
2. The individual and the collective cannot be separated ontologically
3. The ecology of the environment, its objective characteristics, needs to be studied alongside its mediated reality
4. People create social organizations - but it is the social organizations that recast people
5. Innovation is as much an imperative of the social system of relations to the environment as is conformity
6. The aim of societal psychology is the development of conceptual frameworks or models rather than the forlorn search for invariant laws
7. The need for theoretical pluralism
8. There is a need to maintain a historical perspective
9. Cross-fertilization between societal psychology and the other social sciences is indispensable for the adequate analysis of social phenomena and social systems
10. There is a need for cross-fertilization among societal, developmental, and personality psychologists
11. There is also a need for cross-fertilization between basic and applied research
12. Societal psychology requires a systems approach
13. The study of a social phenomenon requires a multilevel approach, at the macro as well as the micro level
14. We need to accept and examine the implication that there is no such thing as value-free social research
15. We need to adopt a much wider range of research tools
--
Symphony of Millions - Melting Love
Greg Mankiw's: Moving down the NX(e) curve
Greg Mankiw's Blog: Moving down the NX(e) curve - International price for brain currency - Mind Bargain, Cycle Sale
Everyone gets bargain: Oversea student can study top universities, USA can attract quality of human resource to build knowledge economy(if they decide to stay at the USA after they finish their education, even they return their own coutnry, good for the building a relationship) without any taxpayer cost; the student bring their own money for fee, lodging etc… the old saying goes; you can eat chickens as well as eggs. But heheh becuase of the economy suffer … in a life you can not get everything what you want. Give some take some, but occasionally you can get everything; a such as…. Let me think… Yes eventually the economy picks its belly up then you get both brain and money. Conquer with knowledge and mind not a gun! The knowledge economy is the lasting comparative advantage!
Related Reading:
Net Export
N Greg Mankiw's Macro Models
Reserve Bank Australia
Economic and Financial Data for the United States
Global Market International Students
Foreign Policy: Your portal to global politics, economics, and ideas
Everyone gets bargain: Oversea student can study top universities, USA can attract quality of human resource to build knowledge economy(if they decide to stay at the USA after they finish their education, even they return their own coutnry, good for the building a relationship) without any taxpayer cost; the student bring their own money for fee, lodging etc… the old saying goes; you can eat chickens as well as eggs. But heheh becuase of the economy suffer … in a life you can not get everything what you want. Give some take some, but occasionally you can get everything; a such as…. Let me think… Yes eventually the economy picks its belly up then you get both brain and money. Conquer with knowledge and mind not a gun! The knowledge economy is the lasting comparative advantage!
Related Reading:
Friday, July 4, 2008
Greg Mankiw's Blog: The Good of Affluence
Greg Mankiw's Blog: The Good of Affluence
Slave of money or Owner of money - The choice is yours!
Happiness, so many happiness written form; ethic sacrifice confrontation dedication appreciation, etc… I am not so sure which one which but question is what is really happiness, what is it? Can I feel, see and can touch? The fleeting moment, I don’t know… must worthwhile looking into the life. Why everything so tangled? Why can they simple as baby smile! I am happy now I just feel. Keep this way then…
Relate Reading
Daniel Kahneman
Happiness economics
Satisfaction with Life Index
Psychologist Produces The First-ever 'World Map Of Happiness
Maslow's hierarchy of needs
Happiness
Slave of money or Owner of money - The choice is yours!
Happiness, so many happiness written form; ethic sacrifice confrontation dedication appreciation, etc… I am not so sure which one which but question is what is really happiness, what is it? Can I feel, see and can touch? The fleeting moment, I don’t know… must worthwhile looking into the life. Why everything so tangled? Why can they simple as baby smile! I am happy now I just feel. Keep this way then…
Relate Reading
Thursday, July 3, 2008
Every civilization start from the bed room
Greg Mankiw's Blog: Not exactly what they had in mind - "Exactly" what they had in mind
Wow - Wonder how many women fantasized George Bush during their stimulus session – ripple effect.
Spending multiplier; great increase bed room performance – increase people's happiness - increase productivity at the work –– Decrease inflation – decrease unemployment – Increase nation's GDP
Wow - Wonder how many women fantasized George Bush during their stimulus session – ripple effect.
Spending multiplier; great increase bed room performance – increase people's happiness - increase productivity at the work –– Decrease inflation – decrease unemployment – Increase nation's GDP
Wednesday, July 2, 2008
Greg Mankiw's Blog: Machiavellian Entrepreneurs
Machiavellian Entrepreneurs - Survival fitness perfect competition – whores shoes pimps tail, oldest cure-all gentle - manly business
...And when using the power of the state to thwart competition, they can both pretend to be acting in the public interest.-- Yes, indeed best of the public interest that is why the business sustainable forever as long as where the human is.
Noble and virtuous sustainable practice: the baits of living is dolly jolly business!
Relate Readings:
Niccolò Machiavelli
Speech of Captain William Eastwick
...the Treaty of the 25th November, 1838. Let us read Article VIII. It runs thus.In order to
" improve, by every means possible, the growing
" intercourse by the river Indus, Meer Roostum
" Khan promises all co-operation with the other
" powers, in any measures which may be hereafter
" thought necessary for extending and facilitating
" the commerce and navigation of the Indus."
Inevitability of the Conquest of Sindh by the British in 1843
...And when using the power of the state to thwart competition, they can both pretend to be acting in the public interest.-- Yes, indeed best of the public interest that is why the business sustainable forever as long as where the human is.
Noble and virtuous sustainable practice: the baits of living is dolly jolly business!
Relate Readings:
...the Treaty of the 25th November, 1838. Let us read Article VIII. It runs thus.In order to
" improve, by every means possible, the growing
" intercourse by the river Indus, Meer Roostum
" Khan promises all co-operation with the other
" powers, in any measures which may be hereafter
" thought necessary for extending and facilitating
" the commerce and navigation of the Indus."
Tuesday, July 1, 2008
Monday, June 30, 2008
Greg Mankiw's Blog: Sunstein-Wolfers on Capital Punishment - Kill or Not to Kill that is Questions
Greg Mankiw's Blog: Sunstein-Wolfers on Capital Punishment - NO!
...Why is the Supreme Court debating deterrence? A prominent line of reasoning, endorsed by several justices, holds that if capital punishment fails to deter crime, it serves no useful purpose and hence is cruel and unusual, violating the Eighth Amendment. This reasoning tracks public debate as well. While some favor the death penalty on retributive grounds, many others (including President Bush) argue that the only sound reason for capital punishment is to deter murder.
