Scot Wick Blog

  Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 8 The Data22 of Macroeconomics Chapter 24 of 36 Measuring The Cost of Living Section 5 of 15 … Figure 1 – The Typical Basket of Goods and Services This figure shows how the typical consumer divides spending among various categories of goods (and services). The Bureau of Labor Statistics, when constructing the consumer price index: tries to: · include all the goods the typical consumer buys · weight these goods by how much consumers buy of each … Per Figure 1 Housing is the largest category, 43% of the typical consumer's budget. This category includes: · cost of shelter, 33% · fuel and other utilities, 5% · household furnishings and operation, 5% Transportation is 17%, includes for cars, gasoline, buses, trains, and subways. Food and beverages is 15%, includes: · food at home, 8% · food away from home, 6% · alcoholic beverages, 1% These three are about 6% each: · medical care · recreation · education and...

  Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 8 The Data22 of Macroeconomics Chapter 24 of 36 Measuring The Cost of Living Section 4 of 15 … The Bureau of Labor Statistics (BLS) uses data of prices of thousands of goods to calculate the consumer price index (CPI) measure of inflation. Here we continue consideration of a simple economy where consumers buy only two goods, hot dogs and hamburgers. 1. Establish the basket of goods 2. Find the price of each good for each year 3. Compute the basket's cost for each year 4. Choose a base year and compute the CPI 5. Compute the inflation rate … ·Step 4· Choose a base year and compute the index Designate one year as the base year, here 2008. This is a base against which other years are compared, most often the first year. Once the base year is chosen the index is calculated as follows. In the Table 1 example 2008 is the base year. In 2008, the basket of hot dogs and hamburgers costs $8. So, the price of the ...

  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...