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Since you've made it this far, you've got to finish reading the book with the Epilogue:  Life in 2050. Since you are reading it anyway, you might as well post one last blog entry that gets you five points of extra credit... These need to be posted by the end of Friday, January 9th if they are going to count.

From "Epilogue: Life in 2050"

One question here, with seven variations: You've got your own crystal ball. Take any one of the "seven questions worth pondering about life in 2050" and give me your prediction/forecast for what the reality will be when you all are contemplating retirement (or traveling the nation in your RV) in 2050.

As of now, you are supposed to have read Chapter 12, "Development Economics." You should post a response of at least one good paragraph to one or more of these questions. (You can also react to other posts.) This is due before the final Tuesday's class begins.

From Chapter 12 - "Development Economics"

1. It's a pretty good question on page 207. "At a time when we can split the atom, land on the moon, and decode the human genome, why do 2.8 billion people, or roughly half the world's population, live on less than $2 a day." What do you think?

2. From page 208 onward, Wheelan (in bold type) lists a "sample of the kinds of policies that make the difference between the wealth and poverty of nations." Choose the one factor that you find most significant and explain your rationale for that choice.

3. There are a ton of interesting statistics and examples in this chapter. Select the three you found most interesting and/or surprising and explain why you chose them.

4. Wheelan likens the World Bank and International Monetary Fund to the world's "welfare agency" and "fire department," respectively. Based on what you've learned, are those characterizations accurate? How well do you feel that they do "their jobs?"

As of now, you are supposed to have read Chapter 11, "Trade and Globalization." You should post a response of at least one good paragraph to one or more of these questions. (You can also react to other posts.) This is due before Friday's class begins.

1. That "machine" that converts corn into things like stereos and cars has reappeared. (page 187) Is this just too simple an allegory for trade? Is it effective? Explain why or why not.

2. Did the discussion on economic sanctions of page 194 lead you to any new conclusions or positions on that topic? (If so, explain. If not, I'd recommend answering a different question.)

3. We've talked about sweatshops a number of times. It's your turn. You've read the section about the "comparative advantage" of workers in poor countries. (page 201) As the quarter's end approaches, give us your answer. "Should we sweat about sweatshops?" Why or why not?

4. "Preferences change with income, particularly with regard to the environment." (page 203) Discuss.

Please "introduce" yourself here in advance of our MPA Globalization Forum on Monday.

Here, you are limited to 150 words maximum. You should use the blog entry to advocate for any causes, aspects of globalization, etc. that would be of the most benefit to your character. This is your chance to rant against your enemies, blow your own horn, or do a combination of these. You, of course, are bound by the need to not be obscene and totally inappropriate, but think of this as your billboard, letter to the editor, protest sign, bragging sheet, or whatever it is. Be creative, be outspoken, but also be appropriate...

REMINDER: In order to receive credit, these comments need to be posted by class time on Monday. Remember that this is a public site, and you are responsible for the content of your postings.

At this time, you are supposed to have read Chapter 9, "Keeping Score." You should post a response of at least one good paragraph to one or more of these questions. (You can also react to other posts.)

1. After you finishing reading the joke on page 149 you tell yourself, "I can be funnier than that." Here's your chance. Write an anecdote, story, joke that makes a commentary about our current economy. Keep it clean, and no stealing someone else's material.

2. After reading about the Gross Domestic Product, assess its usefulness as a measure of economic progress. Is there another measure you think we should use?

3. During the Great Depression, FDR once said that we have "nothing to fear but fear itself." (page 157) Is that good economic advice for today? Explain why or why not using a specific example or examples.

4. We've spent time talking about both monetary and fiscal policy. (pp. 159-160) Assume that an economic recession is on the horizon. (OK, this year you can assume it is already here...) Which of these tools, or what combination, would you want government to use?

REMINDER: In order to receive credit, these comments need to be posted by class time on Tuesday. Remember that this is a public site, and you are responsible for the content of your postings.

At this time, you are supposed to have read Chapter 8, "The Power of Organized Interests." You should post a response of at least one good paragraph to one or more of these questions. (You can also react to other posts.)

