tag:blogger.com,1999:blog-67542853517204919862024-03-19T11:12:30.694-07:00The Backyard EconomistIs the government giving you a nudge, or a push?Anonymoushttp://www.blogger.com/profile/03169613151367674230noreply@blogger.comBlogger52125tag:blogger.com,1999:blog-6754285351720491986.post-15935371972611340782014-07-14T19:23:00.000-07:002014-07-14T19:23:34.124-07:00Costing <br />
<span style="font-family: Segoe UI Light, SegoeUILightWF, Arial, sans-serif;">C</span>omponents of job costing<br />
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<ol>
<li>Track the costs involved in the job</li>
<li>Make sure all of the costs are invoiced to the customer</li>
<li>Produce reports showing details of costs and revenues by job</li>
<li>Quotes – also known as estimates, bids, or proposals</li>
<li>Fixed fee jobs</li>
<li>Time and materials jobs</li>
<li>Revenues</li>
<li>Items</li>
<li>Direct costs</li>
<li>Standard costs</li>
</ol>
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For extended analysis head to <a href="http://www.complexityandchaos.com/">http://www.complexityandchaos.com</a></div>
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<br />Anonymoushttp://www.blogger.com/profile/03169613151367674230noreply@blogger.comtag:blogger.com,1999:blog-6754285351720491986.post-34660942805562957542014-06-23T04:19:00.002-07:002014-07-14T19:20:26.302-07:00Wall Street Seems Bullish <br />
<blockquote class="tr_bq">
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“The punchbowl remains on the table, the record player keeps spinning tunes — and the party’s still lively.”</blockquote>
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That’s from John Stoltzfus, the Chief Market Strategist at Oppenheimer, summing up the state of the market.<br />
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It really doesn’t get any simpler than that. In the view of market participants, nothing has changed to derail the bull market. The economic data is decent, but not so hot that the Fed has to tighten. And the Fed has given no indication that it plans to remove the punchbowl (raise rates). And so the music spins, and the party is lively.<br />
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For extended analysis head to <a href="http://www.complexityandchaos.com/">http://www.complexityandchaos.com</a><br />
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<br />Anonymoushttp://www.blogger.com/profile/03169613151367674230noreply@blogger.com0tag:blogger.com,1999:blog-6754285351720491986.post-60712470094449613372014-06-20T03:33:00.002-07:002014-07-14T19:21:09.404-07:00THE ECONOMICS OF URANIUM SUPPLY AND DEMAND<br />
<header class="entry-header" style="background-color: white; box-sizing: border-box; color: #333333; font-family: 'Lucida Grande', 'Lucida Sans Unicode', 'Lucida Sans', Geneva, Verdana, sans-serif; font-size: 13px; line-height: 23px; margin-bottom: 2.3rem; width: 620px;"><h1 class="entry-title" style="box-sizing: border-box; clear: both; font-family: Lato, sans-serif; font-size: 3rem; font-weight: 400; line-height: 1.5; margin: 0px; text-transform: uppercase; width: 613.796875px;">
<span style="font-family: 'Lucida Grande', 'Lucida Sans Unicode', 'Lucida Sans', Geneva, Verdana, sans-serif; font-size: 13px; line-height: 23px;">You may have seen my other post on the AusIMM International Uranium Mining Conference in Perth 2014. I had the opportunity to attend, I have to admit I did not know a great deal about the industry and had my preconceptions before I attended but tried to go with an open mind. Needless to say there were protestors at the door to welcome me on the first day. If there ever was a subject outside of religion which would enrage unite people then Nuclear energy is it.</span></h1>
</header><br />
<div class="entry-content" style="background-color: white; box-sizing: border-box; color: #333333; font-family: 'Lucida Grande', 'Lucida Sans Unicode', 'Lucida Sans', Geneva, Verdana, sans-serif; font-size: 13px; line-height: 23px; width: 620px;">
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<a href="https://complexityandchaosblog.files.wordpress.com/2014/06/245932-3x2-340x227.jpg" style="-webkit-transition: none; border-bottom-color: rgba(0, 0, 0, 0.0980392); border-bottom-style: solid; border-bottom-width: 1px; box-sizing: border-box; color: #bb0000; text-decoration: none; transition: none;"><img alt="245932-3x2-340x227" class="aligncenter wp-image-130 size-thumbnail" height="100" src="https://complexityandchaosblog.files.wordpress.com/2014/06/245932-3x2-340x227.jpg?w=150&h=100" style="border: 0px; box-sizing: border-box; display: block; height: auto; margin: 0.5rem auto; max-width: 100%; vertical-align: middle;" width="150" /></a>As it stands, the uranium market is still a young one whose “laws” have yet to become entirely clear. This tends to disorient observers and decision-makers who are anxious to predict its development. It has a number of characteristics which are sharply differentiated from those of other minerals, including other energy commodities. The commodity has only really been in use for 50 years and has had a couple of issues during that time. Many environmental groups are united against its use. So why are ethical funds investing in the commodity and its industry</div>
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A recent Corporate Watch Australia survey reveals that many so-called ethical investment funds invest in uranium mining. Ethical investment itself is booming: from its origins in 1984 with a fund nicknamed ‘Brazil’, because you’d have to be nuts to invest in it, the sector is now worth $2 trillion worldwide. According to the Responsible Investment Association of Australasia, Australian responsible investment portfolios grew from $4.5 billion to $17.1 billion from 2004 to 2007.</div>
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Many ethical investment funds use an approach known as ‘best of sector’. This means they do not rule out investing in any legal industry, but instead seek investment in companies that claim to be trying to improve their ethical practices. A sector cannot be ruled out on the grounds that it is simply wrong – if a company can show that it is making some gesture, however tokenistic, to improve its practices, it can be included in an ethical portfolio.</div>
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In the words of Yvonne Margarula, Mirarr senior traditional owner in the Northern Territory: “Uranium mining has … taken our country away from us and destroyed it … Mining and the millions of dollars in royalties have not improved our quality of life.” This is a common cry about any form of mining or resources think FMG and the Solomon hub or Tom Price. However, we still fly/drive/cycle and continue to buy the new phones as they hit the market. So how can this be balanced.</div>
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I think the stand out “take away” for me was the environmental slant on the discussion. This need for balance came through loud and clear. I have to credit <strong style="box-sizing: border-box;">Ben Heard </strong>of <i style="box-sizing: border-box;">Think Climate Consulting </i>for this bit of information. Not only does your Iphone require charging daily, it also remains connected to the internet through communication towers and internet substations/routers. The total consumption of your Iphone is around that of a common household fridge. So in short that is a lot of energy required to run your home right now along with your phone or the internet your computer is connected to. The next concept from that is the requirements of a emerging economy. What do they want when they get some spare cash? What is the main device for the majority of internet traffic in Bangladesh?</div>
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<a href="https://complexityandchaosblog.files.wordpress.com/2014/06/world_energy_consumption-svg.png" style="-webkit-transition: none; border-bottom-color: rgba(0, 0, 0, 0.0980392); border-bottom-style: solid; border-bottom-width: 1px; box-sizing: border-box; color: #bb0000; text-decoration: none; transition: none;"><img alt="BP World Energy Report 2013" class="wp-image-129 size-medium" src="http://complexityandchaosblog.files.wordpress.com/2014/06/world_energy_consumption-svg.png?w=300&h=208" height="208" style="border: 0px; box-sizing: border-box; height: auto; max-width: 100%; vertical-align: middle;" width="300" /></a><br />
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BP World Energy Report 2013</div>
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Pollutants from burning fossil fuels can create health hazards (illness and death). The most common of such emissions from electricity generation are small particulates sulphur dioxide (SO<span style="bottom: -0.25em; box-sizing: border-box; font-size: 10px; line-height: 0; position: relative; vertical-align: baseline;">2</span>) and nitrogen oxides (NO<span style="bottom: -0.25em; box-sizing: border-box; font-size: 10px; line-height: 0; position: relative; vertical-align: baseline;">X</span>). For an example of this think about Beijing.</div>
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What are our other power alternatives? Besides nuclear power the one providing 5.7% of total global energy demand right now. I challenge you to find a alternative which has the capability to replace coal or gas. I’m still looking, and yes the jury is out but I haven’t found one yet. Just imagine how much simpler and more optimised Australia would be, with plunging greenhouse gas emissions and better protection for all of us from escalating power prices if:</div>
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<ul style="box-sizing: border-box; list-style-type: square; margin: 1.6rem 0px; padding: 0px 0px 0px 4rem;">
<li style="box-sizing: border-box;">Nuclear power was considered a “viable thermal power alternative” in Government modelling</li>
<li style="box-sizing: border-box;">The assumed emissions intensity limit for new plant was <strong style="box-sizing: border-box;">0t CO2-e </strong>because climate change is actually urgent, it demands an urgent response, nuclear can deliver exactly that service and any new plant other than zero-carbon plant, with all we know in 2012 and beyond, is virtual insanity</li>
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If I could send you to a couple of links:</div>
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<a href="http://decarbonisesa.com/nuclear-in-2-12-minutes-video/" style="-webkit-transition: none; border-bottom-color: rgba(0, 0, 0, 0.0980392); border-bottom-style: solid; border-bottom-width: 1px; box-sizing: border-box; color: #bb0000; text-decoration: none; transition: none;">http://decarbonisesa.com/nuclear-in-2-12-minutes-video/</a></div>
<div style="box-sizing: border-box; margin-bottom: 2.3rem;">
<a href="http://decarbonisesa.com/nuclear-in-2-12-minutes-video/" style="-webkit-transition: none; border-bottom-color: rgba(0, 0, 0, 0.0980392); border-bottom-style: solid; border-bottom-width: 1px; box-sizing: border-box; color: #bb0000; text-decoration: none; transition: none;">http://pandoraspromise.com/</a></div>
<div class="wp-caption alignleft" id="attachment_131" style="box-sizing: border-box; float: left; height: auto; margin: 0.5rem 1rem 0.5rem 0px; max-width: 100%; width: 310px;">
<a href="https://complexityandchaosblog.files.wordpress.com/2014/06/131110062015-nuclear-power-vogtle-georgia-story-top.jpg" style="-webkit-transition: none; border-bottom-color: rgba(0, 0, 0, 0.0980392); border-bottom-style: solid; border-bottom-width: 1px; box-sizing: border-box; color: #bb0000; text-decoration: none; transition: none;"><img alt="Energy as it stands" class="size-medium wp-image-131" src="http://complexityandchaosblog.files.wordpress.com/2014/06/131110062015-nuclear-power-vogtle-georgia-story-top.jpg?w=300&h=168" height="168" style="border: 0px; box-sizing: border-box; height: auto; max-width: 100%; vertical-align: middle;" width="300" /></a><br />
<div class="wp-caption-text" style="box-sizing: border-box; font-style: italic; margin-bottom: 2.3rem;">
Energy as it stands</div>
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Now Pandoras Promise gave a clear argument. In that America is aimed at an “energy cliff” with economic threats worse than the Great Recession, says Danny Roderick, CEO of Westinghouse. We can’t avoid that, he says, without a readily available supply of clean energy. The film “Pandora’s Promise,” “<strong style="box-sizing: border-box;"><em style="box-sizing: border-box;">correctly</em></strong> suggests that nuclear power is the safest, most stable and most secure option for achieving that goal.”</div>
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Nuclear is clearly not perfect. I need to take some more time to look into the whole economical and environmental impacts. But just for a second open your mind to the idea that there is a better solution out there, however not complete it could change things over night if it was adopted.</div>
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I have not made up my mind but I understand we can not except the need for energy and development. I can not cover the whole topic here in one post. However, I have tried to touch on some common issues, others I have missed altogether. So I am emphasising the <em style="box-sizing: border-box;">conversation</em>; I am happy to hear from all new comers to nuclear power. Challenge your thought and mine. Tell me what you thought of the post and the videos, and what else you would like to know.<br />
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For extended analysis head to <a href="http://www.complexityandchaos.com/">http://www.complexityandchaos.com</a></div>
