Lynn Chu 7 h · This world today is like living in a Hieronymus Bosch. (own comment): Zat be zeir not our needed blue anarchy. We only need agree on tHAT future Forward-structure. Zei only need to doff and scoff.
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“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 h
Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 13 Final Thoughts Chapter 36 of 36 Five Debates over Macroeconomics Policy Section 2 of 15 … Every day on TV, online or at other sources we can find politicians and opinion writers advocating changes in economic policy, for example: · the president should or should not raise taxes to reduce the budget deficit · the Federal Reserve should or should not cut interest rates to stimulate a slow economy · Congress should or should not reform the tax system to promote faster economic growth Such economic issues are central in the continuing political debates in the United States and all countries. … This final chapter considers five classic macroeconomic policy questions. Economists have long debated these questions, and the debates will likely continue indefinitely. The knowledge you’ve accumulated up to here has provided background with which we can discuss these important issues. The five debates over macroeco
Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 13 Final Thoughts Chapter 36 of 36 Five Debates over Macroeconomics Policy Section 1 of 15 … Chapter 36 - Topics Should Monetary and Fiscal Policymakers try To Stabilize the Economy? Pro: Policymakers Should Try To Stabilize the Economy Con: Policymakers Should Not Try To Stabilize the Economy Should Monetary Policy Be Made By Rule Rather Than By Discretion? Pro: Monetary Policy Should Be Made By Rule Con: Monetary Policy Should Not Be Made By Rule Inflation Targeting Should the Central Bank Aim For Zero Inflation? Pro: The Central Bank Should Aim For Zero Inflation Con: The Central Bank Should Not Aim For Zero Inflation Should the Government Balance Its Budget? Pro: The Government Should Balance Its Budget Con: The Government Should Not Balance Its Budget Dealing With Deficits Should the Tax Laws Be Reformed To Encourage Saving? Pro: The Tax Laws Should Be Reformed To Encourage Saving Con: The Tax Laws Sh
Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 12 Short Run Macroeconomic Fluctuations Chapter 35 of 36 The Short-Run Trade-Off Between Inflation and Unemployment Section 8 of 8 … Central banks try to dampen expectations of inflation to try to keep a better short-run trade-off between inflation and unemployment. This article here in book. The Fed Focuses on Inflation Expectations and Tries to Stem Self-Fulfilling Prophecies By Christopher Conkey, 2005 Over the next couple of days, the U.S. government will issue closely watched estimates of how much prices rose last month at the wholesale and retail levels. Nearly as important for the Federal Reserve - and therefore, for financial markets and the interest rates that ordinary Americans pay on their debts and receive on their savings - is how much consumers and markets expect inflation to rise down the road. … Inflation expectations have become increasingly important to monetary policy in recent years. Wh
From article Why the elites fear democracy. Tom Slater. January 13, 2024. ‘2024 IS THE YEAR OF ELECTIONS AND THAT’S A THREAT TO DEMOCRACY.’ If you had to sum up the ideology of Western elites in one headline, you’d struggle to beat that one – from a recent Bloomberg piece about the apparent horrors that await us in the next 12 months. … BLOOMBERG ISN’T THE ONLY JOURNALISTIC OUTLET CHILLED TO THE BONE BY WHAT REALLY SHOULD BE A CAUSE FOR CELEBRATION. Namely, this year represents a historic high point for democracy. In 2024, almost half the world will go to the polls, with elections in at least 64 countries, plus the EU. In all, that’s more voters voting than in any year ever. The first big one is taking place in Taiwan as I type. … Such is the deep distrust of democracy among our supposedly enlightened elites. THE PROSPECT OF BILLIONS OF THE WORLD’S PLEBS BEING GIVEN THE OPPORTUNITY TO STEER THEIR RESPECTIVE NATIONS, all at once, is enough to make the professional opinion-havers of Lo
Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 12 Short Run Macroeconomic Fluctuations Chapter 35 of 36 The Short-Run Trade-Off Between Inflation and Unemployment Section 7 of 21 … Figure 4 here … Figure 4 - How the Long-Run Phillips Curve Is Related to the Model of Aggregate Demand and Aggregate Supply … Figure 4 shows panel (a) vertical long-run aggregate-supply curve and panel (b) vertical long-run Phillips curve result from the same information. In panel (a) · an increase in the money supply · shifts the aggregate demand curve right from AD1 to AD2 · the long-run equilibrium moves from point A to point B · price level rises from P1 to P2 Because the aggregate supply curve is vertical, output is the same at A and B. … In panel (b) an increase in the money supply raises the inflation rate by moving the economy from point A to point B. Because the Phillips curve is vertical, the rate of unemployment is the same at A and B. The vertical long-run aggre
Today's happy hour book, with a martini... Puerto Rico: What Everyone Needs to Know®: Duany, Jorge: 9780190648701: Amazon.com: Books Munoz Marin Chat GPT: Luis Muñoz Marín (1898-1980) was a prominent Puerto Rican politician and the first democratically elected Governor of Puerto Rico. He served as Governor from 1949 to 1965. Muñoz Marín was a key figure in the development of the Commonwealth of Puerto Rico and played a significant role in advocating for greater self-government and autonomy for the island. During his tenure as Governor, Muñoz Marín implemented a series of social and economic reforms known as the "Operation Bootstrap" program. This initiative aimed to modernize Puerto Rico's economy and improve the living conditions of its residents. It included efforts to industrialize the island, improve education, and provide better healthcare services. Luis Muñoz Marín was a member of the Popular Democratic Party (Partido Popular Democrático) and is often referred
David Ricardo (1772-1823) was a British economist and one of the most influential figures in the history of economic thought. He is best known for his work on international trade and the theory of comparative advantage. Here are some key points about David Ricardo: Theory of Comparative Advantage: Ricardo's most famous contribution to economics is the theory of comparative advantage, which he developed in his book "Principles of Political Economy and Taxation" (1817). This theory argues countries should specialize in producing goods in which they have a comparative advantage (the ability to produce a good at a lower opportunity cost) and trade with other nations. This concept laid the foundation for modern international trade theory. Labor Theory of Value: Ricardo also worked on the labor theory of value, which suggests the value of a commodity is determined by the amount of labor required to produce it. This theory had a significant impact on classical economics and in
Is it a problem if a U.S. state has an interstate trade deficit? Chat GPT: Having an interstate trade deficit at the state level is not necessarily a problem in and of itself. Trade deficits can occur for a variety of reasons and may not always indicate economic troubles for a state. Here are some points to consider: Specialization: States often specialize in producing certain goods and services, and they may import goods that are more efficiently produced elsewhere. This specialization can lead to trade deficits but can also enhance economic efficiency. Economic Structure: The economic structure of a state, including its industries and resources, can influence trade balances. Some states may rely heavily on certain industries that naturally lead to trade deficits. Consumer Preferences: Consumer preferences within a state can also affect trade balances. If residents of a state prefer to buy products that are primarily produced in other states, it can result in a trade deficit. Econom
New free trade agreement = new production technology First, watch this short video: “Make Progress, Not Work” https://www.youtube.com/watch... … A new free trade agreement allowing more automobile imports causes · 10,000 workers in the U.S. to lose their jobs, each losing $50,000 yearly · total yearly wages lost is $500 million But the new free trade agreement allows per year · 1,000,000 consumers in the U.S. to save $1000 per car · total money saved (and spent on other products) $1 billion Which group would loudly complain about the situation? Workers. Which group would smile and consider it a nice situation? Consumers. Which group would politicians and the media focus on? Workers. … Now, substitute “new production technology” for “new free trade agreement.” The effect and results are the same if the trade agreement has gone into effect or a new production technology is implemented. Neither workers nor politicians would complain, instead saying “we cannot be against technological pr