1. "When it comes to interest group politics, it pays to be small." (page 140) Imagine that your world is limited to the MPA community. Give an example that you think supports this claim made by Wheelan. (You should avoid mentioning names if it might be controversial or hurtful in any way.)

2. What SHOULD we do when it comes to ethanol?

3. How do we keep interest groups from using/abusing the political process to "generate regulation that either helps them or hobbles their competition?" (page 142) Should we even try to control this? Why or why not?

4. Is giving a president "fast-track authority" desirable? (page 146) Why or why not?

5. "Creative destruction" is a term coined by Joseph Schumpeter. (page 144) Using examples from today's world, comment on the desirability and/or drawbacks of such a process from your perspective.

At this time, you are supposed to have read Chapter 7, "Financial Markets." You should post a response of at least one good paragraph to one or more of these questions. (You can also react to other posts.) To receive full credit, your response should be posted before class time on Wednesday

1. Wheelan explains that there are four functions for all "financial instruments": raising capital; storing, protecting, and making profitable use of excess capital; insuring against risk, and speculation. Project yourself two decades into the future, and assume that you are in a good, but not great, financial situation, maybe with a family. Prioritize these functions in terms of how you would anticipate using "financial instruments" at that point in your life. Explain why you ordered them that way.

2. Are you more "risk adverse" or "risk tolerant" when it comes to financial issues? React to one or more of the insurance anecdotes (or another with which you are familiar) in this chapter.

3. Later in the chapter, Wheelan shares some "lessons" about the markets. Comment on anything you "learned" in the anecdote about the "brownstone" or anything else.

4. On pages 130 and 131, Wheelan talks of a monkey picking stocks. (OK, a fictional monkey, maybe Curious George?) What do you make of this story? Does it change your level of "confidence" in financial markets?

5. In the section entitled "Diversify" (page 134), Wheelan urges his students to flip coins. Do you think this is a valuable activity here? Can you think of another that you would recommend for students learning about financial markets?

REMINDER: I had trouble getting this one posted. Now, obviously, it works. So, in order to receive full credit, let's say these comments need to be posted by class time on Thursday. Remember that this is a public site, and you are responsible for the content of your postings.

At this time, you are supposed to have read Chapter 6, "Productivity and Human Capital." You should post a response of at least one good paragraph to one or more of these questions. (You can also react to other posts.)

1. (pp. 98-99) "Meanwhile, one in five American children - and a staggering 40 percent of black children - live in poverty." Should our federal government be doing more to change these numbers? If so, what? If not, why not?

2. "Human capital is an economic passport." (p. 100) Provide an additional example/examples of where this is/has been the case. It can be someone specific or a more general case that illustrates what you believe Wheelan means by this.

3. Given the recent controversy over outsourcing and the on-going process of globalization, what do you make of the "lump of labor fallacy" that Wheelan introduces? (p. 103) Do we need to rethink this?  Why or why not?

4."There is a striking correlation between a country's level of human capital and its economic well-being." (p. 106) Assuming this is true, give at least three specific nations around the world where you think this will prove very positive or very harmful in the near future. Give a reason why for each nation.

5. Is rising inequality a price worth paying if it is accompanied by rising productivity? You can answer as an economist, a moralist, a patriot, or whatever... (This is most directly addressed beginning on page 111.)

6. "Take" Cornell economist Robert Frank's survey on page 114.  What would you select? What do you think that says about you? Ask three people not in the class and report on which they picked.

REMINDER: In order to receive full credit, these comments need to be posted by class time on Friday. Remember that this is a public site, and you are responsible for the content of your postings.

At this time, you are supposed to have read Chapter 5, "Economics of Information." You should post a response of at least one good paragraph to one or more of these questions. (You can also react to other posts.)

1. Can you propose a way to "save" the Hope Scholarship program proposed by the Clinton Administration from the problem of "adverse selection?" (pp. 80-81)

2. "More important, they [professional women taking maternity leave and/or quitting] impose a cost on other women." (page 83) I'm simply asking you to react to this analysis. You can do this at an economic level, an equality level, a moral level, or whatever combination of levels that work for you.

