Cyclic Character of Modern Economic Development
8 November 2009
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“Mankiw’s 10 principles of economics, translated for the uninitiated”, by Yoram Bauman, www.standupeconomist.com . Presented at the AAAS humor session, February 16, 2007. For the record, the talk contains two unattributed quotes (”9 out of 5″ is adapted from a line attributed to Paul Samuelson—although apparently he said it about Wall Street indices, not macroeconomists—and “wrong about things” is paraphrased from PJ O’Rourke’s Eat the Rich) and, of course, the Einstein “simple” quote is …
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Economic Stimulus: Which social security number does the IRS use to determine the date it is sent?
My husband and I filed jointly and will be getting an economic stimulus refund but we can't figure out which social security number determines when the money will be direct deposited. Anyone know how this is determined? Thanks for your help!
economic
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Economic stimulus payments will be issued according to the last two-digits of the main filer's Social Security number. For joint filers, the payments will go out based on the person listed first on the return. Payments will be made by either direct deposit or paper check, consistent with how people filed their 2007 tax return
My Uncle, Grandmother, Host mother, and real Mother have all lost their homes. =-(
i never knew economics was funny O_o
For a moment I thought I was watching an episode of Seinfeld. Very funny stuff.More please!
The economic benefit of a pscygiatrist would be that through there knowledge and treatment to some patients they can help these patients to live a normal and healthy life. Therefore, these patients can then go out and be productive in the economics of their country.
The non-economic benefit of a pscyhiatrist is that they are very expensive, therefore taking money out of the system that could have been spent elsewhere.
Krugman, real brain?
What planet do you do you live on?
i wud like my profs. to be like that XD lol..and easy to understand
it caused other countries in Europe to start revolutions.
there is a quote: "when France sneezes all of Europe gets a cold"
The north had a huge advantage because it had a Treasury department. They were set up to handle raising funds for the war Also the north started the first income tax to cover expenses of the war, this brought about 20% of the wars cost back to the north. They also had factories to produce items to sell overseas, whereas the south was blockaded , so ships couldn't sail in and out freely to sell her goods. The north also had banks with gold to back bonds and loans it needed for the war.
The south wasn't set up to handle the dept, but offered bonds to be redeemed two years after the end of the war. They had no gold to back these up and besides they made the bonds to expensive for the normal Southerner. The bonds were issued only in 1 million dollar amounts with a 12% interest rate. People couldn't afford then, so they were useless. It took the south 85 years to pay off the loans it occurred during the war. Also it had pensions to pay to soldiers that fought in the war.
hahah…my economics teacher just emailed this to me..lol..to take a break from cramming for out test..lol
Condo Hotels are built so that the developer can fund the construction of the hotel with the deposits of the condo purchases.
Hotels give tax revenue of about 10% to a city, so that can be good. Condos provide residents inside the city limits who will buy goods and services, and pay taxes.
Look at: Las Vegas, Dallas (the Ritz, and the W) for direct material.
more economists should be elected into public office.
Wel most economists, regardless of political affiliation, believe that the bailouts are actually a good idea.
One of the reasons most believe that the Great Depression started was because everyone pulled their money out of the banks all at once. This caused a lack of liquidity (cash) in the banks that caused them to horde what cash they had left (those who had any left) and refuse to give credit to businesses.
This shut down the private business sector and no one could afford to provide jobs. However, with the federal protections of our money, there has been less of a run on the banks and they still have some money. And hopefully with the infusion of liquidity they will continue to provide credit to businesses so the businesses can keep going.
However, I personally believe this is the wrong way to go. We must look to the problem that started it in the first place.
I believe that all of our problems can be traced back to the dollar's value dropping; in fact it is at a 16 year low right now. The dollar's value can be traced back to the National Debt, and that can be traced back to the Iraq War.
Bush wanted to fight this war, but did not want to raise the funds (taxes) necessary to pay for it. He had to pay for it somehow, so how did he?
Well, he borrowed the money from other countries. And they were willing to let him have it, but at kind of a high interest rate. This war was supposed to be over in 3-6 months anyway, so what did it matter?
Only thing was, this war is still going on now. We are about to enter our 6th year, well past the 6 months Bush had envisioned and well past the amount he borrowed. But he still refused to raise taxes, so the only other thing he could do was go back to the other countries and borrow more.
And they were still willing to let him have it. But as they saw how much we were borrowing, they began to wonder if we would, or even could, pay them back. They were willing to continue to take the chance, but they wanted to charge even higher interest to account for the risk. Bush had committed himself to this war, so he took it.
