The Nobel Prize in Economics is always awarded during ceremonies on December 10th, the birthday of a great, yet humble, economist. In fact, the very first prize in economics was awarded on his 18th birthday.
UPDATE: Canton Central School District (NY) canceled all classes, K-12, for today. The honors just keep accumulating.
Even without email, the web, or "smart" cell phones, the poorest of the poor can now stay connected to work.
Onion News Network video report from Bangladesh:
New Portable Sewing Machine Lets Sweatshop Employees Work On The Go
THE ECONOMIST had this cover five years ago this week.
This time of year I kind of identify with the guy on the right.
Over 300 international students and their families enjoyed an over-the-top feast, which included Moroccan Chicken, Chinese favorites, and a vegetarian buffet, in addition to the ever-popular turkey with all the trimmings.... An hour before dinner, I waltzed into the kitchen..."Who is in charge here?" I inquired. No fear, kitchen staff. Laura is in the house. This girl knows what's what and who's who. Do what she says and no one gets hurt.
~ snipped from thisrequiresthought: going international
"The quality of a man’s sperm depends on how intelligent he is, and vice versa." At least according to this article in THE ECONOMIST.
You have to be smart if you are that tall and can still walk in those heels.
On the frontiers of economics . . .
. . . studies have shown that . . . .
Of course more attractive men are more successful and attractiveness has an even bigger impact on the earnings of women (source).
You may not be surprised to learn that tall people also tend to be more successful (source). . . and being skinny helps (source).
. . . but did you know that tall people tend not only to be smarter, but are smarter from an early age (source)?
Do I get a witness?
AMEN!
Be blessed.
RB
BTW, women from lower socioeconomic families earn more if they have healthier teeth (source).
[source of these sources]
True or False: Toilets and TV's have a negative cross-price elasticity of demand.
True or False: Bathrooms with TV & toilet(s) have an income elasticity of demand greater than +1.
For an economic analysis of toilets and TV's see: Freakonomics
Answers? Both TRUE.
You can make a difference . . . .
The Ugandan Water Project is an organization set out to provide clean water for villages in Uganda. Through music, media, and any means necessary we hope to raise awareness and funds for these villages in Africa. We can't be reminded enough of how much need there really is in this land. In this busy and modern age it is so easy to forget how much we really have. So often we take the simple things for granted. This is a very practical way to truly change lives. For us it's such a small sacrifice to help others. Please consider giving in any way that you can. And be encouraged to pass the word along to any and everyone you know.
A compilation of artists who have united for a single mission to provide clean drinking water throughout villages in Uganda. 100% of the proceeds from this creative compilation of worship music go directly to supporting The Ugandan Water Project.
Donate online at PayPal
I found these over the weekend.
The Top Ten Worst Currencies in the World Go Zimbabwe: $35 million for an egg! A prettier version with the full list is HERE.
Gas in St. Louis Falls Below All-Time Historical Low We'll feel a lot better if we just adjust for inflation.
2002-08: 60% Growth in World Per-Capita Real GDP Interesting chart but the IMF's forecast for the next few years may need revising.
Fiscal Stimulus: Permanent, Pervasive, Predictable versus Temporary, Targeted and Timely Check the chart: temp tax cuts or "tax rebates" don't work -- something we've known after 40 years of experience.
Uncorking CDOs: Financial Crisis Explained The best explanation yet of CDO's (collateralized debt obligations) which include MBS's (mortgage backed securities). Faint praise indeed. If you want to begin to understand what set off the credit crisis, the posted video might help. It helped me anyway.
Tuesday the Congressional hearings begin again. Don't expect anything but Congressional show-boating and posturing.
(1) Here is something I didn't know: The Detroit 3 (D3) have a jobs bank where they pay idled auto workers not to work in their factories. Costs the D3 $80,000 to $120,000 per worker per year for them not to work.
See: CARPE DIEM: jobs-bank-cost-big-three-15-billion-in....
(2) Here is testimony you didn't see during the last round of testimony on the Hill. The only testimony that was not self-serving.
From Maryland Professor Peter Morici's Senate testimony on the Big Three bailout (click arrow above to watch video):
Circumstances are dramatically different today than in 1979 when Chrysler received assistance from the federal government. In those days, the challenge at Chrysler was to become competitive with Ford and GM, and Lee Iacocca had a clear plan to achieve that objective and succeeded. Today, the Detroit Three, though improved in productivity and with lower labor costs thanks to concessions from the United Auto Workers, are still not as competitive as the Japanese transplants.
Margins in automobile manufacturing are thin and there is no such thing as being "almost as competitive." Either a company is competitive or it is not—either it accomplishes the cost structure enjoyed by Toyota and Honda, operating in the United States, or it will continually cede market share and run into financial difficulties.
By assisting the Detroit Three, Congress can delay one or all of them going through Chapter 11 reorganization but sooner or later one or all will face reorganization. The communities and suppliers dependent on these companies would be better off going through that process now than by delaying it with assistance from the federal government.
Without a new labor agreement that brings wages, benefits and work rules in line with those at the most competitive transplant factories, and without reduced debt and other liabilities, the Detroit Three will continue to lag in product innovation and field too few attractive new vehicles, because their higher costs, debt and other liabilities require them to spend less on new productive development than they should. Also, they are inclined to field products with less desirable content to compensate for higher costs. As consumers find vehicles made by Japanese and other transplants more attractive, like those imported from Korea and eventually from China, the Detroit Three will cede market share of one or a few percentage points each year.
If Chapter 11 is put off, the successors to GM, Ford and Chrysler that emerge from a bankruptcy reorganization process will be smaller and support fewer jobs than if these companies endure this difficult transition in 2009. More jobs can be saved among GM, Ford and Chrysler and their suppliers if bankruptcy reorganization is endured now than in the future.