3. What would you do to clean up the problems of information in the used-car market? (pp. 84-85) Does technology like "Car Soup" and the like help or hurt with this effort?

4. On page 90, a quote from The Economist magazine explains the "looming quandary" genetic testing may pose for the health care industry. What should we do?

5. Most of you are headed off to college next year. Take a crack at the "chicken/egg" question about the value of a "Harvard-like" education that is introduced on pp. 93-94. (You can also react to the results of the Krueger study.)

6. Jump into the racial profiling debate started on pages 95 and 96. "Does race or ethnicity... convey meaningful information? If so, what do we do about it?"

REMINDER: In order to receive credit, these comments need to be posted by the beginning of class time on Tuesday, November 18th. Remember that this is a public site, and you are responsible for the content of your postings.

By this time, you are supposed to have read Chapter 4, "Government and the Economy II." You should post a response of at least one good paragraph to one or more of these questions. (You can also react to other posts.)

1. Take a crack at the "Goldilocks" question (page 77). "Is the role that government plays in the United states economy too big, too small, or just about right?" Explain.

2. Wheelan writes on page 79 that, "The United States is a richer but more unequal place than most of Europe." Should we be satisfied with that distinction? Why or why not?

3. Wheelan talks a good deal more about taxation and regulation in this chapter. If you'd like to react to any of those points, you can do that here...

REMINDER: In order to receive full credit, these comments need to be posted by the start of class on Thursday. Remember that this is a public site, and you are responsible for the content of your postings. You are supposed to have read Chapter 3, "Government and the Economy," by class time on Wednesday You should post a response of at least one good paragraph to one or more of these questions. (You can also react to other posts.)

NOTE: As of now, there is a lag between your submitting a post and its appearance on the blog. I have to "approve" them by clicking on them. Don't resend. I'll try and get that preference changed. REMINDER: In order to receive full credit, these comments need to be posted before class time on Thursday. Remember that this is a public site, and you are responsible for the content of your postings. These questions are for Chapter 2, "Incentives Matter." You should post a response of at least one good paragraph to one or more of these questions. (You can also react to other posts.)

NOTE:  As of now, there may be a lag between your submitting a post and its appearance on the blog.  Don't resend. 


We can use the blog to hold "conversations" about reading in Naked Economics.  We"ll certainly talk about some of the readings in class, but this gives you another chance to share your ideas.

Here's how we'll do this. I'll post several questions by the day a chapter is due to have been read.  Each of you will be expected to post a comment before the NEXT session. You may respond to one or more of the questions, and you can also react to comments posted by others.  I'll expect a comment of one good paragraph or more.  (To me, that means 5-6 sentences at a minimum.)  You do not need to worry about perfect grammar, spelling and punctuation, but they should be understandable.  Remember that this is a public site, and you are responsible for the content of your postings.

Assume that each comment is worth 5 points.  (5 points for solid or better comments, 4 for comments somewhat short of expectations, 3 for last-minute, little to no effort postings, and no points for those who have not posted.)

So, let's get started. By Friday, you are supposed to have read the Foreward, Introduction and Chapter 1, "The Power of Markets." You should post a response of at least one good paragraph to one or more of these questions BEFORE the start of class time on Monday, November 3rd. (You can also react to other posts.)


From the Foreward by Burton Malkiel:

A. "Why should we study economics?  In other words, why do you believe an understanding of economic principles and theories is or is not necessary in our world?"


From the Introduction:

B. Charles Wheelan uses a number of interesting examples here to begin his case for "naked" economics.  React to one or more of these examples.


From Chapter 1, "The Power of Markets":

C. "To what degree do you agree or disagree with this quote from page 7:  'Maximizing utility is not synonymous with acting selfishly.'  Give an example to support your position."

D. "On page 11, Wheelan writes that 'Firms attempt to maximize profits.' What are the ethical and/or moral limits (if any) that you believe apply to firms in this pursuit of profits?"

E. "Do you believe Wheelan is too positive in his defense of the role of markets?  Use specific arguments and/or examples to explain why or why not."