Scot Wick Blog

  Figure 3 here … Figure 3 - A Shift in the Production Possibilities Frontier A technological advance in the computer industry enables the economy to produce more computers for any given number of cars. The production possibilities frontier shifts outward, from inner curve to outer curve. When the economy moves from point A to point G the production of both cars and computers increases. … A production possibilities frontier graph shows the trade-off between the outputs of different goods at a given time and technology. But the trade-off can change over time, per Figure 3. Suppose a technological advance in the computer industry raises the number of computers a worker can produce per week. This advance expands the economy’s set of opportunities, moving the economy from the blue inner curve to the red outer curve. When producing 650 cars before could only have 2100 computers but now can have 2300. At any number of cars except 1000, the economy now can make more computers. This econom...

  Dems are afraid zei will have to stop cheating, Reps are afraid they'll have to start cheating.

  Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART I Introduction Chapter 2 of 36 Thinking Like An Economist Section 6 of 13 … Figure 2 here … Restated from Chapter 1, the ten principles of Economics: 1: people face trade-offs 2: the cost of something is what you give up to get it 3: rational people think at the margin 4: people respond to incentives 5: trade can make everyone better off 6: markets are usually a good way to organize economic activity 7: governments can sometimes improve market outcomes 8: a country's standard of living depends on its ability to produce goods and services 9: prices rise when the government issues too much money 10: society faces a short-run trade-off between inflation and unemployment … One of the Ten Principles, #1: people face trade-offs. Per Figure 2, when the economy moves from point A to point B society produces 100 more cars at the expense of producing 200 fewer computers. This trade-off shows another of the Ten Pr...

  From article From Russian Collusion to “Bloodbath”—A Decade of Toxic Hysteria. Victor Davis Hanson. March 10, 2024. Ever since late June 2015—following Donald Trump’s announcement he was running for president, and his voicing of controversial agendas (on tariffs, China, illegal immigration, foreign policy, NATO, etc.)—LEFTWING TOXIC HYSTERIA HAS BEEN THE NORM. … IN THE LAST TEN YEARS, WE’VE WITNESSED the Russian collusion hoax, calls from military officers and analysts for extra-legal interventions and coups, the Alfa ping hoax, the drink bleach hoax, the “suckers” D-Day hoax, the celebrities’ contest about the best way to decapitate, stab, blow up, shoot, or incinerate Trump, the 2016 leftwing postelection effort to turn state electors into “faithless” apostates to elect Hillary, the nutty Mark Milley call to his Chinese counterpart, the Antifa/BLM riotous months of 2020 and effort to storm the White House grounds, the two first-term impeachments, the laptop “Russian disinformat...

  Posted 240326T, 200917, 151112 Mostly summarized from Gregory Mankiw’s Principles of Economics, 5 th Ed. PART I   Introduction Chapter 2 of 36 Thinking Like An Economist Section 5 of 13 … Figure 2 here …   Figure 2 - The Production Possibilities Frontier The production possibilities frontier shows the combinations of output the economy can possibly produce, in this example cars and computers. The economy can produce any combination on or inside the frontier. Points outside the frontier are not possible given the economy's resources. … If the economy of Figure 2 uses all its resources · making cars, it will produce 1,000 cars and no computers · making computers, it will produce 3,000 computers and no cars More likely, the economy divides its resources between the two industries. This results in the economy being on other points on the production possibilities frontier, such as · poi...

  From book Slouching Towards Utopia: An Economic History of the Twentieth Century. Bradford DeLong. 2022. Kindle online sample. Section 1. From introduction: Before 1870, almost all of humanity lived in dire poverty, with a slow crawl of invention offset by a growing population. THEN CAME A GREAT SHIFT: INVENTION SPRINTED FORWARD, DOUBLING OUR TECHNOLOGICAL CAPABILITIES EACH GENERATION and utterly transforming the economy again and again. Our ancestors would have presumed we would have used such powers to build utopia. But it was not so. … When 1870–2010 ended, the world instead saw global warming, economic depression, uncertainty, and inequality, and broad rejection of the status quo. Economist Brad DeLong’s Slouching Towards Utopia tells the story of how this UNPRECEDENTED EXPLOSION OF MATERIAL WEALTH OCCURRED, HOW IT TRANSFORMED THE GLOBE, AND WHY IT FAILED TO DELIVER US TO UTOPIA. Of remarkable breadth and ambition, it reveals the last century to have been less a march of prog...

  Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART I Introduction Chapter 2 of 36 Thinking Like An Economist Section 4 of 14 … Figure 1 here … Figure 1 is a representation of the organization of the economy. Households and firms interact both in · the markets for goods and services, where households are buyers and firms are sellers · the markets for the factors of production, where firms are buyers and households are sellers The outer loop shows the flow of dollars. The inner loop shows the flow of inputs and outputs. The economy consists of millions of people engaged in many activities including buying, selling, working, hiring, and producing. … In Figure 1 the economy is simplified to include only two types of decision makers, firms and households. Firms · produce and sell goods (and services) · hire and use factors of production Households · buy and consume goods · own and sell factors of production … In markets for goods · firms sell goods · househo...