Scot Wick Blog

  Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 4 The Economics of the Public Sector Chapter 10 of 36 Externalities Section 18 of 18 … Economic externalities, summary. Mostly from ChatGPT: Economic externalities refer to the costs or benefits that affect third parties who are not directly involved in a transaction or activity. These can be positive or negative. They occur when the actions of individuals or firms have unintended side effects on others, leading to market outcomes that are not socially optimal. … The Two Types of Economic Externalities -Negative Externalities: Occur when an activity imposes costs on third parties. Examples: Air pollution from factories affecting nearby residents. Traffic congestion caused by excessive driving. Noise pollution from construction. -Positive Externalities: Occur when an activity generates benefits for third parties. Examples: Education improving society’s overall productivity. Vaccination reducing the spread

  Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 4 The Economics of the Public Sector Chapter 10 of 36 Externalities Section 17 of 18 … The Coase theorem states the private market in some cases can deal with externalities effectively. If private parties can bargain over the allocation of resources at no cost the private market, they will solve the problem of externalities and allocate resources efficiently. … Suppose Dick owns a dog “Bud.” Bud barks and disturbs neighbor Jane. Dick benefits from owning the dog but it imposes a negative externality on Jane. There are two possible outcomes · Dick gives up Bud · Jane continues to suffer from the noise of Bud's barking … A social planner considering the two alternatives would compare the benefit Dick gets from the dog to the cost Jane bears from the barking. If the benefit exceeds the cost it is efficient for Dick to keep the dog and Jane to endure the barking. If Jane’s cost exceeds Dick’s benefit he m

  Picture 241005 Weight at 166 pounds, got to 160 pounds five years ago and have been bouncing between 157 and 168 since. 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. Over the years 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, get enough exercise, and now am spending most time reading and writing. Our Wick branch goes back to the brother of owner of Wick House in Morristown New Jersey and on back to Staines England. Have lived here in Munste

  “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

  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 have fo