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Anonymoushttp://www.blogger.com/profile/03169613151367674230noreply@blogger.com0tag:blogger.com,1999:blog-6754285351720491986.post-48897792741062822242014-06-04T19:21:00.003-07:002014-07-14T19:21:17.228-07:00 AusIMM International Uranium Conference 2014 I will have the pleasure of attending and reviewing the AusIMM International Uranium Conference 2014 next week, with a big thanks to AusIMM.<br />
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Australia currently provides about 12% of the worlds Uranium. The first mine was built in 1906 at Uranium Hill, and then Mount Painter in South Australia in the 1930s. Following the Japanese <a href="http://en.wikipedia.org/wiki/Fukushima_nuclear_disaster">Fukushima nuclear disaster</a> in early 2011, many countries are scaling back their nuclear power production, with some setting deadlines for a complete shutdown of all nuclear power reactors. It is expected that this may impact on demand for Australian Uranium. State governments have now approved mine development in Western Australia and Queensland.<br />
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Despite the clear environmental benefits Uranium mining and its use has remained a point of controversy. China has new energy targets in place which will require clean fuel. Wether or not Australia is a player in that game will depend on how the industry progresses in the next few years. Even Hawke has been weighing in on the debate. </div>
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We heard recently that the Japanese confirm that not one death has been caused by radiation from Fukushima. There may be some longer-term issues coming, but lets not forget the level of smog in China at present. </div>
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How are we to venture forward in this world? </div>
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The two day packed technical program will shed some light on the industry at the moment. The event boasts some very interesting keynote presentations by renowned Australian speakers, a variety of networking functions, a trade exhibition and more.</div>
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The speakers include:</div>
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<li><a href="http://www.uranium2014.ausimm.com.au/program">John Borshoff</a> - Uranium History and Its Bearing on Future Discovery and Exploitation</li>
<li><a href="http://www.uranium2014.ausimm.com.au/program">Professor Barry Brook</a> - Nuclear Power Prospects for Global Decarbonization</li>
<li><a href="http://www.uranium2014.ausimm.com.au/program">Ben Heard</a> - High Energy, Low Pollution: Why We Must Bring Forward the Actinide Age</li>
<li><a href="http://www.uranium2014.ausimm.com.au/program">Dr Carl-Magnus Larsson</a> - Health and Environmental Implications of the Accident at the Fukushima Daiichi Nuclear Power Station</li>
<li><a href="http://www.uranium2014.ausimm.com.au/program">The Honourable Bill Marmion</a> – Ministerial Opening Address</li>
<li><a href="http://www.uranium2014.ausimm.com.au/program">Daniel Zavattiero</a> - Uranium – the Opportunity for Australia</li>
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<br class="Apple-interchange-newline" />For extended analysis head to <a href="http://www.complexityandchaos.com/">http://www.complexityandchaos.com</a></div>
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<div style="background-color: white;">
Mine planning and mine analysis tips please head to <a href="http://www.mineplanningtoday.com/">http://www.mineplanningtoday.com</a></div>
<div style="background-color: white;">
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<div style="background-color: white;">
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Anonymoushttp://www.blogger.com/profile/03169613151367674230noreply@blogger.com0tag:blogger.com,1999:blog-6754285351720491986.post-28709394262732812572014-06-04T02:11:00.003-07:002014-07-14T19:21:25.868-07:00More points on the Pikkety Book <div>
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<ol>
<li><a href="http://econbrowser.com/archives/2014/05/criticisms-of-piketty">Jim Hamilton</a></li>
<li><a href="http://aida.wss.yale.edu/smith/piketty1.pdf">Per Krusell and Tony Smith</a></li>
<li><a href="http://economistsview.typepad.com/economistsview/2014/05/unpacking-the-first-fundamental-law.html">James Galbraith</a></li>
<li>Update: <a href="http://www.econ.nyu.edu/user/debraj/Papers/Piketty.pdf">Debraj Ray</a></li>
<li>Update: <a href="http://www.pbs.org/newshour/making-sense/will-rich-always-get-richer/">Larry Kotlikoff</a></li>
<li>Update: <a href="http://www.whitehouse.gov/sites/default/files/docs/global_lessons_for_inclusive_growth_iiea_jf.pdf">Jason Furman</a></li>
</ol>
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<div style="background-color: white;">
<br class="Apple-interchange-newline" />For extended analysis head to <a href="http://www.complexityandchaos.com/">http://www.complexityandchaos.com</a></div>
<div style="background-color: white;">
<br /></div>
<div style="background-color: white;">
Mine planning and mine analysis tips please head to <a href="http://www.mineplanningtoday.com/">http://www.mineplanningtoday.com</a></div>
<div style="background-color: white;">
<br /></div>
<div style="background-color: white;">
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Anonymoushttp://www.blogger.com/profile/03169613151367674230noreply@blogger.com0tag:blogger.com,1999:blog-6754285351720491986.post-55338355582063615582014-06-02T00:25:00.000-07:002014-07-14T19:23:18.353-07:00Deregulation of University Fees "a dirty word"<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhHshhzWBERHA6FJkggFWqVVrppiss0qAMXLAgMpS0NZJkTzrWM1JmkwVhyMzW_VK2rUSgAoHF7Z89XZWM9eiSHuvw9MxkHUGULtlioY-AYwRmq-pe4QMZ1m6b6cWWdJL8WQoEIzKcxq044/s1600/AP_spooner_lw-20140530192058981089-620x349+(1).jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhHshhzWBERHA6FJkggFWqVVrppiss0qAMXLAgMpS0NZJkTzrWM1JmkwVhyMzW_VK2rUSgAoHF7Z89XZWM9eiSHuvw9MxkHUGULtlioY-AYwRmq-pe4QMZ1m6b6cWWdJL8WQoEIzKcxq044/s1600/AP_spooner_lw-20140530192058981089-620x349+(1).jpg" height="180" width="320" /></a></td></tr>
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Illustration: John Spooner AAP</div>
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<span style="mso-ansi-language: EN-AU;">Currently, domestic
undergraduate students in Commonwealth supported places at public Australian
universities, pay a contribution of their tuition fees and the
Australian Government subsidises the rest. The student contribution is set by the
government and varies according to discipline category of the courses studied,
with the top band including law, accounting, economics and commerce charging
$10,085 student contribution per year.<o:p></o:p></span></div>
