Scot Wick Blog

  Comparative Advantage Even if a person or country is not best at making anything, they can still produce and prosper. … First watch this video, Comparative Advantage and the Tragedy of Tasmania. https://www.youtube.com/watch?v=cwx9fZOL81c … Mostly summarized from the Mankiw book: Suppose LeBron James can mow his lawn faster than anyone else. Should he mow his own lawn? James can mow his lawn in 2 hours. In that same 2 hours, he could film a television commercial for Nike and earn $50,000. … Dave, the boy next door, can mow James' lawn in 4 hours. In that same 4 hours, Dave could work at McDonald's and earn $40. James has an absolute advantage over Dave in mowing lawns because he can do the work in a smaller amount of time. But Dave has a comparative advantage in lawn mowing, because · James' opportunity cost of mowing the lawn is $50,000, not making the Nike commercial · Dave’s opportunity cost of mowing the lawn is $40, not working at McDonalds Rather than mowing his o

  Review of book Unhumans: The Secret History of Communist Revolutions (and How to Crush Them). Jack Posobiec. 2024. Kindle online sample. Section 1. From book introduction: The old rules are over. The old order is over. Accusations are evidence. Activism means bigotry and hate. Criminals are allowed to roam free. Citizens are locked up. An appetite for vengeance is unleashed—to deplatform, debank, destroy. This is the daily news, yet none of it’s new. Patterns from the past make sense of our present. They also FORETELL A TERRIFYING FUTURE WE MIGHT BE CONDEMNED TO ENDURE. … For nearly 250 years, far-left uprisings have followed the same battle plans -from the first call for change to last innocent executed -from denial a revolution is even happening to declaration of the new order Unhumans takes readers on a shocking, sweeping, and succinct journey through history to share THE UNTOLD STORIES OF RADICAL TAKEOVERS textbooks don’t teach. … And there is one conclusion: We're in a new

  Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 3 Markets and Welfare Chapter 8 of 36 Application: The Costs of Taxation Section 2 of 11 … Figure 1 – The Effects of a Tax A tax on a good places a wedge between the price buyers pay and the price sellers receive. With a tax on a good, the quantity demanded and supplied of the good falls. … Government enacts taxes raise revenue for its operation. That revenue must be paid by some or all people. Both buyers and sellers are worse off when a good is taxed. A tax increases the price buyers pay and decreases the price sellers receive. To understand how taxes affect economic well-being, we must compare the reduced welfare of buyers and sellers with the amount of revenue the government raises. …   We use the tools of consumer and producer surplus to make this comparison. When analyzing the taxation effect on consumer and producer surplus, we’ll see the cost of tax

  From article National Conservatism, Freedom Conservatism, and Americanism. John Fonte. July 2024. Section 2. [From previous article section 1: Modern American conservatism can be broken into three waves. The first wave , symbolized by William F. Buckley, Jr. and Ronald Reagan, lasted from the mid-1950s to the late 1980s early 1990s end of the Cold War. The second wave, symbolized by Paul Ryan and the two Bush presidencies, ran from the 1990s to 2016. The third wave , symbolized by Jeff Sessions and Donald Trump, is ongoing.] … The general view of FreeCon critics of National Conservatism seems to be NatCons depart radically from the first-wave conservative principles of Buckley and Reagan. But to a significant extent, NatCons seem closer in spirit to the legacy of first-wave conservatism than the FreeCons. For instance, there was a nationalist-populist overtone to the Reagan victory in 1980 . As Irving Kristol put it: “Reagan . . . came out of the West riding a horse, not a golf cart

  Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 3 Markets and Welfare Chapter 8 of 36 Application: The Costs of Taxation Section 1 of 11 … Chapter 8 Topics: The Deadweight Loss of Taxation How a Tax Affects Market Participants Deadweight Losses and the Gains from Trade The Determinants of the Deadweight Loss The Deadweight Loss Debate Deadweight Loss and Tax Revenue As Taxes Vary The Laffer Curve and Supply-Side Economics … … deadweight loss shijū sonshitsu 死重損失

  Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th ed. PART 3 Markets and Welfare Chapter 7 of 36 Consumers, Producers, and the Efficiency of Markets   Section 16 of 16 … In this chapter we have assumed markets are perfectly competitive. However, competition often is not perfect In some markets a single buyer or seller or a small group may be able to influence market prices. This ability to influence prices is called “market power.” Market power causes markets to be inefficient because it keeps the price and quantity away from the supply and demand equilibrium. … We also assumed outcome in a market only matters to the buyers and sellers in that market. But the decisions of buyers and sellers sometimes affect people who do not participate in the market. Pollutants emitted during production of a product affect not only those who make and use the product but everyone who breathes air or drinks water that has been polluted. These “externaliti