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10 Dec 09

Nora IB Econ

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The shaded area shows the abnormal profit per unit
- Good, but how is it able to earn these profits in the short-run? What is not possible in the short-run? - on 2009-12-10
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In the long-run a firm can't have abnormal profits, because the industry will always regulate the price, causing the demand to fall.
- What do you mean by the industry will regulate the price? Be clear. - on 2009-12-10
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- Explain whether or not a firm in perfect competition earning abnormal profits is productively and allocatively efficient.
  - Your answer below has not fully responded to the question... keep working on this one. - on 2009-12-10
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- (MC = AC)
  - Productive efficiency is achieved only when P=min ATC - on 2009-12-10
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09 Dec 09

Human Development Report 2009 - Country Fact Sheets - United States

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living a long and healthy life (measured by life expectancy), being educated (measured by adult literacy and gross enrolment in education) and having a decent standard of living (measured by purchasing power parity, PPP, income).
It does not, for example, include important indicators such as gender or income inequality nor more difficult to measure concepts like respect for human rights and political freedoms.

Human Development | Human Development Reports (HDR) | United Nations Development Programme (UNDP)

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People are the real wealth of nations.
it is thus about much
more than economic growth, which is only a means —if a very important one —of
enlarging people’s choices.
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- building human capabilities
- be knowledgeable, to have access to the
  resources needed for a decent standard of living and to be able to participate
  in the life of the community
- greater access to knowledge, better nutrition and health
  services, more secure livelihoods, security against crime and physical
  violence, satisfying leisure hours, political and cultural freedoms and sense
  of participation in community activities
- “Wealth
  is evidently not the good we are seeking, for it is merely useful for the sake
  of something else.”
- Human development and
  human rights are mutually reinforcing, helping to secure the well-being and
  dignity of all people, building self-respect and the respect of others.

27 Nov 09

The Marshall Learner Condition

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25 Nov 09

CARPE DIEM: U.S. Share of World GDP Remarkably Constant

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Somewhat surprisingly, the Economic Research Service of the U.S. Department of Agriculture has some great international historical macroeconomic datasets. According to its website:
The chart above shows the annual shares of real world GDP for four geographical regions (European Union 15, Asia/Oceania, Latin America and the combined share of Africa and the Middle East) compared to the U.S. share of world GDP between 1969 and 2009 (data here). What might be surprising is that the U.S. share of world GDP has been relatively constant for the last 40 years, and is actually slightly higher in 2009 (26.7%) that it was in 1975 (26.3%). It's also interesting that the EU15's share of world GDP has declined from about 36% of world output in 1969 to only 27% in 2009. Further, despite having a large share of the world's oil reserves, the Middle East's share of global output has increased from only 2.23% in 1969 to 3.16% in 2009 (graph shows Middle East combined with Africa).
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- Bottom Line: World GDP (real) doubled between 1969 and 1990, and has increased by another 60% since then, so that world output in 2009 is more than three times greater than in 1969. We might mistakenly assume that the significant economic growth over the last 40 years in China, India and Brazil has somehow come "at the expense of economic growth in the U.S." (based on the "fixed pie fallacy") but the data suggest otherwise. Because of advances in technology, innovation, and significant improvements in U.S. productivity, America's share of total world output has remained remarkably constant at a little more than 25%, despite the significant increases in output around the world, especially in Asia.
  - A good conversation starter for an AP Macro class! - on 2009-11-25
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The Marshall Lerner Condition [ Biz/ed Virtual Developing Country ]

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Under a floating exchange rate regime a balance of payments disequilibrium should automatically be restored to equilibrium without the need for government policy. In the case of a fixed exchange rate, a devaluation or a revaluation may be used to restore disequilibrium.
The inflows and outflows of foreign currency recorded in a country's balance of payments account are dependent on these price changes. Crucially the price elasticity of demand will determine the impact of the price change on the quantity

24 Nov 09

Nicki's Econ Blog

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Price Elasticity of Demand (PED) is the responsiveness of consumers to a change in Price.

Welker's Wikinomics Blog

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For students to understand the impact of time on the effect of a depreciation or devaluation of a nation’s currency on its balance of payments in the current account.

14 Nov 09

home

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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!

www.economist.com/...displaystory.cfm - Preview

economics current account capital account protectionism exchange rates managed exchange rate China

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.
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- American market, overtaking Canada. And by September 2008 China had surpassed Japan as the largest holder of US Treasuries
- China certainly helped its exporters by keeping the value of its currency low, buying dollars that were used to buy US Treasuries.
- e much of the value of Chinese goods consumed in America was created elsewhere. The biggest driver of growth in China was investment, and that has become all the more true as China tries to pump up its economy with nearly $600 billion in stimulus spending.
  - America might not be as crucial for Chinese growth as previously thought! Domestic investment is biggest factor now! - on 2009-11-06
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- trading system, but it has no desire to pull the rug from under America’s economy. A run on the dollar would be a blow to China itself, slashing the value of its stash of over $800 billion in US Treasuries. Chinese officials also worry openly about a possible resurgence of inflation in America, which would also drive down the value of the dollar.
  - China is worried about the dollar's value, but is not likely to sell its dollar assets, since this would surely devalue the dollar and harm China too. - on 2009-11-06
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- A recent study by the Peterson Institute says that the yuan remains “significantly undervalued”, by 15-25% against a weighted average of the currencies used by China’s trading partners
- As Americans save more and buy less from China, America’s trade deficit with China—which has been its biggest with any country since 2000—will shrink anyway. But protectionist sentiment in both countries will remain strong.
- Americ
- reject a takeover bid by Coca-Cola for a Chinese juice company as a bad omen. As Chinese businesses look around America for bargains, they will get a mixed reception: sellers are eager for China’s cash, but worried about the survival and security of Brand America
  - Chinese continue to demand US assets in the capital account, but American businesses are reluctant to sell to Chinese investors... - on 2009-11-06
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30 Oct 09

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?

www.businessinsider.com/ss-banking-is-finished-2009-10 - Preview

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.

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16 Jun 09

Dashboard | Diigo

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05 Jun 09

Japanese Automakers Launch Their First Battery-Powered Cars - TIME

As Japan's top automakers, Toyota and Honda, battle it out for supremacy in the hybrid car market, Japan's smaller car companies are taking a different eco-car road. Mitsubishi Motors on June 5 presented its zero-emissions i-MiEV — Japan's first fully electric vehicle (EV) for the global market. Production of the egg-shaped vehicle, which has a range of 99 miles (160 km) on a single charge, kicked off this week; fleet sales will start in Japan next month and the car is expected to reach U.S. buyers by the end of next year. Tooting its own horn, Mitsubishi is calling the new i-MiEV "a pioneer to open the door to the next 100 years."

www.time.com/...0,8599,1903031,00.html - Preview

15 May 09