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<span style="mso-ansi-language: EN-AU;">Earlier in 2013 the <a href="http://economicstudents.com/2012/08/graduate-winners/"><b>Grattan
Institute published <i>Graduate Winners</i></b></a>, a report which
suggested that government subsidies for tertiary education should be cut, given
the already strong incentives to pursue higher education, and the low net public
benefits that students of certain disciplines accord to society.<o:p></o:p></span></div>
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<span style="mso-ansi-language: EN-AU;">The acceptance in the G08 university community of the need for reform is at a level rarely seen on any
issue. The directions for reform are similarly clear. As Melbourne University
vice-chancellor Glyn Davis has pointed out, while universities have been hoping
and lobbying for years for more government money, the decline in funding per
student seems inexorable. There is therefore now a broader acceptance of the
need for fee deregulation, particularly with the opening of university
education to thousands more students, and the increasing private benefit to
those who complete university studies.<o:p></o:p></span></div>
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<span style="mso-ansi-language: EN-AU;">The Kemp-Norton
recommendation seeks to level this playing field.<o:p></o:p></span></div>
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<span style="mso-ansi-language: EN-AU;">The recommendation suggests that it would have a
number of benefits:<o:p></o:p></span></div>
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<span style="mso-ansi-language: EN-AU;">First, it would reduce
the cost to students of studying for higher education qualifications outside
the university system. At present, most of these students have to cover the
full cost of their course through the fees they pay, which usually means that
they pay more than their university-enrolled counterparts. It’s hard to see the
logic of this, given that these students are more likely to come from
disadvantaged backgrounds. This is a great way of promoting access to higher
education.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal">
<span style="mso-ansi-language: EN-AU;">Second, the proposal
would introduce more competition into the higher education market. The
Kemp-Norton review itself celebrates the effect that increased market forces
have already on the sector, especially in lifting quality and encouraging
innovation. But the impact of the market is highly constrained at present — by
the near-monopoly given to universities over government-funded places, and by
the controls imposed on universities in setting student charges. The
Kemp-Norton recommendation removes the first these constraints and paves the
way for removal of the second.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="mso-ansi-language: EN-AU;">Third, greater
competition will bring with it greater diversity of institutions. For example,
it would allow some institutions to focus entirely on teaching, unlike
universities, which have dual missions of teaching and research. This would
allow more specialised institutions to develop, addressing particular skills
needs or student cohorts. Universities would have even greater incentive to
play to their strengths, to improve quality and to articulate more clearly the
benefits they offer compared to other types of provider — such as access to the
country’s leading researchers in the classroom, opportunities to study in great
universities around the world and qualifications that are highly sought after
by employers.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US">Applying some basic economics of commercial
business some of the deregulation issues will be addressed. Generally speaking
public investment and subsidies are typically inefficient but in some cases
such as education they are seen as essential to growth (Espinoza, 2012). Some
subsidies however create perverse mechanisms in dynamic contexts. <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US">The political economy of subsidies deals
with the central question of how the political process interacts with the
heterogeneity of interests in society to allocate subsidies and determine the
pace of their removal. More specifically, do the decisions of elective
officials always lead to the socially optimal use of subsidies in the manner
described earlier? <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US">The conclusions of a number of studies
(e.g. see Gardner, 1996) are that subsidisation is correlated with the
political influence of the beneficiaries (e.g. retirees and the elderly in the
case of social security or middle and upper class groups in the case of
educational subsidies). Or in other terms the class of the graduates and the class of the university.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US">A hierarchy of institutions results from
their ‘donative-commercial’ revenue sources and from the radical differences
among them in their successes -- past and present in raising and accumulating
donative resources. These differences in donative wealth, in turn, strongly
influence their current commercial circumstances. Schools that get a lot of
donated money from endowments and legislatures and gifts can and do sell, in
their commercial role, at a lower price or higher quality. “The market” for
higher education is very different, then, from commercial markets and
competitive market forces play out in much different environment. They may
still work, perhaps, but they do so on a strikingly tilted playing field.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US">Subsidies have wide ranging effects, for
example mortgage subsidies and high wages in the public sector have created
“queues‟: the benefits of landing a public sector job (or getting a subsidised
mortgages) may be so high that some would rather wait and stay unemployed (or
rent an apartment) in the hope of obtaining the coveted benefit later in time
rather than going for an alternative (private sector job; commercial bank
mortgage). <span style="mso-spacerun: yes;"> </span>Is it really that bad that
there is an increase in university attendance due to low fees? Can we afford
not to be competitive on a global scale in terms of education as wealth?<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US">Distortions are highly inefficient and may
be worsened by further government intervention: for instance, a wave of hiring
in the public sector may decrease labor supply to the private sector (or
increase unemployment) since job seekers understand that the probability of
landing a government job has increased. Therefore, the distributive policies in
the case of education should be evaluated carefully, taking into account both
theory and experience with specific government programs, so that this kind of
egregious distortions be removed. So can this be done with higher education?