---
My Question: “killing”, what is difference between executioner(Law) and murderer? --
The death row - last talking point the executioner and the killer:
Executioner; “I kill you mate because you have sinned.
Murders; No, I don’t want to die if you kill me I wouldn’t have a chance to repent myself from the sin.
Executioner; Nob, you don’t have another chance, no proven statistics say you can repent your sin. And also costs too much for keep you alive.
Murders; I was born sinless you screwed up the system as I am the product. You are the sinner so you must die, not me.
--
Criminal Offenders Statistics
Wiki-Recidivism
Furman_v._Georgia
The Deterrent Effect of Capital Punishment: Evidence from a “Judicial Experiment”* Hashem Dezhbakhsh** - Joanna M. Shepherd
Gregg v. Georgia (428 U.S. 153),
Crime personality
Unemployment and property crime: not a simple relationship
Ethics - Punishment and the Death Penalty
Punishment
...Why is the Supreme Court debating deterrence? A prominent line of reasoning, endorsed by several justices, holds that if capital punishment fails to deter crime, it serves no useful purpose and hence is cruel and unusual, violating the Eighth Amendment. This reasoning tracks public debate as well. While some favor the death penalty on retributive grounds, many others (including President Bush) argue that the only sound reason for capital punishment is to deter murder.
---
My Question: “killing”, what is difference between executioner(Law) and murderer? --
The death row - last talking point the executioner and the killer:
Executioner; “I kill you mate because you have sinned.
Murders; No, I don’t want to die if you kill me I wouldn’t have a chance to repent myself from the sin.
Executioner; Nob, you don’t have another chance, no proven statistics say you can repent your sin. And also costs too much for keep you alive.
Murders; I was born sinless you screwed up the system as I am the product. You are the sinner so you must die, not me.
--
Greg Mankiw's Blog: Summers on the Economy -- USA Groom Doom and its Solutions
Sunday, June 29, 2008
Disruptive technology
Disruptive technology
"low-end disruption" which targets customers who do not need the full performance valued by customers at the high-end of the market and "new-market disruption" which targets customers who have needs that were previously unserved by existing incumbents.
"Low-end disruption" occurs when the rate at which products improve exceeds the rate at which customers can adopt the new performance. Therefore, at some point the performance of the product overshoots the needs of certain customer segments. At this point, a disruptive technology may enter the market and provide a product which has lower performance than the incumbent but which exceeds the requirements of certain segments, thereby gaining a foothold in the market.
"low-end disruption" which targets customers who do not need the full performance valued by customers at the high-end of the market and "new-market disruption" which targets customers who have needs that were previously unserved by existing incumbents.
"Low-end disruption" occurs when the rate at which products improve exceeds the rate at which customers can adopt the new performance. Therefore, at some point the performance of the product overshoots the needs of certain customer segments. At this point, a disruptive technology may enter the market and provide a product which has lower performance than the incumbent but which exceeds the requirements of certain segments, thereby gaining a foothold in the market.
Relate ReadingClayton M.Christensen
Friday, June 27, 2008
Greg Mankiw's Blog: Wanted: More Beautiful Workers
Greg Mankiw's Blog: Wanted: More Beautiful Workers
...“Weiner wants Congress to amend current visa rules to allow 1,000 foreign models into the United States each year under their own immigrant classification.”
--
Economics is ALL about allocation of scarce resources to the production of the goods and services in order to satisfy unlimited want. If USA doesn't have the models to satisfy the industry demand then why not.--“demand and supply”.
Relate articles:
Spillover effect
The models young healthy and have reasonable educations, reasonable earring power so they spend; rent food etc… pay taxes, increase trade between USA and models countries, no cost of tax payer from they stay and if they marry USA citizen etc.
Relate articl H-1B visa
…Wage depression is a complaint critics have about the H-1B program: some studies have found that H-1B workers are paid significantly less than U.S. workers. It is claimed that the H-1B program is primarily used as a source of cheap labor. However the sources of these studies are normally conducted and reported by special interest groups that oppose the H-1B program. No definitive governmental study, either by the GAO or the Congressional Research Agency has proven these statistics to be true. A paper by Harvard Professor George J. Borjas for the National Bureau of Economic Research found that "a 10 percent immigration-induced increase in the supply of doctorates lowers the wage of competing workers by about 3 to 4 percent." It also states that this phenomenon makes Americans to pay less for their online and software services and most of the times it is free…
--
I think Human “Endeavor” one of most exulting thing, regardless where you from, have a college degree or not, we find our place one or another way. We should all have given the chance to try. Anyone who wants to venture other counties they are courageous frontiers. The sprit of frontiers we went to the moon.
By the way, a forbidden fruit is much tasty and challenge, single is not a premium!
...“Weiner wants Congress to amend current visa rules to allow 1,000 foreign models into the United States each year under their own immigrant classification.”
--
Economics is ALL about allocation of scarce resources to the production of the goods and services in order to satisfy unlimited want. If USA doesn't have the models to satisfy the industry demand then why not.--“demand and supply”.
Relate articles:
Spillover effect
The models young healthy and have reasonable educations, reasonable earring power so they spend; rent food etc… pay taxes, increase trade between USA and models countries, no cost of tax payer from they stay and if they marry USA citizen etc.
Relate articl H-1B visa
…Wage depression is a complaint critics have about the H-1B program: some studies have found that H-1B workers are paid significantly less than U.S. workers. It is claimed that the H-1B program is primarily used as a source of cheap labor. However the sources of these studies are normally conducted and reported by special interest groups that oppose the H-1B program. No definitive governmental study, either by the GAO or the Congressional Research Agency has proven these statistics to be true. A paper by Harvard Professor George J. Borjas for the National Bureau of Economic Research found that "a 10 percent immigration-induced increase in the supply of doctorates lowers the wage of competing workers by about 3 to 4 percent." It also states that this phenomenon makes Americans to pay less for their online and software services and most of the times it is free…
--
I think Human “Endeavor” one of most exulting thing, regardless where you from, have a college degree or not, we find our place one or another way. We should all have given the chance to try. Anyone who wants to venture other counties they are courageous frontiers. The sprit of frontiers we went to the moon.
By the way, a forbidden fruit is much tasty and challenge, single is not a premium!
Greg Mankiw's Blog: How to Write Well
Greg Mankiw's Blog: Creative Capitalism
Greg Mankiw's Blog: Creative Capitalism
The end justified mean, the glory of Capitalism is where the heaven is never disowned you because of your greedy sins; sinners, drug barons, murders, gangsters, whores and pimps all Welcome! – The Money is the Glorious God – any religions can shot AID/HIV, hunger in Africa? no. Money only can shot the hunger and diseases, so the money is the God, it can save millions of people, it can make millions people out of misery their hopeless life -- that is the beauty about the Capitalism.
