20 NOV 2018 by ideonexus

 The Economic and Cultural Divide in America

For most of the last century, wages in poorer parts of America rose faster than wages in richer places, as inventions were put to work in the hinterlands. After Henry Ford invented the Model T, for example, workers on assembly lines all over the Midwest built it. Now it’s just the opposite. Bright young people from all over America, typically with college degrees, are streaming into the talent hubs of America—where the sum of their capacities is far greater than they’d be separately. ...
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20 OCT 2018 by ideonexus

 Today's Wants Become Tomorrow's Needs

"The pie keeps growing because things that look like wants today are needs tomorrow," argued Marc Andreessen, the Netscape cofounder, who lelped to ignite a whole new industry, e-commerce, that now employs mil)ns of specialists around the wodd, specialists whose jobs weren't even lagined when Bill Clinton became president. I like going to coflfee shops occasionally, but now that Starbucks is here, I need my coffee, and that new need has spawned a whole new industry. I always wanted to be able...
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05 MAY 2018 by ideonexus

 “Judge the value of what you have by what you had to gi...

The principle of an opportunity cost does not at first glance seem hard to understand. If you spend half an hour noodling around on Twitter, when you would otherwise have been reading a book, the lost book-reading time is the opportunity cost of the tweeting. If you decide to buy a fancy belt for £100 instead of a cheaper one for £20, the opportunity cost is the £80 shirt you could otherwise have bought. Everything has a cost: whatever you were going to do instead, but couldn’t. [...] ...
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12 DEC 2017 by ideonexus

 Credit is Trust in the Future

We’ve already seen that money is an astounding thing because it can represent myriad di
Folksonomies: economics futurism credit
Folksonomies: economics futurism credit
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01 MAR 2016 by ideonexus

 Economic Principles for Students

Here are some examples of the principles that teachers can use to expand concepts presented in formal course material. These principles don't have to be taught in the context of any particular class. It's an empirical question. This is a comment that ought to terminate many more conversations than it does. For many of the questions and issues we discuss, there is an answer available. Look it up and see. There's no point in discussing the merits of taking multivitamins when there are several ...
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13 MAR 2015 by ideonexus

 Phonetic Spelling Saves Time and Effort Through Fewer Let...

Simplified spelling means shorter spelling. Of the 32 Rules printed in Part 3 of this Handbook, 27 drop letters from words as now speld; 3 involv trans- positions of letters to reconcile conflicting analogies; and 2 involv substitutions of one letter for another, with the same object. In no instance has the Board recommended a change involving the addition of a let- ter to a word. Further simplifications wil result in fur- ther abbreviations. A completely fonetic sistem of notation, ...
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08 MAR 2015 by ideonexus

 High Rates of Return on College Education Comes with High...

Attending college has been considered one of the most protable investments, annualized returns ranging from 8% to 13% (Card 1999). I utilize a simple approach, as in Mehra and Prescott (1985), to quantify how much of the excess return to college is explained by its risk. I also explore the role played by heterogeneous ability by developing a life-cycle model with endogenous enrollment and analyzing the dropout risk effect on college returns. Under the risk premium approach, the permanent inc...
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30 JAN 2015 by ideonexus

 The Big and the Little

And Mallow laughed joyously, "You've missed, Sutt, missed as badly as the Commdor himself. You've missed everything, and understood nothing. Look, man, the Empire can replace nothing. The Empire has always been a realm of colossal resources. They've calculated everything in planets, in stellar systems, in whole sectors of the Galaxy. Their generators are gigantic because they thought in gigantic fashion. "But we, – we , our little Foundation, our single world almost with...
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24 JAN 2015 by ideonexus

 The Soviet Union, Von Neuman Predictions, and Computers

I have a friend, a young American physicist, who spent a year doing theoretical physics in the Soviet Union. He likes to go to the Soviet Union, not because it is a good place to do physics, but because it is a good place to observe the human comedy. When he went back to Leningrad recently for a shorter visit, he received a proposal of marriage and was called in twice for questioning by the KGB, all within the first week. He speaks fluent Russian, and the KGB people find it difficult to belie...
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24 JAN 2015 by ideonexus

 Economic Forecasting VS Science Fiction Predictions

There are two ways to predict the progress of technology. One way is economic forecasting, the other way is science fiction. Economic forecasting makes predictions by extrapolating curves of growth from the past into the future. Science fiction makes a wild guess and leaves the judgment of its plausibility to the reader. Economic forecasting is useful for predicting the future up to about ten years ahead. Beyond ten years it rapidly becomes meaningless. Beyond ten years the quantitative chang...
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