Scot Wick Blog

  Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 8 The Data of Macroeconomics Chapter 24 of 36 Measuring The Cost of Living Section 9 of 15 … (This article here in chapter) An Inflation Debate Brews over Intangibles at the Mall, by Timothy Aeppel, May 9, 2005. Accounting for Quality Change. Behind every macroeconomic statistic are thousands of individual data pieces, and a few key judgments. To most people, when the price of a 27-inch television set remains $329.99 from one month to the next, the price hasn't changed. But not to Tim LaFleur. He's a commodity specialist for televisions at the Bureau of Labor Statistics, the government agency that assembles the Consumer Price Index (CPI). In this case he decided the newer set had important improvements, including a better screen. After running the changes through a complex government computer model, he determined the improvement in the screen was valued at more than $135. Factoring that in, he concl...

  Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 8 The Data of Macroeconomics Chapter 24 of 36 Measuring The Cost of Living Section 8 of 15 … Three widely acknowledged difficult to solve problems with the consumer price index (CPI) are -1- Substitution bias -2- Introduction of new goods bias -3- Unmeasured quality change bias … -3- Unmeasured quality change bias If the quality of a good increases from one year to the next and its price remains the same, the value of a consumer’s dollar increases because you are getting a better good for the same money. The Bureau of Labor Statistics (BLS) attempts to account for quality change when the quality of a good in the basket changes. In effect, the BLS tries to compute the price of a constant-quality basket of goods. Quality changes are problematic because dollar value of the changes is hard to measure. … Among economists there is much on-going debate over how severe these three measurement problems are and ...

  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...