Greg Mankiw's Blog: Karl Rove channels Schumpeter -- Destructively Creative
The end justified mean, the glory of Capitalism is where the heaven is never disowned you because of your greedy sins; sinners, drug barons, murders, gangsters, whores and pimps all Welcome! – The Money is the Glorious God – any religions can shot AID/HIV, hunger in Africa? no. Money only can shot the hunger and diseases, so the money is the God, it can save millions of people, it can make millions people out of misery their hopeless life -- that is the beauty about the Capitalism.
Greg Mankiw's Blog: Karl Rove channels Schumpeter -- Destructively Creative
Phillips Curve - Disequilibrium Economy
Wiki - Phillips curve
The Phillips curve is a historical inverse relation between the rate of unemployment and the rate of inflation in an economy. Stated simply, the lower the unemployment in an economy, the higher the rate of increase in wages paid to labor in that economy...
1. Low unemployment encourages high inflation, as with the simple Phillips curve. But if unemployment stays low and inflation stays high for a long time, as in the late 1960s in the U.S., both inflationary expectations and the price/wage spiral accelerate. This shifts the short-run Phillips curve upward and rightward, so that more inflation is seen at any given unemployment rate. (This is with shift B in the diagram.)
2. High unemployment encourages low inflation, again as with a simple Phillips curve. But if unemployment stays high and inflation stays low for a long time, as in the early 1980s in the U.S., both inflationary expectations and the price/wage spiral slow. This shifts the short-run Phillips curve downward and leftward, so that less inflation is seen at each unemployment rate.
More
THOUGHTS ABOUT THE PHILLIPS CURVE- Paul A. Samuelson, 3 June 2008
AND also EconLib
Phillips Curve - by Kevin D. Hoover
The Phillips curve is a historical inverse relation between the rate of unemployment and the rate of inflation in an economy. Stated simply, the lower the unemployment in an economy, the higher the rate of increase in wages paid to labor in that economy...
1. Low unemployment encourages high inflation, as with the simple Phillips curve. But if unemployment stays low and inflation stays high for a long time, as in the late 1960s in the U.S., both inflationary expectations and the price/wage spiral accelerate. This shifts the short-run Phillips curve upward and rightward, so that more inflation is seen at any given unemployment rate. (This is with shift B in the diagram.)
2. High unemployment encourages low inflation, again as with a simple Phillips curve. But if unemployment stays high and inflation stays low for a long time, as in the early 1980s in the U.S., both inflationary expectations and the price/wage spiral slow. This shifts the short-run Phillips curve downward and leftward, so that less inflation is seen at each unemployment rate.
More
THOUGHTS ABOUT THE PHILLIPS CURVE- Paul A. Samuelson, 3 June 2008
AND also EconLib
Phillips Curve - by Kevin D. Hoover
Thursday, June 26, 2008
How to be a genius
Wow - We all become IQ 180 + --- Practice Practice, this Mean anything you do more then 15 years you become Genius; sexgenius, foodgenius, and showergenius etc...
...So what do elite performers attain through all that deliberate practice and sensitive mentoring? What makes a genius? The crème de la crème appear to develop several important cognitive skills. The first, called "chunking", is the ability to group details and concepts into easily remembered patterns. Chess provides the classic illustration. Show a chess master a game in progress for just 5 seconds and they will memorise the board so well that they can recreate most of it - 20 pieces or more - an hour later. A novice will be able to place just four or five pieces...
Apart from chunking, the elite also learn to identify quickly which bits of information in a changing situation to store in working memory so that they can use them later. This lets them create a continually updated mental model far more complex than that used by someone less practised, allowing them to see subtler dynamics and deeper relationships. Again, this is something skilled readers do with good novels. However, it appears more striking - more suggestive of "genius" - when we see these skills used by Garry Kasparov to simultaneously beat 30 grandmasters or Zinedine Zidane to spot a killer through-ball that no one else saw.
...So what do elite performers attain through all that deliberate practice and sensitive mentoring? What makes a genius? The crème de la crème appear to develop several important cognitive skills. The first, called "chunking", is the ability to group details and concepts into easily remembered patterns. Chess provides the classic illustration. Show a chess master a game in progress for just 5 seconds and they will memorise the board so well that they can recreate most of it - 20 pieces or more - an hour later. A novice will be able to place just four or five pieces...
Apart from chunking, the elite also learn to identify quickly which bits of information in a changing situation to store in working memory so that they can use them later. This lets them create a continually updated mental model far more complex than that used by someone less practised, allowing them to see subtler dynamics and deeper relationships. Again, this is something skilled readers do with good novels. However, it appears more striking - more suggestive of "genius" - when we see these skills used by Garry Kasparov to simultaneously beat 30 grandmasters or Zinedine Zidane to spot a killer through-ball that no one else saw.
Greg Mankiw's Blog: Wanted: More skilled workers
Greg Mankiw's Blog: Wanted: More skilled workers --- Mr Think Lilke BrainDrain, if brain direct people to have better life, we would able to chew over our choice of Nut v Shell or both-- and Mr. SealYourLips – Silence is the beauty of speaking, Stinking beauty is to clean
Human Capital- by Gary S. Becker
...Education and training are the most important investments in human capital. Many studies have shown that high school and college education in the United States greatly raise a person's income, even after netting out direct and indirect costs of schooling, and even after adjusting for the fact that people with more education tend to have higher IQs and better-educated and richer parents. Similar evidence is now available for many years from over a hundred countries with different cultures and economic systems. The earnings of more educated people are almost always well above average, although the gains are generally larger in less developed countries...
Also Read
Solow growth model
Human Capital- by Gary S. Becker
...Education and training are the most important investments in human capital. Many studies have shown that high school and college education in the United States greatly raise a person's income, even after netting out direct and indirect costs of schooling, and even after adjusting for the fact that people with more education tend to have higher IQs and better-educated and richer parents. Similar evidence is now available for many years from over a hundred countries with different cultures and economic systems. The earnings of more educated people are almost always well above average, although the gains are generally larger in less developed countries...
Also Read
Solow growth model
Greg Mankiw's Blog: The Pigou Club in a Nutshell
Greg Mankiw's Blog: The Pigou Club in a Nutshell --
we should aim to tax the bad things (noise, gasoline, trash, violent crime, evil foreign dictators) and untax the good things (homegrown profits, employment, innovation).
we should aim to tax the bad things (noise, gasoline, trash, violent crime, evil foreign dictators) and untax the good things (homegrown profits, employment, innovation).
