Scot Wick Blog

Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 8 The Data of Macroeconomics Chapter 23 of 36 Measuring A Nation’s Income Section 2 of 15 … Almost every day in the media we see some statistic about the economy. An economic statistic might measure: · total income of everyone in the economy - GDP · rate prices are rising - inflation · percentage of the labor force out of work - unemployment · total spending at stores - retail sales · imbalance of trade between the United States and the rest of the world - the trade deficit These statistics are macroeconomic measurements. They tell us something about the entire economy, which is macroeconomics, rather than telling us about a particular household, firm, or market, which is microeconomics. … Some questions macroeconomists address are: · why is average income higher in some countries than in others? · why do employment and production increase in some years and decrease in others? · why do prices sometimes rise r...

  Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 8 The Data of Macroeconomics Chapter 23 of 36 Measuring A Nation’s Income Section 1 of 15 … Chapter 23 Measuring A Nation’s Income - Topics The Economy's Income and Expenditure The Measurement of Gross Domestic Product The Components of GDP Other Measures of Income Government Purchases Net Exports Real Versus Nominal GDP The GDP Deflator Real GDP Over Recent History Is GDP a Good Measure of Economic Well-Being? The Underground Economy International Differences in GDP and the Quality of Life … … Summary of Chapter 23: The Data of Macroeconomics, Measuring A Nation’s Income, Gregory Mankiw, Principles of Economics, 5th Ed. Grok: This chapter introduces how economists measure overall economic activity in a nation, focusing primarily on Gross Domestic Product (GDP) as the key indicator of a nation's income and output. … Key Concepts and Structure The Economy's Income Equals Its Expenditure Every tra...

  Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 7 Topics for Further Study Chapter 22 of 36 Frontiers of Microeconomics Section 15 of 15 … Chapter 22 conclusion. Restated from Chapter 1, the Ten Principles of Economics: 1: people face trade-offs 2: the cost of something is what you give up to get it 3: rational people think at the margin 4: people respond to incentives 5: trade can make everyone better off 6: markets are usually a good way to organize economic activity 7: governments can sometimes improve market outcomes 8: a country's standard of living depends on its ability to produce goods and services 9: prices rise when the government issues too much money 10: society faces a short-run trade-off between inflation and unemployment … Two of the principles are: 6: markets are usually a good way to organize economic activity 7: governments can sometimes improve market outcomes The study of asymmetric information makes one more wary of market outco...

  c22s14 260126M, 221031, 180125, 140918 posted Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 7 Topics for Further Study Chapter 22 of 36 Frontiers of Microeconomics Section 14 of 16 … Recently the field of behavioral economics has emerged, in which economists use basic psychology insights. We’ll consider these insights here: a· People aren't always rational b· People care about fairness c· People are inconsistent over time … c· People are inconsistent over time Consider some unpleasant task, such as doing laundry, shoveling snow, or filling income tax forms. 1-Would you (A) prefer to spend 50 minutes doing the task now, or (B) spend 60 minutes doing the task tomorrow? 2-Would you (A) prefer to spend 50 minutes doing the task 90 days later, or (B) spend 60 minutes doing the task 91 days later? Many people, for Question -1- choose B Question -2- choose A With Question -1- people faced with the choice of doing the task immediately or later often choos...

  Fumiko Scot's information: Weight at 165 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, now eat right and light, and get enough exercise. Now am spending 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 ba...

“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 would hav...