of
Economics | Business | Technology | History | Miscellaneous Quotes | Awards | My articles | History of economic thought | Microeconomics | Macroeconomics | United States | Asia-Pacific | Links Quotes | Forecasting | Investment | Quotes | History | Comic | Quotes | World History | Earthquake | Cuisine
|
|
Economics
"It's the economy stupid!"
"There's no such thing as a free lunch"
"Clearly' sustained low inflation implies less uncertainty about the future, and lower risks premiums imply higher prices of stocks and other earning assets. We can see that in the inverse relationship exhibited by price/earnings ratios and the rate of inflation in the past. But how do we know when irrational exhuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade? And how do we factor that assessment into monetary policy? ..."
“The peculiar character of the problem of a rational economic order is determined precisely by the fact that the knowledge of the circumstances of which we must make use never exists in concentrated or integrated form, but solely as the dispersed bits of incomplete and frequently contradictory knowledge which all the separate individuals possess. The economic problem of society is thus not merely a problem of how to allocate 'given' resources - if 'given' taken to mean given to a single mind which deliberately solves the problem set by these 'data'. It is rather a problem of how to secure the best use of resources known to any of the members of society, for ends whose relative importance only those individuals know. Or, to put it briefly, it is a problem of the utilization of knowledge not given to anyone in its totality.”
"Any man who is only an economist is unlikely to be a good one."
"Please find me a one-armed economist so we will not always hear 'on the other hand ...'"
"The theory of economics does not furnish a body of settled conclusions immediately applicable to policy. It is a method rather than a doctrine, an apparatus of the mind, a technique of thinking, which helps its possessor to draw correct conclusions."
"In the long run we are all dead"
"Now, we are all Keynesians."
"If all economist were laid end to end, they would not reach a conclusion."
"No society that values order above all else will be creative, but without some degree of order, creativity disappears."
"It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own interest."
"He ... neither intends to promote the public interest, nor knows how much he is promoting it ... he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention."
"It's a recession when your neighbor loses his job; it's a depression when you lose your own."
I. Nobel prize In 1968, the Bank of Sweden (Sveriges Riksbank) instituted the "Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel" in time for the bank's tercentenary celebrations.
Instituted in 1947 by the American Economic Association and awarded every second year to a promising young economist, particularly "to that American economist under the age of forty who is adjudged to have made a significant contribution to economic thought and knowledge".
Economic Growth
Entrepreneurship
Industrial Organization
Labor Economics
Monetary Theory
Property Rights
Public Finance
Free-market philosophy and Its Roots in Ancient China (by Michael Vatikiotis, Far Eastern Economic Review, 10 June 1999) The basic notions of a free-market economy were derived with the help of observations made in China by Jesuit missionaries in the mid-18th century. The source of these ideas was the Tao Te Ching, the basic text of Taoism. The French translated the concept of wu wei into laissez-faire. Francois Quesnay first coined the term "laissez-faire" in 1758 which then inspired Adam Smith with his "Wealth of Nations". Confucianism in the Era of Globalization (by Mary Kwang, Straits Times, 2002) Find out if Confucius' teachings are compatible with modern business climate in globalization era. Doctrine of the Mean, or the middle road, in decision making where the best choice is the one between what are seen as unworkable extremes. Also morals and values, honesty and sincerity, and patriarchy. Lecture Review: Chinese Economic Thought Before Adam Smith (lecture by Zagros Sadjadi, review by William Dwyer) Identify three main schools of thought: the Legalists, the Taoists, and the Confucians. The Legalists believed in maximal power to the state. The Taoists favors virtually no state interference in economy. The Confucians were middle of -the-roaders on this issue. The Tao of Adam Smith (by James A Dorn, Asian Wall Street Journal, 18 August, 2001) Learn "market Taoism" that was thought out 2000 years before Adam Smith. The principle of wu-wei (nonaction) where rulers rule best when they rule least; that is when they take "no unnatural action." The Tao of Laissez-Faire (by Ken McCormick, Eastern Economic Journal, Volume 25, Issue 3, 01 July 1999) Those interested in a theoretical defense of laissez-faire can add the arguments of Lao Tzu and Chuang Tzu to those of people like Smith and Hayek. Taoism is a tradition which is different from Classical Liberalism, but there is complete agreement on the very important subject of the propriety of a policy of laissez-faire. One can speculate that the startling success of economic liberalization in the People's Republic of China might in part be explained by the fact that the idea of free markets is embedded in the culture.