Greg Mankiw's Blog: Don't trust anyone who can't see into the future
Greg Mankiw's Blog: Don't trust anyone who can't see into the future -- To future, his crystal ball is his sermons, he entreated himself “retire run off me until my entombment” his dowry is the glistering atonement
"You know the economists?'' McCain said June 12 at Federal Hall, near the New York Stock Exchange. "They're the same ones that didn't predict this housing crisis we're in. They're the same ones that didn't predict the dot-com meltdown. They're the same ones that didn't predict the inflation that's staring us in the face today.''
"You know the economists?'' McCain said June 12 at Federal Hall, near the New York Stock Exchange. "They're the same ones that didn't predict this housing crisis we're in. They're the same ones that didn't predict the dot-com meltdown. They're the same ones that didn't predict the inflation that's staring us in the face today.''
Wednesday, June 25, 2008
C. Ford Runge and Benjamin Senauer - How Biofuels Could Starve the Poor
How Biofuels Could Starve the Poor - We all have to change our diet - fuelCola fuelPepsi fuelMac fuelChicken fuelWater -- Yeah simple solution! Living efficiently ; save heaps of time for doing other things -- feed your lover lines. E.g.
...Should corn and soybeans be used as fuel crops at all? Soybeans and especially corn are row crops that contribute to soil erosion and water pollution and require large amounts of fertilizer, pesticides, and fuel to grow, harvest, and dry. They are the major cause of nitrogen runoff -- the harmful leakage of nitrogen from fields when it rains -- of the type that has created the so-called dead zone in the Gulf of Mexico, an ocean area the size of New Jersey that has so little oxygen it can barely support life. In the United States, corn and soybeans are typically planted in rotation, because soybeans add nitrogen to the soil, which corn needs to grow. But as corn increasingly displaces soybeans as a main source of ethanol, it will be cropped continuously, which will require major increases in nitrogen fertilizer and aggravate the nitrogen runoff problem....
...The benefits of biofuels are greater when plants other than corn or oils from sources other than soybeans are used. Ethanol made entirely from cellulose (which is found in trees, grasses, and other plants) has an energy ratio between 5 and 6 and emits 82 to 85 percent less greenhouse gases than does gasoline. As corn grows scarcer and more expensive, many are betting that the ethanol industry will increasingly turn to grasses, trees, and residues from field crops, such as wheat and rice straw and cornstalks. Grasses and trees can be grown on land poorly suited to food crops or in climates hostile to corn and soybeans. Recent breakthroughs in enzyme and gasification technologies have made it easier to break down cellulose in woody plants and straw. Field experiments suggest that grassland perennials could become a promising source of biofuel in the future.
For now, however, the costs of harvesting, transporting, and converting such plant matters are high, which means that cellulose-based ethanol is not yet commercially viable when compared with the economies of scale of current corn-based production. One ethanol-plant manager in the Midwest has calculated that fueling an ethanol plant with switchgrass, a much-discussed alternative, would require delivering a semitrailer truckload of the grass every six minutes, 24 hours a day. The logistical difficulties and the costs of converting cellulose into fuel, combined with the subsidies and politics currently favoring the use of corn and soybeans, make it unrealistic to expect cellulose-based ethanol to become a solution within the next decade. Until it is, relying more on sugar cane to produce ethanol in tropical countries would be more efficient than using corn and would not involve using a staple food.
The future can be brighter if the right steps are taken now. Limiting U.S. dependence on fossil fuels requires a comprehensive energy-conservation program. Rather than promoting more mandates, tax breaks, and subsidies for biofuels, the U.S. government should make a major commitment to substantially increasing energy efficiency in vehicles, homes, and factories; promoting alternative sources of energy, such as solar and wind power; and investing in research to improve agricultural productivity and raise the efficiency of fuels derived from cellulose. Washington's fixation on corn-based ethanol has distorted the national agenda and diverted its attention from developing a broad and balanced strategy. In March, the U.S. Energy Department announced that it would invest up to $385 million in six biorefineries designed to convert cellulose into ethanol. That is a promising step in the right direction.
--
C. Ford Runge
Agricultural policy, natural resources policy, welfare economics
the Center for International Food and Agricultural Policy
International Food Policy Research Institute
...Should corn and soybeans be used as fuel crops at all? Soybeans and especially corn are row crops that contribute to soil erosion and water pollution and require large amounts of fertilizer, pesticides, and fuel to grow, harvest, and dry. They are the major cause of nitrogen runoff -- the harmful leakage of nitrogen from fields when it rains -- of the type that has created the so-called dead zone in the Gulf of Mexico, an ocean area the size of New Jersey that has so little oxygen it can barely support life. In the United States, corn and soybeans are typically planted in rotation, because soybeans add nitrogen to the soil, which corn needs to grow. But as corn increasingly displaces soybeans as a main source of ethanol, it will be cropped continuously, which will require major increases in nitrogen fertilizer and aggravate the nitrogen runoff problem....
...The benefits of biofuels are greater when plants other than corn or oils from sources other than soybeans are used. Ethanol made entirely from cellulose (which is found in trees, grasses, and other plants) has an energy ratio between 5 and 6 and emits 82 to 85 percent less greenhouse gases than does gasoline. As corn grows scarcer and more expensive, many are betting that the ethanol industry will increasingly turn to grasses, trees, and residues from field crops, such as wheat and rice straw and cornstalks. Grasses and trees can be grown on land poorly suited to food crops or in climates hostile to corn and soybeans. Recent breakthroughs in enzyme and gasification technologies have made it easier to break down cellulose in woody plants and straw. Field experiments suggest that grassland perennials could become a promising source of biofuel in the future.
For now, however, the costs of harvesting, transporting, and converting such plant matters are high, which means that cellulose-based ethanol is not yet commercially viable when compared with the economies of scale of current corn-based production. One ethanol-plant manager in the Midwest has calculated that fueling an ethanol plant with switchgrass, a much-discussed alternative, would require delivering a semitrailer truckload of the grass every six minutes, 24 hours a day. The logistical difficulties and the costs of converting cellulose into fuel, combined with the subsidies and politics currently favoring the use of corn and soybeans, make it unrealistic to expect cellulose-based ethanol to become a solution within the next decade. Until it is, relying more on sugar cane to produce ethanol in tropical countries would be more efficient than using corn and would not involve using a staple food.
