Scot Wick Blog

  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 15 … Gross Domestic Product (GDP) has been called the best single measure of a society’s economic well-being. GDP measures the economy's total income and total expenditure on goods and services. Dividing GDP by the population number gives us income and expenditure of the average person. Level of GDP and growth rate of GDP are main measures of economic well-being. … Some say GDP does not measure quality of life. People of some poor countries poll as being happier than people in rich countries. So, why do we care about GDP? In fact, a large GDP does help us lead a good life. GDP does not measure our children’s health, but nations with larger a GDP can afford better healthcare for children. GDP does not measure education quality, but nations with a larger GDP can afford better education systems. GDP does not measure t...

  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 11 of 15 … Figure 2 - Real GDP in the United States “Real” means inflation-adjusted, “nominal” means non-inflation adjusted. This figure shows quarterly data on real GDP for the U.S. economy since 1965. The shaded vertical bars indicate recessions, which are periods of declining real GDP. … Note - Figure 2 is from the 5th edition of the Mankiw textbook published in 2008, before the 2008~2009 recession. Figure 2a includes recent years information. … Figure 2 data shows how real GDP grows over time. 2007 real GDP was almost four times higher than 1965. U.S. average real GDP growth has been 3.2 percent per year from 1965 to 2007. Figure 2 shows at times GDP growth is interrupted by periods of declines, called recessions. Recessions are generally considered to be a decline of real GDP over two consecutive quarters. A main acti...

  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...