Scot Wick Blog

  Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 9 The Real Economy in the Long Run Chapter 25 of 36 Production and Growth Section 21 of 21 … Chapter 25 conclusion. Here we have discussed · what determines the standard of living in a nation · how government policies that promote economic growth can help raise the standard of living This chapter is summarized in one of the Ten Principles of Economics, #8: a country's standard of living depends on its ability to produce goods and services. Policymakers who want to encourage growth in living standards must · endeavor to increase their nation's productive ability · encourage rapid accumulation of factors of production · help ensure these factors are effectively employed … Economists have different views of government’s role in promoting economic growth. Most say most important is government must enforce property rights and maintain political stability. Some contend government should target and subsi...

  Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 9 The Real Economy in the Long Run Chapter 25 of 36 Production and Growth Section 20 of 21 … Things government can promote and strengthen to increase productivity and living standards include 1· saving and investment 2· investment from abroad 3· education 4· health and nutrition 5· property rights and political stability 6· free trade 7· research and development 8· population growth … 8· population growth, continued The on-going debate over the effects of a growing world population includes these topics: a· Stretching natural resources b· Diluting the capital stock c· Promoting technological progress … c· Promoting technological progress. Some economists contend world population growth has powered technological progress and economic prosperity. If there are more people there are more scientists, inventors, and engineers to contribute to technological advance. Economist Michael Kremer supported this hy...

  Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 9 The Real Economy in the Long Run Chapter 25 of 36 Production and Growth Section 19 of 21 … Things government can promote and strengthen to increase productivity and living standards include: 1· saving and investment 2· investment from abroad 3· education 4· health and nutrition 5· property rights and political stability 6· free trade 7· research and development 8· population growth … 8· Population growth The on-going debate over the effects of a growing world population includes these topics: a· Stretching natural resources b· Diluting the capital stock c· Promoting technological progress … b· Diluting the capital stock Some modern theorists of economic growth emphasize population growth effects on capital accumulation and use. According to these theorists high population growth reduces GDP per worker because fast growth in the number of workers forces a thin spread of the capital stock. Each worker...

  Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 9 The Real Economy in the Long Run Chapter 25 of 36 Production and Growth Section 18 of 22 … Things government can promote and strengthen to increase productivity and living standards include 1· saving and investment 2· investment from abroad 3· education 4· health and nutrition 5· property rights and political stability 6· free trade 7· research and development 8· population growth … 8· Population growth Social scientists including economists have long debated how population affects a society. The direct effect of an increasing size population is more producing and consuming of goods. But a larger population does not always mean a higher standard of living for a society. The on-going debate over the effects of a growing world population includes these topics: a· stretching natural resources b· diluting capital stock c· promoting technological progress … a. Stretching natural resources Thomas Robert M...

  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...