The future can be brighter if the right steps are taken now. Limiting U.S. dependence on fossil fuels requires a comprehensive energy-conservation program. Rather than promoting more mandates, tax breaks, and subsidies for biofuels, the U.S. government should make a major commitment to substantially increasing energy efficiency in vehicles, homes, and factories; promoting alternative sources of energy, such as solar and wind power; and investing in research to improve agricultural productivity and raise the efficiency of fuels derived from cellulose. Washington's fixation on corn-based ethanol has distorted the national agenda and diverted its attention from developing a broad and balanced strategy. In March, the U.S. Energy Department announced that it would invest up to $385 million in six biorefineries designed to convert cellulose into ethanol. That is a promising step in the right direction.
--
C. Ford Runge
Agricultural policy, natural resources policy, welfare economics
the Center for International Food and Agricultural Policy
International Food Policy Research Institute
Wolfgang Kasper -- Rudd's summit misses the point of policy
Rudd's summit misses the point of policy -- 1000 unelected ego-trippers, pet project promoters, and seekers... This mean 1000 peoples are not the "Best and Brightest?" or gumbo mambo?
...And there are major challenges ahead that require a co-ordinated and strategically balanced approach. For example: how will inflation be controlled, when labour-market re-regulation makes economic structures more rigid when more health and education efforts are collectivised, and when the costs of Kyoto compliance are imposed on Australian households (each having to bear estimated extra annual costs of a few thousand dollars)? What number and quality of immigrants should we envisage in the interest of prosperity, but also long-term social cohesion? How do we cope with the growing brain drain? What are the best policies to improve the living conditions of Australia's indigenous population? How will we uphold national sovereignty when more collective decisions are delegated to UN bodies?
...And there are major challenges ahead that require a co-ordinated and strategically balanced approach. For example: how will inflation be controlled, when labour-market re-regulation makes economic structures more rigid when more health and education efforts are collectivised, and when the costs of Kyoto compliance are imposed on Australian households (each having to bear estimated extra annual costs of a few thousand dollars)? What number and quality of immigrants should we envisage in the interest of prosperity, but also long-term social cohesion? How do we cope with the growing brain drain? What are the best policies to improve the living conditions of Australia's indigenous population? How will we uphold national sovereignty when more collective decisions are delegated to UN bodies?
Greg Mankiw's Blog: McCain vs Obama: Ethanol
Greg Mankiw's Blog: McCain vs Obama: Ethanol
Mr. McCain advocates eliminating the multibillion-dollar annual government subsidies that domestic ethanol has long enjoyed.... Mr. Obama, in contrast, favors the subsidies....
...“If you want to take some of the pressure off this market, the obvious thing to do is lower that tariff and let some Brazilian ethanol come in,” said C. Ford Runge, an economist specializing in commodities and trade policy at the Center for International Food and Agricultural Policy at the University of Minnesota. “But one of the fundamental reasons biofuels policy is so out of whack with markets and reality is that interest group politics have been so dominant in the construction of the subsidies that support it.”
Corn ethanol generates less than two units of energy for every unit of energy used to produce it, while the energy ratio for sugar cane is more than 8 to 1. With lower production costs and cheaper land prices in the tropical countries where it is grown, sugar cane is a more efficient source.
--
Here is another side of --Ethanol's Failed Promise -- Ethanol V Food -- Do we need Energy or Food – Bit of Humpy Dumpy Necrophilia Question?
...It is now abundantly clear that food-to-fuel mandates are leading to increased environmental damage. First, producing ethanol requires huge amounts of energy -- most of which comes from coal. Second, the production process creates a number of hazardous byproducts, and some production facilities are reportedly dumping these in local water sources.
Mr. McCain advocates eliminating the multibillion-dollar annual government subsidies that domestic ethanol has long enjoyed.... Mr. Obama, in contrast, favors the subsidies....
...“If you want to take some of the pressure off this market, the obvious thing to do is lower that tariff and let some Brazilian ethanol come in,” said C. Ford Runge, an economist specializing in commodities and trade policy at the Center for International Food and Agricultural Policy at the University of Minnesota. “But one of the fundamental reasons biofuels policy is so out of whack with markets and reality is that interest group politics have been so dominant in the construction of the subsidies that support it.”
Corn ethanol generates less than two units of energy for every unit of energy used to produce it, while the energy ratio for sugar cane is more than 8 to 1. With lower production costs and cheaper land prices in the tropical countries where it is grown, sugar cane is a more efficient source.
--
Here is another side of --Ethanol's Failed Promise -- Ethanol V Food -- Do we need Energy or Food – Bit of Humpy Dumpy Necrophilia Question?
...It is now abundantly clear that food-to-fuel mandates are leading to increased environmental damage. First, producing ethanol requires huge amounts of energy -- most of which comes from coal. Second, the production process creates a number of hazardous byproducts, and some production facilities are reportedly dumping these in local water sources.
Tuesday, June 24, 2008
Greg Mankiw's Blog: A Reading for the Pigou Club
Greg Mankiw's Blog: A Reading for the Pigou Club
McCain should spend ten minutes with his adviser Douglas Holtz-Eakin, who I would guess is still recovering from his embarrassment at McCain's call for a cut in gasoline taxes, to discuss the opposite: a tax on oil products, especially gasoline and heating oil. This doesn't mean abandoning his opposition to higher taxes. Indeed, the point is not to raise federal revenues. Every dollar that comes in should be rebated, perhaps by reducing the payroll taxes of everyone earning less than, say, $50,000 per year, the group Obama intends to benefit by raising taxes on those energetic small-business owners. The beneficiaries of the McCain shift in taxes from work to polluting, imported gasoline would see the reduction in taxes immediately--when they received their first salary check after the new regime was in place. But the main point is this: The money that the Saudis and other supporters of jihadists would otherwise get would be reducing the taxes of hard-pressed Middle America. Take that, Barack Obama. It's called straight talk.
Public Goods and Externalities - by Tyler Cowen --
Externalities occur when one person's actions affect another person's well-being and the relevant costs and benefits are not reflected in market prices. A positive externality arises when my neighbors benefit from my cleaning up my yard. If I cannot charge them for these benefits, I will not clean the yard as often as they would like. (Note that the free-rider problem and positive externalities are two sides of the same coin.) A negative externality arises when one person's actions harm another. When polluting, factory owners may not consider the costs that pollution imposes on others. Policy debates usually focus on free-rider and externalities problems, which are considered more serious problems than nonrivalrous consumption.
