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  Producer surplus is the price a producer sells its product for in excess of the cost of production, this is profit. Total surplus = consumer surplus + producer surplus = total economic gain. For an economy maximizing total surplus should be the goal. It doesn’t matter if consumer surplus or producer surplus is greater. … In Figure 1: Before country “Hereland” opens up to allow imports, Product X is only supplied to consumers in Hereland by producers located in Hereland: · price of X is $10 · quantity supplied of X is 20 units · consumer surplus is area A · producer surplus is areas B + C Hereland is adhering to a strict “Buy Hereland” policy, no imports allowed. … Economists in Hereland convince politicians to begin allowing imports of product X from other country “Thereland.” Thereland producers have lower costs and are able to supply X at price of $6. When imports are allowed price of X in Hereland drops from $10 to $6. Total quantity supplied and consumed of X in Hereland incr...
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  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 15 of 20 … Here we review some of the options policymakers consider to reduce poverty and provide a safety net · minimum wage laws · welfare · negative income tax · in-kind transfers … Welfare One way to reduce poverty is for the government to supplement the incomes of the poor. The government mainly does this is with the welfare system. “Welfare” is a term applied to various government income-supplement programs. … [as of 2007…] Temporary Assistance for Needy Families (TANF) is a program that assists families with children and no adult supporting the family. In a typical family receiving this assistance the father is absent and the mother is raising small children. Supplemental Security Income (SSI) provides assistance to the poor who are sick or disabled. For both of these welfare programs, a poor person · does not...
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  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 14 of 20 … Political philosophers have various views about what role government should take regarding distribution of income. Most people believe at the very least government should · try to help the most needy · provide a "safety net" to prevent anyone from falling too far … Here we will review some of the options policymakers consider to reduce poverty and provide a safety net · minimum wage laws · welfare · negative income tax · in-kind transfers … Minimum wage laws Advocates of a mandated minimum wage view it as a way of helping the working poor without any government cost, because employers pay. Critics view it as harming those it is intended to help because, per Figure 5, it creates unemployment. A high minimum wage · forces the wage above the level that balances supply and demand · raises the cost of lab...
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  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 13 of 20 … What should government do about economic inequality? Views on this question are largely a matter of political philosophy. Three prominent schools of thought in political philosophy are · utilitarianism · liberalism · libertarianism … Libertarianism The two previous schools of thought, utilitarianism and liberalism, both view the total income of society as a resource to be shared. In these views a social planner can redistribute to achieve social goals. Libertarians argue society itself earns no income, only individual members of society do. The government should not take from some individuals and give to others to achieve any distribution goals. Philosopher Robert Nozick in his 1974 book “Anarchy, State, and Utopia” wrote we are not children who have been given portions of pie by someone who then makes fin...
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  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 12 of 20 … What should government do about economic inequality? Views on this question are largely a matter of political philosophy. Three prominent schools of thought in political philosophy are · utilitarianism · liberalism · libertarianism … Liberalism Philosopher John Rawls in his 1971 book “A Theory of Justice” begins with the liberalism premise: a society's institutions, laws, and policies should be just. Next, the question: how can the members of society ever agree on the meaning of justice? It might seem every person's point of view of justice is based on their own circumstances, e.g. level of talent and education, and personal experiences. … Rawls proposes the following thought experiment to answer the question of “can we ever objectively determine what a just society would be?” Imagine before any of us ...
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Scot and Fumiko pictures and information

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  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...
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