This caused a huge rise in the National Debt. The $10 billion a month figure we are told the Iraq War costs is misleading. That is just the basic cost of the war, without the very high interest we are paying on it. And we have been doing it for nearly 6 years, or 72 months. Bush had inherited a $4 trillion National Debt when Clinton left office; it now stands at just over $10.6 trillion. Even though Bush cut all spending except the Iraq War, he was able to spend $1.6 trillion more than all previous 42 Presidents combined.
This caused investors to lose confidence in our ability to pay back the loans, and they lost confidence in the dollar. They quit investing in the dollar and started pulling out funds already appropriated to the dollar. This dropped the value of the dollar way down. And since the dollar is the foundation of our economy, when the dollar faltered so did our economy.
Businesses have to pay more to make the same products. Oil costs more because it is measured in dollars, and when the value dropped that meant it took more dollars to equal the same barrel of oil. That caused much higher transportation costs to get the products to the store. That meant significantly higher prices.
Businesses also had to cut expenses, and the biggest expense they cut was payroll. In other words, they laid off employees.
Employees are also consumers, so with much fewer jobs and higher prices, they had to cut their spending. This caused a drop in the profits of businesses, so they had to cut more jobs. That also scared investors off from investing in businesses, and Wall Street then faltered.
Those employees were also bank lendees. With the loss of jobs and the loss of value to their savings, they started defaulting on their home loans. There is the problem in the housing market, as well as the financial markets.
And with high oil prices and high gas prices, those employees/consumers couldn't afford to buy SUVs and keep them running anymore. SUVs are simply too poor on gas mileage. But up until about 7 months ago, we all wanted them and so that was all the auto industry really made. We abruptly switched our demand to high-gas mileage vehicles, and the auto industry couldn't keep up. There is the problem in the auto industry.
To fix all these problems, we must fix the dollar. The problem is that the bailouts are adding to the National Debt, so they are making the problem worse. They address a symptom, but not the disease.
We must stop spending so much. That means things like welfare; but the truth is that Bush has pared that down about as far as it can go. What we need to cut is our biggest expense, the Iraq War. We also need to quit with the bailouts, as they add on to the expense as well.
Then we still need to raise taxes to pay the National Debt. This will cause investors to regain confidence in the dollar, and re-invest in it again.
Very funny. I’m curious though, what does the footnote say?
That's a lot of extremely heavy reading and no time in which to do it.
There was a lot going on.
The country was rebounding economically from the Revolutionary War. It had cost them far more money than they'd anticipated and once the war was over, the world's market place turned its back on the fledgling country. They'd just broke from a ruling monarchy and all of the world was ruled by monarchies.
The Articles of Confederation had been written to allow individual states their autonomy and the country was quickly learning that when states are allowed to act as individuals, there is no unity. There was not true federally funded military and the states were not willing to fund and support a combined effort to protect the nation.
So in the Mediterranean, there were pirates preying on U.S. merchant ships and taking hostages. There was no "Navy" to speak of to give them escort. And the country's economy was failing. There was a call to scrap the Articles of Confederation and try again. The Anti-Federalists were opposed to any such rewrite. They were opposed to the notion of reaching out to other countries for help, in doing business and they were opposed to both a strong, centralized federal government and to the abolition of slavery.
Washington and Hamilton (Federalists) sent John Jay to England to negotiate a treaty that would provide U.S. shipping with English naval escort and allow the U.S. to do business with the English. Jay returned home with a treaty. Unfortunately, it weighed so heavily in favor of the English that the Anti-Federalists accused Washington openly of being a traitor. They grew to realize that they needed to reach out to other countries for trade but still viewed the English as the Enemy. Instead, they pushed to do trade with the French who were in the middle of a revolt. They (Jefferson) was willing to turn a blind eye on the excessive and wanton blood shed known as the Reign of Terror. He'd spent most of his teen years in France working as a secretary and had grown to love the French which may have clouded his vision and decision making.
Washington stepped down as President, but in his farewell address, warned of doing business with foreign nations. It was directed at Jefferson and the French, who had spies working in the country trying to subvert the new U.S. government.
Patrick Henry (also an Anti-Federalist) worried that a new Constitution would trounce on states rights and warned that in fact, it was purely a ploy by the Federalists to do away with slavery – in his warning, he used the N word. Not to make him look like the ultimate bad guy, in his defense, the economy of the southern states was and still is based on agriculture and at that time, there were no machines to do the work. Slave labor was an accepted practice throughout the world and to do away with it here would be absolutely devastating to the American economy.
LOL! This is great.
Economics – a complicated codification of the obvious?
The footnote said, “Blah, blah, blah. Blah, blah, blah blah, blah.
“Therefore, blah, blah, blah, blah, blah, blah, blah; blah, blah, blah, blah, blah, blah, blah, blah, blah, blah, blah, blah, blah, and lastly…blah!”
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