Can the market stabilise itself with the help of the government or does it
require intervention?<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US">Perfect competition – competition is
affected between firms if they function in this kind of hierarchical market.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US">Two things, I think, can safely be said:
that competition will take place largely within segments or ‘bands’ or ‘packs’
of similar schools within the hierarchy and that it will have a very different
character within differently positioned bands. For those market segments toward
the bottom, competition takes rather conventional economic forms – a competition
for customers of ordinary input quality that focuses therefore on numbers, on quantity
of sales, on filling seats. It emphasises price, convenience, and quality for a
customer of modest aims and it is most regionally or ideologically limited. For
market segments at the top of the hierarchy, donative resources are great,
student quality is important and amplified, competition is national, and it
focuses largely on position and maintaining or improving student quality (Clotfelter, 1992).</span></div>
<div class="MsoNormal">
<div style="background-color: white;">
<br class="Apple-interchange-newline" />
For extended analysis head to <a href="http://www.complexityandchaos.com/">http://www.complexityandchaos.com</a></div>
<div style="background-color: white;">
<br /></div>
<div style="background-color: white;">
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</div>
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Anonymoushttp://www.blogger.com/profile/03169613151367674230noreply@blogger.com0tag:blogger.com,1999:blog-6754285351720491986.post-74799248438520702792014-06-01T17:19:00.002-07:002014-06-01T17:19:33.151-07:00Piketty causing a stir: Piketty findings undercut by errorshttp://www.ft.com/cms/s/2/e1f343ca-e281-11e3-89fd-00144feabdc0.html#axzz33R7q1YB1<br />
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<br />Anonymoushttp://www.blogger.com/profile/03169613151367674230noreply@blogger.com0tag:blogger.com,1999:blog-6754285351720491986.post-27707516767807833362014-05-28T02:03:00.002-07:002014-07-05T18:47:45.809-07:00Top 10 Economics Books - Head over to complexityandchaos.com for moreMy previous posts have identified the best economics podcasts, and the best eye-opening books for the entrepreneur. Here's a list of books to help you get yourself educated in the science of economics. These would be my top ten in order of preference.<br />
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<b>Number 1: Freakonomics Levitt & Dubner</b></h2>
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This book gives you a really different view of economics but helps lay down the basics of thinking economically. The collaboration between young economist Steven D. Levitt and journalist Stephen J. Dubner, quickly became an economic phenomenon in itself, shooting up to the top of many bestseller lists on publication and hovering nearby for much of the rest of 2005. <br />
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<a href="http://www.amazon.com/gp/product/0061234001/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=0061234001&linkCode=as2&tag=getfinafree-20&linkId=4RT22TZHINMP2F2P"><img border="0" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEie4Hudep-r9MnB7iKJA91vzSE_Pf8JXTFod2AQq71wonkVJEiGy69HxfiMp3-y7WfJj3J2e3VFWRPEi7L3ULGysBJxsytmfb7T2ywb_fVUwR7J1pNqfHC2W9xbIJqMKuM6u7amoyTLsLno00mBC8rlqv3dUf5rQxftdFiCieoGxQiyWgdz31j6DzR8EzOp5fXOYWvdv9ocWJlxqOIB5B4eMYQWwXMsq0ODPgslbwC6PPy5A_uamQLp10Pur5_kZNAuTH_8qU6p3rdTrq46vQ41zUZJNbjB3ph6pHggqY4LmtN33nwEEQ=" /></a><img border="0" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEgGNjE7BhC5F7SB1d4gf0c7ket7mMh5o3EyJ1OVCwOlAvhMCMGWFXaU08VMgAzAAVeD8RMhYV11DKQfZw3XqO15zFuR5Iy4FtaXnDYn9gwps2PF7VpV2urbdRJtARe3p7EwmDVMPw1xj8Gtvzrf2MIXJBk9NacZptQDybcRHPd7EjHewbdVQYiSC71NuO0=" /><br />
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Number 2: Choice and Consequence by Thomas C. Schelling</h2>
Thomas Schelling is a political economist conspicuous for wandering an errant economist. In Choice and Consequence, he ventures into the area where rationality is ambiguous in order to look at the tricks people use to try to quit smoking or lose weight.<br />