List of microeconomics concepts in teaching sequential order (by Effendy Juraimin, 2003) My thought of economics as intermediary science in business school displayed as a diagram (by Effendy Juraimin, May 26, 2003) The Economics of Love and Marriage (by David D. Friedman, Price Theory: An Intermediate Text, chapter 21, 1990) What and why is marriage? Looking at marriage as a two-person firm. Then understanding the existence of transaction costs, specialization, the costs of bilateral monopoly, and contract enforcement problems as reasons for marriage.
List of macroeconomics concepts in teaching sequential order (by Effendy Juraimin, 2003) Economic freedom of the world (The Fraser Institute) Economic freedom is the extent to which one can pursue economic activity without interference from government. Economic freedom is built upon personal choice, voluntary exchange, the right to keep what you earn, and the security of your property rights. Under the leadership of Michael Walker and Milton Friedman, the Fraser Institute published The annual Economic Freedom of the World Report that ranks countries on their level of economic freedom. Religion and Political Economy in an International Panel (by Robert J. Barro and Rachel M. McCleary, working paper, May 2, 2002) Economic and political developments affect religiosity, and the extent of religious participation and beliefs influence economic performance and political institutions. Church attendance and religious beliefs are positively related to education and negatively related to urbanization. Attendance also declines with higher life expectancy and lower fertility. Economic growth responds positively to the extent of some religious beliefs ("believing") but negatively to church attendance ("belonging").
Economic Statistics Briefing Room (White House) Easy access to the most current federal economic indicators. All of the information are produced and maintained by the statistical units of those agencies. U.S. Economic Calendar (Yahoo! Finance) Economic indicators for current week.
Asia-Pacific Economic Cooperation Economic report and indicators of APEC members: Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russia, Singapore, Taiwan, Thailand, United States, Vietnam. Also available free publications, tariff database, project database, labor market information, member action plans. Indonesian Economic Recovery Process and The Role of Government (by Sri Mulyani Indrawati, Journal of Asian Economics, Volume 13, Issue 5 , September-October 2002, Pages 577-596) Sustainability of economic recovery process in Indonesia depends on two important programs, stability in the macroeconomic environment, and the implementation of a sound and credible restructuring of corporate debts along with strengthening of the banking institution. Weak legal and judicial systems combined with the new political competition will, at least in the short run, result in more policy distortions, with the burden of cost shouldered by public interest. Corruption Perceptions Index 2002 (Transparency International) Transparency International (TI) , the world's leading non-governmental organization fighting corruption, releases their latest Corruption Perceptions Index (CPI) 2002. The CPI reflects the perceptions of the degree of corruption as seen by business people, academics and risk analysts, and ranges between 10 (highly clean) and 0 (highly corrupt). It ranks 102 countries. Seventy countries - including many of the world's most povertyy-stricken - score less than 5 out of a clean score of 10. Also: TI's Global Corruption Barometer 2003 where citizen of 44 countries were asked: "If you had a magic wand and you could eliminate corruption from one of the following institutions, what would your first choice be?" Economic Growth Research (The World Bank Group) This website features published articles and working papers, with the associated data sets, about globalization, poverty, corruption, human capital, social capital, political institutions. Also: news, reports & publications, and data & statistics of East Asia & Pacific countries. Growth Competitiveness Index 2005 (by World Economic Forum, Geneva) The study assigned scores to nations by looking at factors like government economic policy, the strength of local institutions and the degree to which technology has been used to bolster growth. World Competitiveness Rankings 2003 (by IMD business school of Lausanne, Switzerland) The rankings "analyze and rank the ability of nations to create and maintain an environment that sustains the competitiveness of enterprises". Criteria used to measure competitiveness factors are categorized into: economic performance, government efficiency, business efficiency, and infrastructure.
