Thursday, November 19, 2015

Clearing Up Inelastic Demand Curves and Price Changes

The video below makes two points about inelastic demand curves: the first is specific to inelastic curves and the second is more general to all demand curves.
  1. Please keep in mind the differences between NO quantity change and LITTLE quantity change when prices are increased or decreased!
  2. Our demand curves CAN show us revenue, but NOT profit...

Monday, November 16, 2015

Arguments From Irrelevant Authority - The New York Times

Arguments From Irrelevant Authority - The New York Times
Look, in general you should argue based on logic and evidence, not authority figures, whenever possible. Sometimes there is technical detail that forces reliance on experts to summarize the evidence — but in that case you should cite experts in the relevant area, not people who are or were important for reasons that have nothing to do with the subject. Arguments from irrelevant authority are a sign that you don’t have a substantive case, you’re lazy, or both.

TheMoneyIllusion » Oh no! Another Japanese “recession”.

TheMoneyIllusion » Oh no! Another Japanese “recession”.

Will the press ever learn? Here’s Reuters:
Data released before the Tokyo market opened showed that Japan’s economy slipped back into recession in the July-September quarter, contracting at a 0.8 percent annualised rate, compared with the median estimate for a 0.2 percent contraction.
Last year I had fun mocking press reports of a 2014 “recession” in Japan, which I believe was the 4th in 6 years. And now another. However the more sophisticated press is finally beginning to catch on. Here’s the FT:
Bright and early on Monday morning, expect to hear some gloomy news — that Japan is in recession, for the fourth time in just five years. Doom will be mongered; foes will declare it a fresh blow to Prime Minister Shinzo Abe’s “three arrows” of economic stimulus. And I will not believe a word of it. 
That is not because the cries of recession will be false — even though the unemployment rate is low and falling, the corporate mood is one of cautious optimism and Japan is manifestly not entering a slump. Output is expected to fall by 0.1 per cent in the third quarter after a 0.3 per cent decline the quarter before — and, on the standard definition, two consecutive quarters of contraction equals a recession. 
The trouble is this definition of a recession is anachronistic and misleading. It is an idea that no longer means what we think it does — that is, a significant decline in activity. Even worse, the way we use it causes harm, not just in Japan but also in an increasing number of advanced economies. The R-word needs a rethink. 
Japan keeps entering “recessions” because its population is falling and so the economy has little potential to grow. The Bank of Japan puts trend growth at 0.5 per cent or less, compared with the US Federal Reserve’s estimate of 2 per cent for America.
Actually those are both too high; trend growth is zero in Japan, and 1.2% in the US. But at least the press is starting to figure it out. That’s progress.

Wednesday, November 11, 2015

Focus: Or, On Comparative Advantage in Life

“What single activity would keep you fascinated and motivated for the rest of your life?” 
Do you know what that would be? 
It’s not simply sitting on beach, doing nothing. Not for the rest of your life, every day. And it’s not just something that pays well, because we’re assuming you could do anything. And it doesn’t have to be something you already do. There are no rules here at all. 
Think about it.
See more by clicking the link above.

Wednesday, November 4, 2015

Using SnagIt for Voice Overs

Some people have said that the voice over isn't working for them in PPT once they transfer it to Google Drive. If you recall in class, I mentioned any voice over type is fine. PPT is not the only option and accomplishing the task of making a working voice over is part of this assignment.

If you are unsuccessful with the first option, start problem solving and figure out an alternative. Google and YouTube are great for learning new things.

Here is an alternative to the PPT voice over: