Home
- 127economics,
- 41TravelandAdventure,
- 31Economicsclasses,
- 30firefox:bookmarks,
- 28EconomicsLinks,
- 28travel,
- 25JobSearch,
- 22education,
- 17AsianStudiesresources,
- 16IBEconomicsLinks,
YouTube - Physical Education, Teaching Balls Skills and Fitness
Learn a new game for PE Class.
Added to
Quicklist
5:10
Learn a new game for PE Class.
6,708 views
stpbystp
20 Nov 09
Another Mankiw problem for the motivated Micro student! | Welker's Wikinomics Blog
-
Harvard’s Greg Mankiw just keep them coming! Here’s another micro problem from the esteemed professor and textbook author’s blog. Several readers enjoyed challenging themselves with his last Micro problem, so I will re-publish Mankiw’s test question here to see if people can solve it in the comment section on this blog (sorry Professor Mankiw, you have comments turned off on your blog, so how are your readers to know if they have solved it correctly?)
-
The town of Wiknam has 5 residents whose only activity is producing and consuming fish. They produce fish in two ways. Each person who works on a fish farm raises 2 fish per day. Each person who goes fishing in the town lake catches X fish per day. X depends on N, the number of residents fishing in the lake. In particular,
X = 6 – N.
Each resident is attracted to the job that pays more fish.
a. Why do you suppose that X, the productivity of each fisherman, falls as N, the number of fishermen, rises? What economic term would you use to describe the fish in the town lake? Would the same description apply to the fish from the farms? Explain.
b. The town’s Freedom Party thinks every individual should have the right to choose between fishing in the lake and farming without government interference. Under its policy, how many of the residents would fish in the lake and how many would work on fish farms? How many fish are produced?
c. The town’s Efficiency Party thinks Wiknam should produce as many fish as it can. To achieve this goal, how many of the residents should fish in the lake and how many should work on the farms? (Hint: Create a table that shows the number of fish produced—on farms, from the lake, and in total—for each N from 0 to 5.)
d. The Efficiency Party proposes achieving its goal by taxing each person fishing in the lake by an amount equal to T fish per day and distributing the proceeds equally among all Wiknam residents. Calculate the value of T that would yield the outcome you derived in part (c).
- 1 more annotations...
14 Nov 09
LRB · John Gray · We simply do not know!
AP Macro and IB teachers should read this review of George Akerlof and Robert Schiller's book "Animal Spirits". There are some great points in this piece that can be brought into the AP or IB classroom with regards to the assumption of rational behavior and more importantly the Keynesian/Classical debate on Macroeconomic policy issues.
-
The last two years, in which capitalism has suffered one of its periodic shocks, have given John Maynard Keynes a new lease of life. Events have demonstrated the limits of the theory that economies can be relied on to be stable if they are lightly regulated and otherwise left to themselves. There is now much talk of the paradox of thrift, whereby the rational choices of individuals can prove collectively ruinous, and of the need for government to counteract the inherently anarchic tendencies of markets. Keynes has been revived because he understood that markets are very often irrational. Unfortunately, few of those who urge that we go back to him seem to have understood why he believed this.
-
Apart from a brief postscript to one of the chapters and a few remarks in the preface, George Akerlof and Robert Shiller’s Animal Spirits was written before the current crisis. Yet, based on research undertaken over many years, it can be read as prefiguring the current disillusionment with economics. The trouble with prevailing theories, in Akerlof and Shiller’s view, is that they assume human beings are more rational than they actually are. ‘This book, which draws on an emerging field called behavioural economics, describes how the economy really works,’ they claim. ‘It accounts for how it works when people really are human, that is, possessed of all-too-human animal spirits.’
- 3 more annotations...
10 Nov 09
Life on Severance: Comfort, Then Crisis - WSJ.com
Things are scary out there for the unemployed in America! This article tells some sad stories of opportunities lost and next eggs blown! It also illustrates a key concept from AP and IB Economics: the theory of sticky wages and prices, at the heart of Keynesian macroeconomics.
-
Add Sticky NoteThe family recently vacationed in Virginia Beach, Va., and likes to dine on Porterhouse steaks. Since losing his job, Mr. Joegriner, 44 years old, has had several offers. He's turned each down in hopes of landing a position comparable to what he held before.
- Unemployed Americans unwilling to accept lower wage jobs! This sounds like evidence of the "sticky wages" Keynesian observed in his arguments for fiscal stimulus! - on 2009-11-10
-
Add Sticky NoteMr. Joegriner is a member of what might be called the severance economy -- unemployed Americans who use severance pay and savings to maintain their lifestyles. Many lost their jobs in 2007 and 2008, and thought they'd soon find work. Now, they're getting desperate.
- I bet these people just wish they had taken that good offer a year ago. Finance people laid off during this recession must have an artificially inflated view of their own value in the labor market: over-inflated like the assets they had dealt in! - on 2009-11-10
- 4 more annotations...
09 Nov 09
A Micro problem for the advanced Econ student | Welker's Wikinomics Blog
I love that Harvard Economics professor Gregory Mankiw blogs, but I hate that has de-activated the comments on his blog. Yesterday he posted a question from his own Harvard introductory economics class. Since he doesn’t allow comments though, I cannot tell if I’m solving it correctly. So I will re-publish it here and ask my readers to solve the problem in the comment section.
IB and AP students who have studied microeconomic should be able to put some of their basic algebra skills to work to solve this one.
FT.com / China / Economy & Trade - Renminbi at heart of trade imbalances
This article is about exchange rate controls by china and the resulting imbalance of trade with US and Europe.