...Well-defined property rights can solve public goods problems in other environmental areas, such as land use and species preservation. The buffalo neared extinction and the cow did not because cows could be privately owned and husbanded for profit. Today, private property rights in elephants, whales, and other species could solve the tragedy of their near extinction. In Africa, for instance, elephant populations are growing in Zimbabwe, Malawi, Namibia, and Botswana, all of which allow commercial harvesting of elephants. Since 1979 Zimbabwe's elephant population rose from 30,000 to almost 70,000 today, and Botswana's went from 20,000 to 68,000. On the other hand, in countries that ban elephant hunting—Kenya, Tanzania, and Uganda, for example—there is little incentive to breed elephants but great incentive to poach them. In those countries elephants are disappearing. The result is that Kenya has only 16,000 elephants today versus 140,000 when its government banned hunting. Since 1970, Tanzania's elephant herd has shrunk from 250,000 to 61,000; Uganda's from 20,000 to only 1,600...
Check it out Tyler Cowen's Website, heap of things you can dig in here! --
McCain should spend ten minutes with his adviser Douglas Holtz-Eakin, who I would guess is still recovering from his embarrassment at McCain's call for a cut in gasoline taxes, to discuss the opposite: a tax on oil products, especially gasoline and heating oil. This doesn't mean abandoning his opposition to higher taxes. Indeed, the point is not to raise federal revenues. Every dollar that comes in should be rebated, perhaps by reducing the payroll taxes of everyone earning less than, say, $50,000 per year, the group Obama intends to benefit by raising taxes on those energetic small-business owners. The beneficiaries of the McCain shift in taxes from work to polluting, imported gasoline would see the reduction in taxes immediately--when they received their first salary check after the new regime was in place. But the main point is this: The money that the Saudis and other supporters of jihadists would otherwise get would be reducing the taxes of hard-pressed Middle America. Take that, Barack Obama. It's called straight talk.
Public Goods and Externalities - by Tyler Cowen --
Externalities occur when one person's actions affect another person's well-being and the relevant costs and benefits are not reflected in market prices. A positive externality arises when my neighbors benefit from my cleaning up my yard. If I cannot charge them for these benefits, I will not clean the yard as often as they would like. (Note that the free-rider problem and positive externalities are two sides of the same coin.) A negative externality arises when one person's actions harm another. When polluting, factory owners may not consider the costs that pollution imposes on others. Policy debates usually focus on free-rider and externalities problems, which are considered more serious problems than nonrivalrous consumption.
...Well-defined property rights can solve public goods problems in other environmental areas, such as land use and species preservation. The buffalo neared extinction and the cow did not because cows could be privately owned and husbanded for profit. Today, private property rights in elephants, whales, and other species could solve the tragedy of their near extinction. In Africa, for instance, elephant populations are growing in Zimbabwe, Malawi, Namibia, and Botswana, all of which allow commercial harvesting of elephants. Since 1979 Zimbabwe's elephant population rose from 30,000 to almost 70,000 today, and Botswana's went from 20,000 to 68,000. On the other hand, in countries that ban elephant hunting—Kenya, Tanzania, and Uganda, for example—there is little incentive to breed elephants but great incentive to poach them. In those countries elephants are disappearing. The result is that Kenya has only 16,000 elephants today versus 140,000 when its government banned hunting. Since 1970, Tanzania's elephant herd has shrunk from 250,000 to 61,000; Uganda's from 20,000 to only 1,600...
Check it out Tyler Cowen's Website, heap of things you can dig in here! --
Monday, June 23, 2008
Greg Mankiw's Blog: Karl Rove channels Schumpeter
Greg Mankiw's Blog: Karl Rove channels Schumpeter -- Destructively Creative
...Mr. McCain's angry statement shows a lack of understanding of the insights of Joseph Schumpeter, the 20th century economist who explained that capitalism is inherently unstable because a "perennial gale of creative destruction" is brought on by entrepreneurs who create new goods, markets and processes. The entrepreneur is "the pivot on which everything turns," Schumpeter argued, and "proceeds by competitively destroying old businesses."
Most dramatic change comes from new businesses, not old ones. Buggy whip makers did not create the auto industry. Railroads didn't create the airplane. Even when established industries help create new ones, old-line firms are often not as nimble as new ones. IBM helped give rise to personal computers, but didn't see the importance of software and ceded that part of the business to young upstarts who founded Microsoft.
So why should Mr. McCain expect oil and gas companies to lead the way in developing alternative energy? As with past technological change, new enterprises will likely be the drivers of alternative energy innovation.
----Read More
Rediscovering Schumpeter: The Power of Capitalism
"Without innovations, no entrepreneurs; without entrepreneurial achievement, no capitalist returns and no capitalist propulsion...
the absolute relentlessness of creative destruction and entrepreneurship. In a free economy, they never stop—never. Schumpeter wrote that all firms must try, all the time, "to keep on their feet, on ground that is slipping away from under them." So, no serious businessperson can ever completely relax. Someone, somewhere, is always trying to think of a way to do the job better, at every point along the value chain. Whatever has been built is going to be destroyed by a better product or a better method or a better organization or a better strategy.
And also --
Read more -- -- Joseph Alois Schumpeter (1883-1950)
Read more -- -- Creative destruction
...Mr. McCain's angry statement shows a lack of understanding of the insights of Joseph Schumpeter, the 20th century economist who explained that capitalism is inherently unstable because a "perennial gale of creative destruction" is brought on by entrepreneurs who create new goods, markets and processes. The entrepreneur is "the pivot on which everything turns," Schumpeter argued, and "proceeds by competitively destroying old businesses."
Most dramatic change comes from new businesses, not old ones. Buggy whip makers did not create the auto industry. Railroads didn't create the airplane. Even when established industries help create new ones, old-line firms are often not as nimble as new ones. IBM helped give rise to personal computers, but didn't see the importance of software and ceded that part of the business to young upstarts who founded Microsoft.
So why should Mr. McCain expect oil and gas companies to lead the way in developing alternative energy? As with past technological change, new enterprises will likely be the drivers of alternative energy innovation.
----Read More
Rediscovering Schumpeter: The Power of Capitalism
"Without innovations, no entrepreneurs; without entrepreneurial achievement, no capitalist returns and no capitalist propulsion...
the absolute relentlessness of creative destruction and entrepreneurship. In a free economy, they never stop—never. Schumpeter wrote that all firms must try, all the time, "to keep on their feet, on ground that is slipping away from under them." So, no serious businessperson can ever completely relax. Someone, somewhere, is always trying to think of a way to do the job better, at every point along the value chain. Whatever has been built is going to be destroyed by a better product or a better method or a better organization or a better strategy.
And also --
Read more -- -- Joseph Alois Schumpeter (1883-1950)
Read more -- -- Creative destruction
Sunday, June 22, 2008
Saturday, June 21, 2008
Greg Mankiw's Blog: Heckman on Ability Gaps
Greg Mankiw's Blog: Heckman on Ability Gaps: "Cognitive abilities are important determinants of socioeconomic success."
Friday, June 20, 2008
Thursday, June 19, 2008
Five Reasons to Love $4 Gas -- A Reading for the Pigou Club
Greg Mankiw's Blog -- Thursday, June 19, 2008 --
-- Read Here: Greg Mankiw's Blog, Thursday, June 19, 2008-- Five Reasons to Love $4 Gas
-- Read Here: Greg Mankiw's Blog, Thursday, June 19, 2008-- Five Reasons to Love $4 Gas
Saturday, June 14, 2008
Professor Robert M. Solow's Growth Theory and After
...We know now that endogenous growth theory led to an avalanche of papers that has recently slowed a little, but only a little. It is easy to see why the idea was so popular. The models offered the possibility of having a theory of the steady-state growth rate itself, instead of treating it as an exogenously given, if sometimes changing, fact of life. But there was an even more important attraction, I think. The nature of the theory was such that one could easily find feasible, even fairly traditional, policies that would influence the long-term growth rate. Adding a couple of tenths of a percentage point to the growth rate is an achievement that eventually dwarfs in welfare significance any of the standard goals of economic policy. Who would not be excited?
It is important to understand how it was that endogenous growth theory could offer this prospect. The earliest models simply assumed constant returns to capital, or to the set of factors of production that can be accumulated, like capital. (They were called "AK models" for this reason.) Thus, for example, if output is just proportional to capital and saving-and-investment is proportional to output, then investment is proportional to capital and the saving?investment rate enters the factor of proportionality. So a higher saving-investment rate means a higher ratio of investment to capital, i.e. a higher growth rate of capital, and therefore a higher growth rate of output. But we think we know policies that will increase the level of saving-investment from given output. This easy passage from influencing a level to influencing a growth rate is what makes the theory so powerful. The trouble is that constant returns to capital is a highly special, pinpoint assumption. This is one of those cases where "approximately" will not do. But exactly constant returns to capital is not very plausible empirically, and has no convincing theoretical foundation either.
Deeper and more interesting models soon emerged in the endogenous growth tradition. Some of them focus on the creation and accumulation of human capital, others on the process of technological invention and innovation (and the temporary monopolies that go with it). There is also a flourishing group of "Schumpeterian" models that emphasize the rivalry (or occasional complementarity) between an innovation and its predecessors. It seems to me that work along these lines might eventually tell us something interesting and useful about the role of knowledge in the economy and society. We have always realized that there is an important endogenous element in the development of new technology; all those businesses investing millions in research are not suffering from a mass delusion... Read more Professor Robert M. Solow's Growth Theory and After
---
Read more - Exogenous growth model(Solow growth model)
Solow growth model-by Fiona Maclachlan,
The Solow model - interactive Java applet
It is important to understand how it was that endogenous growth theory could offer this prospect. The earliest models simply assumed constant returns to capital, or to the set of factors of production that can be accumulated, like capital. (They were called "AK models" for this reason.) Thus, for example, if output is just proportional to capital and saving-and-investment is proportional to output, then investment is proportional to capital and the saving?investment rate enters the factor of proportionality. So a higher saving-investment rate means a higher ratio of investment to capital, i.e. a higher growth rate of capital, and therefore a higher growth rate of output. But we think we know policies that will increase the level of saving-investment from given output. This easy passage from influencing a level to influencing a growth rate is what makes the theory so powerful. The trouble is that constant returns to capital is a highly special, pinpoint assumption. This is one of those cases where "approximately" will not do. But exactly constant returns to capital is not very plausible empirically, and has no convincing theoretical foundation either.
Deeper and more interesting models soon emerged in the endogenous growth tradition. Some of them focus on the creation and accumulation of human capital, others on the process of technological invention and innovation (and the temporary monopolies that go with it). There is also a flourishing group of "Schumpeterian" models that emphasize the rivalry (or occasional complementarity) between an innovation and its predecessors. It seems to me that work along these lines might eventually tell us something interesting and useful about the role of knowledge in the economy and society. We have always realized that there is an important endogenous element in the development of new technology; all those businesses investing millions in research are not suffering from a mass delusion... Read more Professor Robert M. Solow's Growth Theory and After
---
Read more - Exogenous growth model(Solow growth model)
Solow growth model-by Fiona Maclachlan,
The Solow model - interactive Java applet
Sunday, June 8, 2008
Raise the Gas Tax
An eminent economist tells us how the Gas Tax makes us less use of the petrol, read more his blog "Friday, October 20, 2006" Pigou-club-manifesto
below:
Friday, October 20, 2006
The Pigou Club Manifesto
In today's Wall Street Journal, I offer a manifesto for the Pigou Club, the elite group of pundits and policy wonks with the good sense to advocate higher Pigovian taxes. (Click here for a partial membership list.)
Raise the Gas Tax
By N. Gregory Mankiw
With the midterm election around the corner, here's a wacky idea you won't often hear from our elected leaders: We should raise the tax on gasoline. Not quickly, but substantially. I would like to see Congress increase the gas tax by $1 per gallon, phased in gradually by 10 cents per year over the next decade. Campaign consultants aren't fond of this kind of proposal, but policy wonks keep pushing for it. Here's why:
The environment. The burning of gasoline emits several pollutants. These include carbon dioxide, a cause of global warming. Higher gasoline taxes, perhaps as part of a broader carbon tax, would be the most direct and least invasive policy to address environmental concerns.
Road congestion. Every time I am stuck in traffic, I wish my fellow motorists would drive less, perhaps by living closer to where they work or by taking public transport. A higher gas tax would give all of us the incentive to do just that, reducing congestion on streets and highways.
Regulatory relief. Congress has tried to reduce energy dependence with corporate average fuel economy standards. These CAFE rules are heavy-handed government regulations replete with unintended consequences: They are partly responsible for the growth of SUVs, because light trucks have laxer standards than cars. In addition, by making the car fleet more fuel-efficient, the regulations encourage people to drive more, offsetting some of the conservation benefits and exacerbating road congestion. A higher gas tax would accomplish everything CAFE standards do, but without the adverse side effects.
The budget. Everyone who has studied the numbers knows that the federal budget is on an unsustainable path. When baby-boomers retire and become eligible for Social Security and Medicare, either benefits for the elderly will have to be cut or taxes raised. The most likely political compromise will include some of each. A $1 per gallon hike in gas tax would bring in $100 billion a year in government revenue and make a dent in the looming fiscal gap.