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<a href="http://www.amazon.com/gp/product/0674127714/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=0674127714&linkCode=as2&tag=getfinafree-20&linkId=F7H5J2ZWZZOL5X75"><img border="0" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEgLHIOpvdcLCH4zqyq0TWAtfCsgMA0soRAL-3TH1HOzFPHMBSJxY6RxtshNErHtoPIVaNgppZ8-TWLGQLO0U9GwFd3k91pQmhFBvRkX11a-oQR32O7MTtBc9Yf6w9_evupy8_561ffESkSA0xBBXwDh-nQN6ZhW_ry3FXRrmMwF6LtCjJl5BneuOzwbKOPNzrry5ejjp-R1cd4UQH23IUEwlXO2sd7jMA4bkEb_RYRDotNjc2JBXKSJxwhezk3HfN4Iwd9FsoIQNYIB0l1sFZMj16rWEDOYPk7pHqV5aBvun3KgRx6mwg=" /></a><img border="0" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEh7vIWHizhyOv_ToUQls8idZ3y4R0O0UJL3V5TSOCyPFG22bTdQDGgBlxfsqtoVyZU6io-UCoXBrRoljGd6IEfMHoiy6QvDDf3meFN9QbgYsBYI26pIPc-oRxcCtdBg1w_prDHEsmSILjJG6DM6qnhjxq8uUKxzsAxXNLM31QWFGcUqQlWFZUErzFYCzkM=" /><br />
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Number 3: The Economics of Life by Gary and Guity Becker</h2>
Becker made some radical changes to economics and the thinking process. His writing spawned the above books and made room for many other strands of economic thinking. My recent post on Becker is <a href="http://thebackyardeconomist.blogspot.com.au/2014/05/nobel-laureate-economist-gary-becker.html">here.</a><br />
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<a href="http://www.amazon.com/gp/product/0070067090/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=0070067090&linkCode=as2&tag=getfinafree-20&linkId=FCEEJVCQH72EVY2G"><img border="0" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEi5H1z7nDAHt_ttbZNY2ri9C_E5BKMJ6IJfcqqW8sfzzrP_VGUSppu-4OYLahOd3LIOgiIZKBdfS9Icknx6lxX7HU6s2UNeAnt8n7dCvLp3eJb0Oh0jSCfqCDVMWpNzboK6PAdjXlaY6fuufbRLJeXiY77aUFm1Nzoi-0s1UeL5bOwjUMMtcR-ZCD5s3YP9HnO1TYsPpWqlereFO6DNeQ4d1NDPae9w97u5EYFpWkt1DygDEu0IFH0__tyyGpWsQ2bbIQ2wKXpavVQOPl1_n2P-l-YIzeobxKmYJGcYeh79algHTgTpbg=" /></a><img border="0" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEhuzMC5ykzIzuxopFiWkU6CKZhTAF-ONmwJx8dJU5SJZ7ZgpwPpgrHJSxABc6FgoCtYL2x1dRFsW59Dp770dHzP5zJX8EjAze8vZGTRifKUSUnCz2i8adwntu5GOFXWan3oKSDcC_WzSGBCbnTbqeGP7byw6fb92dQkAiBFuWdKT-jGtH7fuKIlfnqCcFo=" /> <br />
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Number 4: The Wealth of Nations by Adam Smith</h2>
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Writing in a very different age when shipping was the main source of trade Adam Smith was the original liberalist. He criticised the mercantile system and suggested more free trade. This alternative view is akin to Smith's view, in that it makes a sharp distinction between productive and unproductive labor, but it provides a far narrower definition of productive labor than does Smith. In his time productive labor is limited to agricultural production, now the system has changed but the theory is based on some fundamental assumptions Smith coined. <br />
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<a href="http://www.amazon.com/gp/product/0553585975/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=0553585975&linkCode=as2&tag=getfinafree-20&linkId=JN6PDQUX5D3QYLIO"><img border="0" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEhLdiwhs3ONsD_txeF7u3iGf7_PdbgRZ6VBEXys8XJmhgmjqXJu2HYQfuNBCFtNKMFuSg316HTy-Vrnfzw8TMBT6hFv_uETspdPJfK6GYNkLK4g3wcJHS9DlAzGvuis_u-L6pfN4Jxo3rev8xs_hVy7gknU0yG5q0qrGdJaAZOuP_0JwV7HFCQ3ApNKxzHgr92FNAWY0SMZiXPhTP8l9dZFZ0v9p0zN2fi0e-PVrtMBugj1nqCf3O-dm1seaxJUKbYfSvkRB8oXIIolJaeY-KfeQM9sMKtusL3fXbUOheHKpHrg1jkbHg=" /></a><img border="0" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEgdlqAs5kELz-NGxCyqJ90sH084YtttH11kZbcK6yIF9AkoIjD44BPCUs9XIGImaTu04-x5ZwG63gbaSOMaRL4jnhx4MQO-d08UQXy_r9QuTP1vYQ36kMw1sezM92m41uhXoDoMzOKJgy0CNUoZQipFuZC0Bm3i4jH1tOItGmnrETPxLMnLtuREyAw5nWY=" /> <br />
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Number 5: When Genius Failed by Lowenstein</div>
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This writer gives an introduction into the failures of the financial markets and indicate how so much hinges on them running. It is a classic. Lowenstein captures the gripping roller-coaster ride of Long-Term Capital Management. Drawing on confidential internal memos and interviews with dozens of key players, Lowenstein explains not just how the fund made and lost its money but also how they got there.<br />
