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America's Economic Myths

America's Economic Myths
"The Olympian gods" Nicolas-André Monsiau (1754–1837) Mainstream economists and so-called experts have filled the minds of most Americans with many economic myths that are constantly reinforced by the media and repeated on the streets. Inflation and Energy Myths Inflation — or, rather, the general rise in prices[1] —and the increase in energy prices are issues that have always created numerous economic myths.The following are some of the most common ones. Myth # 1: "Dependence on Foreign Oil" This myth basically suggests that the problem with oil prices is due to America's "dependence" on foreign oil. The high price of oil has nothing to do with its origin; the price of oil is determined in international markets. Importing a product does not mean you "depend" on it. Most, if not all, of the higher price of oil can be explained by the expansion of the money supply or the debasement of the dollar. Myth # 2: "Inflation is caused by rising oil prices." False. At first this myth might seem true. Related:  Economy

The global debt clock untitled September 2009 If I tell someone I am a financial mathematician, they often think I am an accountant with pretensions. Since accountants do not like using negative numbers, one of the oldest mathematical technologies, I find this irritating. A roll of the dice I was drawn into financial maths not because I was interested in finance, but because I was interested in making good decisions in the face of uncertainty. Mathematicians have been interested in the topic of decision-making since Girolamo Cardano explored the ethics of gambling in his Liber de Ludo Aleae of 1564, which contains the first discussion of the idea of mathematical probability. The average value of rolling a dice converges to the expected value of 3.5 when the dice is rolled a large number of times. Measure theory Building on Jacob Bernoulli’s work, probability theory was developed by the likes of Laplace in the eighteenth century and the Fisher, Neyman and Pearson in the twentieth. What is it worth? Deciding a fair price

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The Case Against the Fed Money and Politics By far the most secret and least accountable operation of the federal government is not, as one might expect, the CIA, DIA, or some other super-secret intelligence agency. The CIA and other intelligence operations are under control of the Congress. They are accountable: a Congressional committee supervises these operations, controls their budgets, and is informed of their covert activities. It is little known, however, that there is a federal agency that tops the others in secrecy by a country mile. Thus, when the first Democratic president in over a decade was inaugurated in 1993, the maverick and venerable Democratic Chairman of the House Banking Committee, Texan Henry B. It was to be expected that Fed Chairman Alan Greenspan would strongly resist any such proposals. On the face of it, this presidential reaction, though traditional among chief executives, is rather puzzling. Let us consider any other private industry. So there we have it. 1. Why gold and silver?

Profit efficiency Profit efficiency is a macro-economic concept used in assessing whether an economy, industry or supply chain is expending an optimally balanced level of rent for the use of capital. Economies where too much profit is being extracted are over-paying the owners of capital at the expense of other contributors to a productive economy or industry. Economies and Industries that provide insufficient returns to the owners of capital should find that capital is moved to alternate investments where the return is greater. Profit Efficient economies and industries are paying the minimum profit to owners of capital required to maintain the optimal level and distribution of capital investment. This concept has importance when discussing the relative outcome efficiency of industries such as the US Health Care System which has high customer costs, high government subsidy and yet has relatively poor health outcomes.

How I Make Thousands of Dollars Per Month Online 183 Comments 7 minutes Unless you’ve read Cloud Living, you probably have no idea how I make money online. My about page makes it clear that I do make a great living from the internet, but I’ve never wrote about how. Until today. I’m not going to claim my process is anything new, because there were people using similar methods for a long time before me. My first major website made money through contextual advertising (Google Adsense) and selling ads on a CPM (cost per 1,000 impressions) basis. I’ve started websites from scratch, quickly built them to 50,000 visitors per month, and then sold them on for an easy profit. There are many more ways to make money online, but the process that generates most of my income is simply this: I direct search engine traffic to landing pages, and then send that traffic to product pages as an affiliate. If someone buys a product on the site I sent them to, then I make a commission. I’ve just given you a quick overview, so let’s get into the specifics.

Policy pointers Tendency of the rate of profit to fall The tendency of the rate of profit to fall (TRPF) is a hypothesis in economics and political economy, most famously expounded by Karl Marx in chapter 13 of Das Kapital, Volume 3. Although no longer accepted in mainstream economics, the existence of such a tendency was more widely accepted in the 19th century.[1] Karl Marx on the TRPF[edit] Simply put, Marx argued that technological innovation enabled more efficient means of production. So Marx regarded this as a general tendency in the development of the capitalist mode of production. Nevertheless Marx thought the countervailing tendencies ultimately could not prevent the average rate of profit in industries from falling; the tendency was intrinsic to the capitalist mode of production.[10] In the end, none of the conceivable counteracting factors could stem the tendency toward falling profits from production. There could obviously also be several other factors involved in profitability which Marx did not discuss in detail,[11] including:

Manilla » Free Online Account and Bill Organizer New study finds fastest-growing cities not the most prosperous Los Angeles, CA (July 19, 2012) As communities seek new ways to emerge from the recession, many may look to growing their population as a strategy. However, the belief that population growth will bring jobs and economic prosperity for local residents is a myth. These findings are published in a new study in the latest issue of Economic Development Quarterly (published by SAGE). "Growth may be associated with economic development success; however, it is not the cause of that success," wrote study author Eben Fodor. Fodor examined the relationship between growth and economic prosperity in the 100 largest U.S. metropolitan areas from 2000 to 2009 to determine whether certain benefits commonly attributed to growth are supported by statistical data. He found that the slowest-growing metro areas had lower unemployment rates, lower poverty rates, higher income levels, and were less impacted by the recession than the fastest-growing areas. This new study used information taken from the U.S.

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