Tax incidence. A basic principle of tax analysis -- taught in most freshman economics courses -- is that the burden of a tax is shared by consumer and producer. In this case, as a higher gas tax discouraged oil consumption, the price of oil would fall in world markets. As a result, the price of gas to consumers would rise by less than the increase in the tax. Some of the tax would in effect be paid by Saudi Arabia and Venezuela.
Economic growth. Public finance experts have long preached that consumption taxes are better than income taxes for long-run economic growth, because income taxes discourage saving and investment. Gas is a component of consumption. An increased reliance on gas taxes over income taxes would make the tax code more favorable to growth. It would also encourage firms to devote more R&D spending to the search for gasoline substitutes.
National security. Alan Greenspan called for higher gas taxes recently. "It's a national security issue," he said. It is hard to judge how much high oil consumption drives U.S. involvement in Middle Eastern politics. But Mr. Greenspan may well be right that the gas tax is an economic policy with positive spillovers to foreign affairs.
Is it conceivable that the policy wonks will ever win the battle with the campaign consultants? I think it is. Even after a $1 hike, the U.S. gas tax would still be less than half the level in, say, Great Britain, which last I checked is still a democracy. But don't expect those vying for office to come around until the American people recognize that while higher gas taxes are unattractive, the alternatives are even worse.
Read more Pigovian Tax
below:
Friday, October 20, 2006
The Pigou Club Manifesto
In today's Wall Street Journal, I offer a manifesto for the Pigou Club, the elite group of pundits and policy wonks with the good sense to advocate higher Pigovian taxes. (Click here for a partial membership list.)
Raise the Gas Tax
By N. Gregory Mankiw
With the midterm election around the corner, here's a wacky idea you won't often hear from our elected leaders: We should raise the tax on gasoline. Not quickly, but substantially. I would like to see Congress increase the gas tax by $1 per gallon, phased in gradually by 10 cents per year over the next decade. Campaign consultants aren't fond of this kind of proposal, but policy wonks keep pushing for it. Here's why:
The environment. The burning of gasoline emits several pollutants. These include carbon dioxide, a cause of global warming. Higher gasoline taxes, perhaps as part of a broader carbon tax, would be the most direct and least invasive policy to address environmental concerns.
Road congestion. Every time I am stuck in traffic, I wish my fellow motorists would drive less, perhaps by living closer to where they work or by taking public transport. A higher gas tax would give all of us the incentive to do just that, reducing congestion on streets and highways.
Regulatory relief. Congress has tried to reduce energy dependence with corporate average fuel economy standards. These CAFE rules are heavy-handed government regulations replete with unintended consequences: They are partly responsible for the growth of SUVs, because light trucks have laxer standards than cars. In addition, by making the car fleet more fuel-efficient, the regulations encourage people to drive more, offsetting some of the conservation benefits and exacerbating road congestion. A higher gas tax would accomplish everything CAFE standards do, but without the adverse side effects.
The budget. Everyone who has studied the numbers knows that the federal budget is on an unsustainable path. When baby-boomers retire and become eligible for Social Security and Medicare, either benefits for the elderly will have to be cut or taxes raised. The most likely political compromise will include some of each. A $1 per gallon hike in gas tax would bring in $100 billion a year in government revenue and make a dent in the looming fiscal gap.
Tax incidence. A basic principle of tax analysis -- taught in most freshman economics courses -- is that the burden of a tax is shared by consumer and producer. In this case, as a higher gas tax discouraged oil consumption, the price of oil would fall in world markets. As a result, the price of gas to consumers would rise by less than the increase in the tax. Some of the tax would in effect be paid by Saudi Arabia and Venezuela.
Economic growth. Public finance experts have long preached that consumption taxes are better than income taxes for long-run economic growth, because income taxes discourage saving and investment. Gas is a component of consumption. An increased reliance on gas taxes over income taxes would make the tax code more favorable to growth. It would also encourage firms to devote more R&D spending to the search for gasoline substitutes.
National security. Alan Greenspan called for higher gas taxes recently. "It's a national security issue," he said. It is hard to judge how much high oil consumption drives U.S. involvement in Middle Eastern politics. But Mr. Greenspan may well be right that the gas tax is an economic policy with positive spillovers to foreign affairs.
Is it conceivable that the policy wonks will ever win the battle with the campaign consultants? I think it is. Even after a $1 hike, the U.S. gas tax would still be less than half the level in, say, Great Britain, which last I checked is still a democracy. But don't expect those vying for office to come around until the American people recognize that while higher gas taxes are unattractive, the alternatives are even worse.
Read more Pigovian Tax
Wednesday, April 23, 2008
Climate Change
reducing our personal impact by considering the emissions implications of our every action, switching to
accredited Green Power, drying clothes on the line, getting on a bike, installing a gas-boosted solar hot-water system and
claiming the rebate, working from home, purchasing local fresh foods, using the broom to sweep and not a blower, setting
thermostats as close to room temperature as possible, composting food scraps and garden waste, turning off appliances at
the power point rather than using stand-by, using post-consumer recycled paper in the office and the toilet, teleconferencing
instead of meeting, turning lights off, using safe alternatives to hazardous chemicals, fully loading clothes washers before
running a cycle, buying only as much food as we use, replacing burnt-out incandescent and halogen lights with long-life
fluorescent lamps, car pooling, using natural light as much as possible, buying secondhand or recycled, using the lowest
fuel-use car as possible, printing out only when necessary and using both sides of the paper, choosing products in minimal
packaging, purchasing the right-sized high energy star rating appliances, taking the train or bus
insulating Read More SOU TH A U S T R A L I A’ S G R E ENHOU S E S T R AT E G Y
accredited Green Power, drying clothes on the line, getting on a bike, installing a gas-boosted solar hot-water system and
claiming the rebate, working from home, purchasing local fresh foods, using the broom to sweep and not a blower, setting
thermostats as close to room temperature as possible, composting food scraps and garden waste, turning off appliances at
the power point rather than using stand-by, using post-consumer recycled paper in the office and the toilet, teleconferencing
instead of meeting, turning lights off, using safe alternatives to hazardous chemicals, fully loading clothes washers before
running a cycle, buying only as much food as we use, replacing burnt-out incandescent and halogen lights with long-life
fluorescent lamps, car pooling, using natural light as much as possible, buying secondhand or recycled, using the lowest
fuel-use car as possible, printing out only when necessary and using both sides of the paper, choosing products in minimal
packaging, purchasing the right-sized high energy star rating appliances, taking the train or bus
insulating Read More SOU TH A U S T R A L I A’ S G R E ENHOU S E S T R AT E G Y
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