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<a href="http://www.amazon.com/gp/product/0375758259/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=0375758259&linkCode=as2&tag=getfinafree-20&linkId=CBEILU6CRKHSTGYA"><img border="0" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEhTQfm8E85S8mAmd2ZtfBA8EsQjmEQ4DGWwd8lVH-8qT5DL4gpZ3UAeFrDLmDkqgPgDN4Ytz-6qJerTGQFd4kf0niqsq026f5wuBHyGHjbbHBy-k-MmWfLv5vtI-itQk6R5RncAVC73JfpomXHjLlkthrYwfSH1wHmH5mAnySD1VNu49XLNniVCHNsXfc30OdH0w2rRbkYqh72mcMHGPbfd5KmwvZGoz1fzERbyl92lp5dOU2vLFNGZIq7RUMWruuTWvANkEcn9zpMpvzfitqTyeRU_IoSPVz2WOuCmV-9bnZRPX-I6HA=" /></a><img border="0" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEiG5VoIo8Qw1cirT-jeOvLq6u4Hl5zc0jZYcRvecpv-NutuNHXxNN4MGjDsTeysYuuzPTnc8N8lwbePf7sUT3AMXpVAQx7P5a9xJN_HOPJ7oABPHZVGHffZ6MmNP0vgyiY6ef8kFx69LYR12oMad_fpZA4u6nkN5okr014okV6XdWZrNCysNklW1014BF4=" /> <br />
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Number 6: The Evolution of Cooperation by Robert Axelrod</h2>
A fascinating book that shows how game theory really works, with an extremely surprising insight into which simple strategy is most successful.<br />
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<a href="http://www.amazon.com/gp/product/0465005640/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=0465005640&linkCode=as2&tag=getfinafree-20&linkId=J46X7DH3ET3GCD4V"><img border="0" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEiRGU-ZiW7Mz_ZQ9LcuML7nXv6yoEsPwToZW7ccwroJSGwWcj2tG990iZS8Euwj43fPbddvFJi_nJkjmXpGymVXcYAWBD8TDoQgKdXmWSbZSDGM2bcEoFrFyLu0BusQrG_8TctEE0yrAWmGQ2okkILrw239_e1sNqXKAP4n92-MshkCo6WqxJnXCIdNpBzg2FGtpsJjIONZWp-F3r8gQbYZr1tZaDmXGJqjzFPjr5mPNS6RHrmBwJeVKaTq8GtgsygibAZNRxylMYxCkPb_EzXApZagcycXoHfG6uHY6EBaFd5fEtZuTQ=" /></a><img border="0" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEgw-8bn6p6-GePymx5hgP9b2q6q6mbp8ZupdCV_Ei4FXpxrgoxPhqIaSYCCO1omz2FuE80KushcOsiSesHLZt2I8wmMiiU7OZa8LI0dkvIp2WUm2GjZZ294tIr_t6y7LNs8fadhb9SSKf5qyv3tHnl6Q3cagvhd9VUKQYqOCINlET20mfIY_oG2VRTJFAE=" /> <br />
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Number 7: Das Kapital by Marx</h2>
Although Marx does not give any other suggestions to how the system can work, he does provide a scathing review of how it is.<br />
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<a href="http://www.amazon.com/gp/product/0140445684/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=0140445684&linkCode=as2&tag=getfinafree-20&linkId=62VGTBSGYATW7PDG"><img border="0" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEiVLTHEbhEnhVSiJxF-zCSyp1i1rp37e7WCAIoD-0r2Y6xtD9kK8S7vTHcsWfF5qkGuZH9p99H3LcgBjxhHjWpLg_Z7QzpI6cjm866V891ptM-_O8cQ2Lc_Rtj1y3CLZTooFcsSmlcO-5v2jf3aFCu1-LjMJVYC_vtgdEpGPUlQrpxr2gBgR3odDtHJWsj2qgIJUSV-nF4nqegriWDet6OW5iSwp9HdHAO6Ih4iwF1r6t7pk8wL7-jkhUZQxj9H4ljctEwg_0OCYlCRzc7FDLcHLbi8AkmYRyzKaicBv_QiSdU2hHjJUw=" /></a><img border="0" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEhm9p2mSrgyUQWbbPCFucJ65L6bJg6z3n1jILHNeE6KmuKMqNKEevgyzHM-GCDXB7tPu63iOuZWP1PSar-_H83B_Y4ulJ4VxdOW4wfGOvDj24ZAgmg4LTFPbohp6BOgxkQsNwFC4c4ocIeUh88u7w6wRT818rqEKdx6KKTLFygn0nWVYSk4RUC3mYYiy78=" /> <br />
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Number 8: Basic Economics, by Sowell</h2>
Economics may appear to be the study of complicated tables and charts, statistics and numbers, but, more specifically, it is the study of what constitutes rational human behavior in the endeavor to fulfill needs and wants. <br />
To study these things, economics makes the assumption that human beings will aim to fulfill their self-interests. It also assumes that individuals are rational in their efforts to fulfill their unlimited wants and needs. Economics, therefore, is a social science, which examines people behaving according to their self-interests. The definition set out at the turn of the twentieth century by Alfred Marshall, author of "The Principles Of Economics" (1890), reflects the complexity underlying economics: "Thus it is on one side the study of wealth; and on the other, and more important side, a part of the study of man."<br />
