Scot Wick Blog

  Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 10 Money and Prices in the Long Run Chapter 30 of 36 Money Growth and Inflation Section 19 of 26 … Economists have identified several costs of inflation · shoe leather costs · menu costs · inflation-induced tax distortions · confusion and inconvenience · arbitrary redistribution of wealth All create relative price variability and the misallocation of resources. … Inflation-Induced Tax Distortions In general, taxes distort incentives. They cause people to change their behavior and create a less efficient allocation of resources. Taxes become even more problematic when there is inflation. Lawmakers often fail to take inflation into account when writing tax laws. Inflation raises the tax burden on income earned from savings. One example of how inflation discourages saving is the tax treatment of capital gains, which are the profits made by selling an asset for more than its purchase price. … Suppose in ...

  Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 10 Money and Prices in the Long Run Chapter 29 of 36 Money Growth and Inflation Section 18 of 26 … Economists have identified several costs of inflation · shoe leather costs · menu costs · inflation-induced tax distortions · confusion and inconvenience · arbitrary redistribution of wealth All these create confusion, waste of time and effort, and misallocation of resources. … Menu costs Costs of re-pricing are called menu costs, after a restaurant's cost of printing a new menu. Firms mostly do not change the prices of their products every day. Typically they set prices and leave them unchanged for weeks and longer. A survey found U.S. firms typically change prices once a year. Firms don’t want to change prices frequently because of the costs involved. … Menu costs include the cost of · setting new prices · marking new prices on products · printing and posting new price lists on catalogs and websites · de...

  Fumiko Scot's information: Weight at 166 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, able eat good food and get enough exercise. Now spend 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 back to Staine...

  “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 wou...