Scot Wick Blog

  Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 9 The Real Economy in the Long Run Chapter 28 of 36 Unemployment Section 14 of 21 ...   In this chapter we discuss four explanations for long-run unemployment -1- frictional unemployment -2- minimum wage laws -3 - unions and collective bargaining -4- efficiency wages … -3 - Unions and Collective Bargaining A union is a workers association which as a group bargains with employers regarding wages, benefits, and working conditions. Today, in 2007, only 12 percent of U.S. workers belong to unions. (In 2025 it was 10 percent). At the peak in the 1950s, about a third of the U.S. labor force was unionized. ... In many European countries unions continue to play a larger role. In Belgium, Norway, and Sweden more than half of workers belong to unions. In France and Germany a majority of workers by law have wages set by collective bargaining effecting both union members and non-members. ... For unioni...

  Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 9 The Real Economy in the Long Run Chapter 28 of 36 Unemployment Section 13 of 21 … In 2006, the Department of Labor released a study of what workers reported earnings at or below the federally-mandated minimum wage, which in 2006 was $5.15 per hour. A wage below the minimum is possible because · some workers are exempt from the statute · enforcement is imperfect · some workers round down to $5.00 when reporting their wages Of workers paid hourly wages, about 2% of men and 3% of women reported wages at or below the federal minimum wage. A summary of the findings follows. ... Minimum-wage workers are largely the young. About half of all hourly paid workers earning the minimum wage or less were under age 25, and about one-fourth were age 16-19. Among employed teenagers 8% earned $5.15 or less compared with 1% of workers age 25 and older. ... Minimum-wage workers tend to be less educated. Among hourly paid...

  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...