The disparity of political partisanship has seemingly reached a boiling point in the United States; though, it is truly unjustified. Continue reading “Taxation, Land, and Pareto”
Category: economics
Data Dollars
The idea of getting something for free has begun to trickle into our daily lives via technology. We can scour the app store to download free versions of games and prog
rams. We can peruse the internet at our leisure clicking through sources of information without so much as paying a penny (especially if we surf the web at the library). We can communicate with individuals via email, Facebook, Twitter, and the like from across the globe with near instant connectivity without cost. Continue reading “Data Dollars”
The Folly of Anti-Price Discrimination
We are taught throughout life the evils of discrimination (rightfully so I must add); however, the social construct of discrimination has led us to see the idea as wrongful in all senses of the word.
Continue reading “The Folly of Anti-Price Discrimination”
Seeking Perfection
Perfection is to life as comfort is to transatlantic economy class; literally impossible. Without perfection, there are always arguments to make, always fights to pick, and always complaints to be had. Though we consciously admit there is never a perfect solution, we still, time and time again, strive for the ridiculousness of perfection. >
Comfort Killer
I am the comfort killer. I sleep very little. I work out to the point of being sick to my stomach. I push myself to do things I hate. I take cold or lukewarm showers. I read books that are agonizingly slow and are sometimes less exciting than watching paint dry. I assure you I am not a masochist or Sysphean. However, many of you are probably wondering, “what the hell is wrong with you?”
FOMC Impact
What if there was a way for investors to not only know a specific day in which stock prices will be moving, but the exact minute? What if that stock movement occurred on a set, predictable, and even published, schedule? You will really dislike hearing that this movement in equity prices has already occurred five times this year, and will happen at least three more.
Tesla’s Worst Nightmare
In his inaugural address, President Franklin D. Roosevelt said the famous words, “…the only thing we have to fear is fear itself…” It is one of the most quoted lines in history; however, the next part of his speech is commonly overlooked: “…nameless, unreasoning, unjustified terror which paralyzes needed efforts to convert retreat into advance.” The “needed efforts” that FDR spoke of can be epitomized by the exertion of humanity to lift the comforts of normality and push forward with new technological progress. Society needs to embrace the newness of progress or we will prevent what economist Joseph Schumpeter called “creative destruction.” Creative destruction is the process of new innovation replacing the old; it is the conversion of retreating into advancing.
Continue reading “Tesla’s Worst Nightmare”
Limited Resources: Help or Purge?
The world is a place of limited resources. There is a finite amount of land, a finite amount of water, a finite amount of food, and of course, a finite amount of money. With these limited resources, there is inherent competition; thus, as the economists say, how do we maximize the pie and how do we divide the slices up among the people? Continue reading “Limited Resources: Help or Purge?”
Pins, Perils, and Pigs
The founder of modern economics, Adam Smith, argued for specialization during his discussion of the pin factory. Smith noted that individuals working in a factory were able to make somewhere between one and twenty pins in a day; however, if there were to be a group of pin makers who would specialize in each section of the pin making process, the production would go much quicker. How quick? Smith estimated that ten people working alone could make between 10 and 200 pins a day, but with ten people uniquely specialized to contribute to each step of the process, there could be around 48,000 pins produced a day.
The Power of the Letter “P”
There are few letters that signify as much as the letter “p” does in the world of statistics. A p-value can be the difference between publication and rejection in academia, the deciding factor on a multimillion dollar lawsuit in industry or even the numerical decision used to approve the most recent cancer treatment.
Sadly, P-values are abused and misunderstood. Continue reading “The Power of the Letter “P””
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