Scot Wick Blog

  Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 6 The Economics of Labor Markets Chapter 20 of 36 Income Inequality and Poverty Section 7 of 20 … Evaluations of income distribution often give an incomplete view of inequality because these three are not considered: 1· in-kind transfers 2· economic life cycle 3· transitory versus permanent income … 3· Transitory (not permanent) versus permanent income Incomes vary over people's lives because of · predictable life cycle variation · random and transitory forces Transitory: For example, if this year there is frost damage to oranges in Florida, it · causes Florida orange growers’ incomes to fall temporarily · drives up orange prices nationwide · causes California orange growers’ incomes to rise temporarily However, next year the situation could reverse. … Permanent: A family's ability to buy goods depends mainly on its more predictable permanent income, which is its normal, or average, income. To measu...

  Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 6 The Economics of Labor Markets Chapter 20 of 36 Income Inequality and Poverty Section 6 of 20 … Evaluations of income distribution often give an incomplete view of inequality because these three are not considered: 1· in-kind transfers 2· economic life cycle 3· transitory versus permanent income … 1· In-kind transfers, received mostly by the poorest members of society are transfers to the poor of goods and services rather than cash. Through government programs the poor receive many nonmonetary items including housing vouchers, Supplemental Nutrition Assistance Program (“food stamps”), and medical services. According to a Census Bureau study if in-kind transfers were included in income at market value the number of families in poverty would be about 10% lower than standard data indicate. 2· Economic life cycle Incomes vary over people's lives, typically income · for a young worker is low · rises as the...

  Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 6 The Economics of Labor Markets Chapter 20 of 36 Income Inequality and Poverty Section 5 of 20 … Figure 2 – The Poverty Rate The poverty rate shows the percentage of the U.S. population with incomes below a government-designated level called the poverty line. … The poverty rate is commonly used to gauge income distribution. The poverty rate is the percentage of the population whose family income falls below a designated level called the poverty line. The poverty line is set by the federal government at about three times the cost of food for a family for an adequate diet. In 2005 / (2024 – added) · the median family had an income of $56,194 / $83,730 · the poverty line for a family of four was $19,971 / $32,150 · the poverty rate was 12.6 percent / 12.9 percent … Figure 2 shows the poverty rate since 1959, at the beginning of collection of official data. The poverty rate fell from 22.4 percent in 1959 ...

  Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 6 The Economics of Labor Markets Chapter 20 of 36 Income Inequality and Poverty Section 4 of 20 … Figure 1 - Inequality around the World This figure shows a measure of inequality · the income (or expenditure) that goes to the richest 10% of the population · divided by the income (or expenditure) that goes to the poorest 10% Among these nations · Japan and Germany have the most equal distribution · South Africa and Brazil have the least equal distribution Table A shows GDP per capita estimates. … Countries collect income data in different ways, including · on individual incomes · on family incomes · on expenditure rather than income So, whenever data shows an income difference between two countries we can never be sure whether it reflects an accurate measure of income differences or just a difference in data collection. … Figure 1 shows a comparison of inequality in twelve countries. The inequality measu...

  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 wou...