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 2 of 15 … In 1931 the U.S. economy was in the Great Depression and the New York Yankees paid Babe Ruth an $80,000 salary. This pay was extraordinary for the time, even among baseball stars. In 2007 shortstop Alex Rodriguez earned $28 million and the median salary earned by a New York Yankees player was $4.8 million. This might make one think baseball has become hugely more lucrative over the past seventy years. But as we know the prices of goods have also risen. In 1931 a nickel would buy an ice-cream cone, and a quarter would buy a ticket at the local movie theater. Because prices were much lower in Babe Ruth's day, it’s not clear whether Ruth had a higher value salary than today's players. … Babe Ruth earned $80,000 with the Yankees in 1931. What would the equivalent today be? Gemini: To find the equivalent value, w...

  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 1 of 15 … Chapter 24 - Measuring the Cost of Living - Topics · How the Consumer Price Index is Calculated · Problems in Measuring the Cost of Living · Accounting for Quality Change · The GDP Deflator Versus the Consumer Price Index · Correcting Economic Variables for the Effects of Inflation · Real and Nominal Interest Rates · Interest Rates in the U.S. Economy … … Grok summary of Chapter 24: Measuring the Cost of Living This chapter explains how economists measure the cost of living and inflation using the Consumer Price Index (CPI), the most widely reported price index. The CPI tracks the cost of a fixed basket of goods and services bought by a typical consumer. It is calculated in five steps: ⦁ fix the basket based on consumer surveys, ⦁ find current prices each month ⦁ compute the total cost of the fixed basket ⦁ set ...

  Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 8 The Data of Macroeconomics Chapter 23 of 36 Measuring A Nation’s Income Section 15 of 15 … Table 3 shows for twelve major countries in year 2005 Gross Domestic Product (GDP) per person and three other measures of quality of life. Table 3a shows 2024updated information. … Chapter conclusion. Examining international data is a way to gauge usefulness of GDP as a measure of economic well-being. If a large GDP leads to a higher standard of living GDP would be strongly correlated with various quality of life measures. Table 3 lists twelve large countries ranked in order of GDP per person, showing · life expectancy, expected life span at birth · literacy, percentage of the adult population who can read · internet usage, percentage of the population that regularly uses the Internet … In rich countries · people can expect to live to about 80 · almost everyone can read · a half to two-thirds of everyone uses ...

  Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 8 The Data of Macroeconomics Chapter 23 of 36 Measuring A Nation’s Income Section 12 of 14 … Gross Domestic Product (GDP) does not directly measure things that make life better, but it does measure our ability to obtain the inputs that help make life better. Leisure, a major part of a good life, is left out of GDP. Suppose everyone in the economy started working every day of the week and did not take Saturday and Sunday off for leisure. More goods would be produced and GDP would rise. Despite the increase in GDP we would not conclude everyone is better off. … GDP uses market prices to value goods and services, so it excludes the value of activity outside markets. GDP omits the value of goods produced at home. When a chef prepares a meal and sells it at his restaurant, the value of the meal is included in GDP. If the chef prepares the same meal at home for his family, the value he has added to the raw in...

  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...