Scot Wick Blog

  Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 10 Money and Prices in the Long Run Chapter 30 of 36 Money Growth and Inflation Section 23 of 25 … The U.S. deflation in the late 1800s. ChatGPT: The United States experienced a period of deflation in the late 1800s, specifically during the latter part of the 19th century. This period of deflation is often referred to as the "Long Depression" or the "Great Deflation." It lasted from the mid-1870s to the mid-1890s and was characterized by a prolonged decrease in the general price level of goods and services, leading to economic challenges and social unrest. … Several factors contributed to the deflationary pressures during this period: 1-Technological Changes: The late 1800s saw significant technological advancements, particularly in agriculture and manufacturing. These advancements led to increased productivity, which in turn resulted in overproduction of goods. As supply outpaced demand...

  Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 10 Money and Prices in the Long Run Chapter 30 of 36 Money Growth and Inflation Section 22 of 24 … Economists have identified several costs of inflation · shoe leather costs · menu costs · inflation-induced tax distortions · confusion and inconvenience · arbitrary redistribution of wealth All create relative price variability and the misallocation of resources. … Arbitrary Redistributions of Wealth The costs of inflation occur even when inflation is steady and predictable. Inflation has an additional cost when it is not predicted. Unexpected inflation redistributes wealth among the population in a way not connected with either merit or need. Suppose Sam Student, to cover college expenses gets a $20,000 loan from Bigbank at a 7% interest rate. For simplicity all interest is to be paid when the loan is due for payback in 10 years. Sam will owe Bigbank $40,000 after his debt has compounded for 10 years at ...

  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...