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 5 of 23 … Explaining the large variation in living standards around the world is easy and can be summarized in one word: productivity — unit of output per unit of input. We can develop an example of productivity based on the novel Robinson Crusoe, about a sailor marooned on a desert island. Crusoe catches his own fish, grows his own vegetables and makes his own clothes. By examining Crusoe's simple economy, we learn lessons that apply to realistic, complex economies. … Productivity determines Crusoe's standard of living. Productivity is the quantity of goods produced from each unit of labor input. In Crusoe’s case the unit is simply the amount of time needed to produce something. If Crusoe is quick at catching fish, growing vegetables, and making clothes, his standard of living is high. If he is slow at these, he liv...

  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 4 of 23 … The all-time richest American was John D. Rockefeller, the oil entrepreneur who lived from 1839 to 1937. Calculations show his wealth today would be equivalent of $200 billion, more than twice Warren Buffett, who is today's (in 2006) richest American. But Rockefeller did not enjoy many of the conveniences we now take for granted. He couldn't watch TV, use a cell phone, surf the Internet, or send e-mail. During the summer heat, he didn’t have air conditioning to cool his home. For much of his life he didn’t have electricity and couldn't travel by car or plane. If he became ill, there weren’t medicines such as antibiotics doctors today commonly use to enhance and prolong life. How much money would you have to be paid to for the rest of your life do without all the modern conveniences unavailable to Rockef...

  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 3 of 23 … Table 1 shows real GDP per person data for thirteen countries. Beginning year varies because of data availability. United States year 2006 income per person $44,260 is · about six times China’s $7740 · about twelve times India’s $3800 The poorest countries in 2006 have income levels the rich countries had many decades ago. The typical person in India in 2006 had less real income ($3800) than the typical resident of England in 1870 ($4502). The typical person in Bangladesh in 2006 had about two-thirds the real income ($2340) of a typical American a hundred years ago ($3752). … The Table 1 last column shows each country's growth rate over the time period. In the United States · real GDP per person was $3,752 in 1870 · real GDP per person $44,260 in 2006 · the growth rate was 1.83 percent per year Japan is atop...

  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 2 of 23 … The average income in a rich country including the United States, Japan, and Germany is more than ten times the average income in a poor country including India, Indonesia, Nigeria. People in richer countries have better nutrition, housing, sanitation, healthcare, longer life expectancy, and more automobiles, telephones, televisions. Over time, within a country there can be large standard of living changes . … Over the past century in the United States average income, as measured by real GDP per person, has grown yearly by about two percent. Although two percent might seem small, per the “rule of 72” where you divide 72 by the rate of growth a two percent growth rate means average income doubles about every 35 years. This has resulted in average income today in the U.S. of about eight times that of a century a...

  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...