-
“In east Asia there has been a bit of appreciation against the dollar which helps at the margin, but the el
-
“The Americans get the toys, the Chinese get the Treasuries and we get screwed.” Thus a European Union official once characterised the pattern of Beijing accumulating US assets by selling renminbis for dollars, while nothing stood in the way of a rapid and destabilising appreciation of the euro.
- 1 more annotations...
06 Nov 09
A special report on China and America: : Round and round it goes | The Economist
China and the US have a complicated relationship when it comes to trade. It may be changing in the future due to the recession in America, but for some that change can't come fast enough!
-
China, a developing country, lent vast amounts of money to wealthy America to feed its spending habit. Americans spent the money on Chinese-made goods, sending the dollars back to China, which lent them to America again.
-
for its growth, and on America in particular. By 2007 the value of China’s exports amounted to about 36% of its GDP, up from just over 20% in 2001.
- 8 more annotations...
05 Nov 09
YouTube - ACDCLeadership's Channel
Mr. Clifford and ACDC Leadership is dedicated to creating interactive programs, lessons, and activities that make learning exciting.
Knowledge Learning Corporation | Child Care & Education Services
Are you looking for a great opportunity, a rewarding career, or the chance to make a difference? KC Distance Learning is hiring NCLB Highly Qualified High School certificated teachers to fill positions across the country. We currently have part-time and full-time positions available for qualified teachers who want to work from their home. Working at KCDL you will enjoy a flexible work environment, utilize the latest distance learning and communications technology, and, best of all, you can help students from all walks of life achieve their individual potential.
03 Nov 09
FT.com / Asia-Pacific - Renminbi at heart of trade imbalances
This article talks about the weak RMB and how it affects trade between the US, China and Europe
-
The Americans get the toys, the Chinese get the Treasuries and we get screwed.” Thus a European Union official once characterised the pattern of Beijing accumulating US assets by selling renminbis for dollars, while nothing stood in the way of a rapid and destabilising appreciation of the euro.
-
A string of countries including Thailand, Malaysia and South Korea have intervened either verbally or in the foreign exchange markets in recent weeks to slow the rise of their currencies.
- 1 more annotations...
30 Oct 09
Swiss Banking Is Finished
Switzerland's decision to start playing ball with other governments on issues like tax evasion and the arrest of Roman Polanski has destroyed the country's reputational capital, which formed the core of its banking system. If you can't safely park your cash, bearer bonds, gold, and other valuable in Swiss Banks, without a 100% iron-clad guarantee of your security and secrecy, what's the point?
28 Oct 09
Digitally Speaking / Social Bookmarking and Annotating
The driving force behind the Web 2.0 revolution is a spirit of intellectual philanthropy and collective intelligence that is made possible by new technologies for communication, collaboration and information management. One of the best examples of collective intelligence in action are the wide range of social bookmarking applications that have been embraced in recent years.
26 Oct 09
Excuse me, China… could you lend us another billion? | Welker's Wikinomics Blog
What’s the deal with American consumers? How, exactly, does a nation’s average savings rate fall to 2%, then 1%, and then become negative, like in the US over the last couple of years? What does negative savings actually mean? It means that Americans consumer more than they actually produce.
BEA : U.S. International Transactions Accounts Data
This website contains Balance of Payments data for the United States over 2008 and 2009.
06 Oct 09
The story of the stimulus - Paul Krugman Blog - NYTimes.com
Paul Krugman tells the story of stimulus...
29 Sep 09
Video: Joseph Stiglitz: The Balance Sheet : The New Yorker
VIDEO: JOSEPH STIGLITZ
James Surowiecki spoke with Professor Joseph Stiglitz, the Nobel Prize-winning economist, about the mishandling of the financial crisis, the relationship between government and markets, and the future of capitalism around the world. They met last month at Stiglitz’s office at Columbia University.
12 Sep 09
FT.com / China / Economy & Trade - China’s economic rebound boosts jobs
Employment levels in China began to recover over the past three months in the latest evidence of the rapid rebound in the economy from the international financial crisis as a result of heavy public investment.
11 Sep 09
Economic Growth Yet to Hit Job Market - washingtonpost.com
Despite an emerging economic expansion, businesses were sufficiently skittish about the future that the job market continued its long, steep decline in August, according to a new government report Friday. The unemployment rate rose to 9.7 percent, from 9.4 percent, as employers shed jobs for the 20th straight month, the Labor Department said.
Top Tags
View All Recent Tags (49)
- 50Economics,
- 7education,
- 3resources,
- 3assessment,
- 3Switzerland,
- 2PE,
- 2microeconomics,
- 2mankiw,
- 2fiscal policy,
- 2efficiency,
- 2rational behavior,
- 2markets,
- 2wages,
- 2rates,
- 2Exchange,
- 2current account,
- 2stimulus package,
- 2tennis,
- 2leadership,
- 2environment,
- 2ski touring,
- 1free markets,
- 1macroeconomics,
- 1Keynes,
- 1animal spirits,
- 1recession,
- 1unemployment,
- 1keynesianism,
- 1sticky wages,
- 1monopoly,
- 1Economics videos,
- 1review,
- 1teaching,
- 1Advanced,
- 1Placement,
- 1online,
- 1China,
- 1currency,
- 1trade,
- 1balance of payments,
- 1capital account,
- 1Paul Krugman,
- 1service learning,
- 1travel,
- 1social bookmarking,
- 1Cinque Terra,
- 1bikes,
- 1teacher pay,
- 1incentives
Public Tags (256)
Jason Welker's Public Lists (0)
No lists have been created yet.
"List" is a great way to organize, share and display your specific collection of bookmarks.
Highlighter, Sticky notes, Tagging, Groups and Network: integrated suite dramatically boosting research productivity. Learn more »
Join Diigo