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 8 of 23 … Are natural resources a limit to economic growth? Today, the world's population is over 6 billion, four times what it was a hundred years ago. Many people are enjoying a much higher standard of living than at that time. There is an on-going concern of many whether this growth in both population and living standards can continue. Many have argued natural resources will eventually limit the growth of the world's economies. They ask, if the world has a finite supply of non-renewable natural resources and amount of land how can population and living standards continue to grow? Won't supplies of oil and minerals start to run out? When these shortages begin, won't they stop economic growth and force living standards to fall? … Most economists are not concerned about the possibility of such growth limits. ...

  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 7 of 23 … The productivity determinants are: -1- physical capital -2- human capital -3- natural resources -4- technological knowledge … -3- Natural resources Natural resources are production inputs provided by nature, including land, rivers, and mineral deposits. There are two forms of natural resources: renewable and nonrenewable. A forest is a renewable resource. When a tree is cut down a seedling can be planted to replace it for future harvest. Oil is a nonrenewable resource. Oil is produced by nature over many millions of years, once the supply of oil is depleted, we cannot create more. … Differences in natural resources result in some of the standards of living differences among countries. The economic success of the United States is partly a result of the large supply of land for agriculture. Some Middle East count...

  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 6 of 23 … How is productivity determined? For Robinson Crusoe, fishing productivity factors include: -1- his amount and quality of fishing poles -2- any previous training in or experience with fishing techniques -3 - the size of the island’s fish supply -4- his ability to develop better fishing tools Each of these four are productivity determinants, and have counterparts in large economies. These determinants are called: -1- physical capital -2- human capital -3 - natural resources -4- technological advancement … -1- Physical Capital Workers are more productive if they have greater quantity and quality tools. The stock of equipment and structures used for production is called physical capital, or simply capital. For carpenters, the capital they use includes saws, lathes, and drill presses. More and better tools allow car...

  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...