Scot Wick Blog

  Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 3 Markets and Welfare Chapter 9 of 36 Application: International Trade Section 17 of 18 … In 2008, the Los Angeles Times asked the American public: "Generally speaking, do you believe free international trade has helped or hurt the economy, or hasn't it made a difference to the economy one way or the other?" Survey results: · 27 percent said free international trade helped · 44 percent said it hurt · 29 percent said it made no difference or they were unsure Economists mostly support free international trade. They know free trade allocates production efficiently and raises living standards. The United States is an ongoing experiment that confirms the virtues of free trade. The U.S. allows unrestricted trade and assets movement among the states and has greatly benefited from the resulting specialization and efficiencies. Each state does what it does best and does not try to do everything. The ec

  Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 3 Markets and Welfare Chapter 9 of 36 Application: International Trade Section 16 of 18 … A country can take one of two approaches to achieving free trade. -Unilateral approach: Remove its trade restrictions on its own. This is what Great Britain did in the 1800s, and Chile and South Korea have done in recent years. -Multilateral approach: Reduce its trade restrictions at the same time other countries do. In this case, a country bargains with other countries to mutually reduce trade restrictions. … Two examples of the multilateral approach: The North American Free Trade Agreement (NAFTA), starting in 1993 reduced trade barriers among the United States, Canada, and Mexico. The General Agreement on Tariffs and Trade (GATT), an on-going series of negotiations among countries around the world to reduce trade restrictions. GATT was founded in 1947, mainly in response to the high tariffs imposed during the 1930s

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  Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 3 Markets and Welfare Chapter 9 of 36 Application: International Trade Section 15 of 19 … List of main arguments for trade restrictions 1· jobs argument 2· national security argument 3· infant industry argument 4· unfair competition argument 5· protection as a bargaining chip argument … 5· Protection as a bargaining chip argument Policymakers often argue trade restrictions are useful for trade bargaining. Isoland can threaten to impose a tariff on textiles unless Neighborland removes its tariff on wheat from Isoland. If Neighborland then removes its tariff, the result is freer trade and both countries benefit. But, if Neighborland still does not remove its tariff, Isoland must choose between two bad options: · carry out its threat and implement the trade restriction · back down from its threat … Per Figure A Isoland should not retaliate against Neighborland’s import tariff with its own import tariff, nor ev

  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