Scot Wick Blog

  Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 9 The Real Economy in the Long Run Chapter 25 of 36 Production and Growth Section 12 of 23 … Things a country’s government can promote and strengthen to increase productivity and living standards include: 1· saving and investment 2· investment from abroad 3· education 4· health and nutrition 5· property rights and political stability 6· free trade 7· research and development 8· population growth … 2· Investment from abroad Another way long-term economic growth is attained is through investment by foreigners. Two examples: -1- Ford invests in its operations in Mexico Ford uses the money to build a new factory in Mexico. This case is called foreign direct investment. When foreigners invest in a country they do so because they expect to earn an investment return in the form of profits. -2- An American investor buys stock in a Mexican corporation The Mexican corporation uses the money along with its own t...

  Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 9 The Real Economy in the Long Run Chapter 25 of 36 Production and Growth Section 11 of 23 … Figure 1 - Illustrating the Production Function This figure shows how the amount of capital per worker influences the amount of output per worker. Capital includes · human capital, knowledge and skills · natural resources · technology level As the capital per worker increases the curve becomes flatter because of diminishing returns to capital. … Things government can promote and strengthen to increase productivity and living standards include 1· saving and investment 2· investment from abroad 3· education 4· health and nutrition 5· property rights and political stability 6· free trade 7· research and development 8· population growth … 1· saving and investment Suppose a government pursues policies that raise the nation's saving rate. The goal is percentage of GDP saved increases and percentage spent on consump...

  Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 9 The Real Economy in the Long Run Chapter 25 of 36 Production and Growth Section 10 of 23 … We have determined a society's standard of living depends on its productivity. Its productivity depends on · physical capital per worker · human capital per worker · natural resources per worker · technological knowledge · society’s intangible capital including rule of law … Things government can promote and strengthen to increase productivity and living standards include 1· saving and investment 2· investment from abroad 3· education 4· health and nutrition 5· property rights and political stability 6· free trade 7· research and development 8· population growth … Capital is a produced factor of production, and a society can change its amount of capital. If this year the economy produces new capital goods then next year it will have a larger capital stock and be able to produce more goods and services. So, one...

  Fumiko Scot's information: Weight at 166 pounds, got to 160 pounds five years ago and have recently been bouncing between 163 and 168. Common sense ways to lose and keep off weight are eat right and light and get lots of exercise. Main exercise is walking, do 1~2 miles most days. Over career worked as a salesman in the steelmaking, fasteners, and auto manufacturing industries, lots of travel in U.S., Canada, Mexico, and Japan. Have visited every U.S. city with a major league, MLB, NFL, NBA, NHL, sports team except Sacramento, have gotten as close as Travis Air Force Base. Often traveled on Sundays, much time on the road so could not eat right and get enough exercise so got heavy, up to 200 lbs. Was on commission and made enough to retire early, able eat good food and get enough exercise. Now spend most time reading and writing. Our Wick branch goes back to the brother of owner of the Wick House at Morristown National Historical Park in Morristown New Jersey, and on back to Staine...

  “The world we see that seems so insane is the result of a belief system that is not working. To perceive the world differently, we must be willing to change our belief system, let the past slip away, expand our sense of now, and dissolve the fear in our minds.” - William James “All experience has shown mankind are more disposed to suffer, while evils are sufferable, than to right themselves by abolishing the forms to which they are accustomed.” - Thomas Jefferson “Wherever good fortune enters, envy lays siege and attacks it. And when it departs, sorrow and repentance remain behind.” - Leonardo da Vinci “Struggle is the indispensable accompaniment of progress. If men were entirely social, man would stagnate. A certain alloy of individualism and competition is required to make the human species survive and grow. Without qualities of an unsocial kind men might have led an Arcadian shepherd life in complete harmony, contentment, and mutual love. But in that case all their talents wou...