Anomalies of economic behavior Prof. Richard Thaler (University of Chicago) compiled a list of paradoxes and anomalies that challenges mainstream economics' rational behavior assumption. Examples of such anomalies are why the winners at auctions are often the real losers - they pay too much and suffer the "winner's curse" - why gamblers bet on long shots at the end of a losing day, "the endowment effect", and "the flypaper effect". Prof. Bryan Caplan (George Mason University) employed "economics to common sense in order to understand the world". He posts article regarding "theory of fraud, "the economics of insanity", etc. How the Dismal Science Got Its Name? Economics is called the dismal science. But why? David M. Levy shows that it came from Thomas Carlyle’s 1849 “Occasional Discourse on the Negro Question,” in which Carlyle attacked classical liberal economists for their support of black emancipation. This scientific study of religion seeks to explain religious behavior from an economic (or "rational choice") perspective. The economic approach rests upon the fundamental assumptions of economic analysis: maximizing behavior, stable preferences, and market equilibrium. Middle of Nowhere Economics Archive (by Brad Cox) Find articles about internet economics, electronic property, Japan, Bionomics, Hayek's "The Use of Knowledge in Society" and "The Road to Serfdom" (condensed and cartoon versions) Schools of thought in economics Learn the history of economic thoughts. What are they? Who belongs to what? Social Science Research Network (SSRN) A well organized site of Economics Research Network (ERN) that is dedicated to increasing communication among economics scholars, practitioners, and policymakers throughout the world. How do you explain to your kids differences between Capitalism, Communism, and Enron? What about Arthur Andersen and Other Capitalism? Working Papers in Economics (WoPEc) is a service for finding and downloading the latest research results in economics. It contains over 50,000 documents in electronic format.
|
|
Business
I. Quotes in forecasting blunder "While theoretically and technically television may be feasible, commercially and financially I consider it an impossibility, a development of which we need waste little time dreaming."
"Everything that can be invented has been invented."
"64K ought to be enough for anybody."
"Computers in the future may weigh no more than 1.5 tons."
"There is no likelihood man can ever tap the power of the atom."
"There is no reason anyone would want a computer in their home."
"The Wireless music box has no imaginable commercial value. Who would pay for a message sent to nobody in particular?"
"Who the hell wants to hear actors talk?"
"I think there is a world market for maybe five computers."
II. Quotes in investment "In the short run, the market is a voting machine but in the long run it is a weighing machine."
Click here to learn data types, data pattern, forecasting models, and regression analysis. Learn the principles of "value-oriented investment", i.e. the use of fundamentals in guiding the valuation of securities, from the "Dean of Wall Street" and the mentor of Warren Buffett, Benjamin Graham.
|
|
Technology
"Doubling of transistor density on a manufactured die every year."
"Historically, the price of computing power falls by half every 18 months."
"The cost of computing has dropped exponentially, but the cost of thinking is what it always was."
"A wealth of information creates a poverty of attention."
"We can see the computer age everywhere but in the productivity statistics."
"Our philosophy is Kaizan (continuous self-improvement), and machines cannot Kaizan."
"a lot of speed you can't really use ... a speedier chip won't make you type faster or think faster."
"Technology changes. Economic laws do not."
Are we in the third industrial revolution with personal computer, internet, and biotech? What are the the great inventions in the 20th century?
. |
| History
"Power tends to corrupt and absolute power corrupts absolutely. Great men are almost always bad men"
"That's one small step for (a) man, one giant leap for mankind."
"Veni, vidi, vici. [I came, I saw, I conquered]"
"Democracy is the worst form of government, except for all the others that have been tried."
"Our country! In her intercourse with foreign nations may she always be right, but our country right or wrong."
"It does not matter if a cat is black or white so long as it catches the mouse."
"Old soldiers never die; they just fade away."
"Taxation without representation is tyranny!"
"The only thing we have to fear is fear itself."
"Our country, right or wrong! When right to be kept right; when wrong, to be put right!"
Including Regional and Cross-Cultural Chronologies From the cradle of civilization to the Gulf War II. View the best Iraq map and with profiles.
|
| Miscellaneous
Bay area recent earthquake map real time update of seismic activity Bay area earthquake hazard maps shows hazard level by city and scenario Bay area earthquake probability map USGS and other scientists conclude that there is a 70% probability of at least one magnitude 6.7 or greater quake striking bay area before 2030 Recipes of Bali cuisine in the following categories: basic recipes, soups, satay, rice, vegetables, meats, poultry, seafood, desserts and cakes, and spices. searchable database of all Indonesian restaurants in the world. Indonesian/Malaysian/Singaporean restaurants in Bay Area Comprehensive list (sorted by name) of all Indonesian/Malaysian/Singaporean restaurants in Bay Area. Updated: 8/27/2003 few selected secret recipes of traditional Indonesian food. Merry's Kitchen of Indonesian Kitchen contains over 400 authentic favorite Indonesian recipes and some of them have pictures.
|
This page has been visited
 times
already! |
Quotes in technology