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<a href="http://www.amazon.com/gp/product/0465022529/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=0465022529&linkCode=as2&tag=getfinafree-20&linkId=WXQVBKELC2X5SKOD"><img border="0" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEgbDPy1_EenH-aEkmiV85lG2Ps10Xv7U-4SgtNgquSkxITCJYIVCFUj3b4KvfIbZN3jqco6Scyw58Q3GIFKSy7Sj-jLoUnpJhi9gmj3xkT_DW0vtQDYB0kF3LLQSGCTcK9-kPGwMfB6Nn69krzr7i5dcKSE26VgfGSO0GLbVStKt-chCe9_2_LVn1AXh-Efu-DCZHfjEapL1i7kiFGN45DiGgShE2qymgiRX84wmFfwMJ6hpWS-R9pA8BCazDGd3bZvrXScgdGGz-RzBReEOSWX0L6TQHo31fJJDNlEBu2fXAR0OWtE7Q=" /></a><img border="0" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEjcVPJpK3B_R8E9apO47w7q7M3kA-TOijXrgFKUoBelpXG4T_CtoP9yzDMhZw2rl6ZOM7FoIjtTZlUar2aIFP-6yw1Mvt_zp9G58CWhjGtbvccEoWxcxwXryqMtP7j6VDkXjcjXIk5EYwk598G36MIKUwcyNAtj7tcPtafy7LIexBtEvDR9LMGLPcW_klM=" /> <br />
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Number 9: The Economics Book, DK</h2>
Perhaps a some what controversial suggestion as this one seems a little like a kids book this book packs quite a large amount of content in an easy to understand manner. The Economics Book is the essential reference for students and anyone else with an interest in how economies work.<br />
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<a href="http://www.amazon.com/gp/product/0756698278/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=0756698278&linkCode=as2&tag=getfinafree-20&linkId=G65UESNQH5G7E5YO"><img border="0" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEgJNQ8eeq39uoPn53JE5LYoHyV-5ceBA4CA-EeK_0UCGKuTFOwpR-8R0GnPPfBpgxcjw3cpgN8NiydjJSxMA-WHdpsXcpJiaQiI_XZv6bUVT_B2lUYhGffyCygmBrr4ag0q4Z9RCdl6Po1K71nE0I5uf6CJpgNeyIKcOZsUOcbyIoW4u_rQTIsEAfR7LHZHvffMdOQJv2u-XvvFsTty5TjSSIAMJTL34hxVHl_iG8mMP0QLIoJ9Lfi8Q1CHgfJuKakdGk9jEh9D_3v6aWW3e1Th5ZC3Fn7J_74tEBHYkhNM4LPfp4plIA=" /></a><img border="0" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEj2_znNZkbCMbvMAeSTf6ebfpRtQVaXuXgJpKgtgefcKmN0YpKhuEGjoPcBhP5_zNSdwWIz-NV1txbDnzRH6XG6_mRMDUhrZGD3700OcS-e9mNp5QNQ1Kh0xxdsCfiO2x5zcDcVuJeVpeLpAlgihnOtQUzOvgWPFylgr8-3tzd4mIpnjl9PyoqfmoGorZE=" /> <br />
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Number 10: Keynes Hayek, The Clash that Defined Modern Economics, Nicholas Wapshott</h2>
The age old battle of the economics titans is well summed up in this book. “Nicholas Wapshott’s new book, Keynes Hayek, does an excellent job of setting out the broader history behind this revival of the old debates. Wapshott brings the personalities to life, provides more useful information on the debates than any other source, and miraculously manages to write for both the lay reader and the expert at the same time. Virtually every page is gripping, and yet even the professional economist will glean some insight...” (Tyler Cowen - National Review)<br />
<a href="http://www.amazon.com/gp/product/0393343634/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=0393343634&linkCode=as2&tag=getfinafree-20&linkId=YUMTHYWMHUASDXY7"><img border="0" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEge9fas72pwiZxqP_0V1XxVhqth81YEw5gK8aQeCgWt_CMljFRmMD8WVMaoew7Xf00NHf7tsvs6Eu7OEdql-tH2yiiFXDghRKLGawif1WThql0E7FeUpdirQRj1nVQOTSZnEKC4-71a7wOzZ9YDIr752cEd6gx3UxHWThc7jiixxGTJzMP6jTgQFJdzcKKCavrBzrZxmSY4rCDQm3S6h9Cqs3B_yqolkC1UrjHlyPGoCkORDiQZd9vDceOqv8LTh2p6DqoPlfJer-i1O2UNWpCJD9F2WWcAYzTCvHM3rtyr9e7HlZG1Mw=" /></a><img border="0" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEjqkbNxBVmZm4Qh_oRMcl0xycD-26jG7PUMtR4sZ5Dx6SF8sTc3EmnNNu2FfuGbSmVjspJNU_kau5z3tH1b8wqZqupY_TUvbUBSgGvtoLAz4hShr72POcreSdYws6_OPgQj7WR1AlJY2ezXrq0kl5dVm_AnxzY33ClOxZovy7pB75j5rsgKuvqsdtCuBqg=" /> <br />
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If you think I have missed anything or you feel that these books deserve a different review, I welcome your comments below.<br />
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The backyard economist team is always looking for investing insights and ideas from a wide variety of sources. Below is a list of some of my most used links for investing ideas and news. </div>
<div style="background-color: white; color: #3b3b3b; font-family: Georgia, 'Times New Roman', serif; font-size: 16px; line-height: 24px; padding: 0px 0px 24px;">
As always, if there are any other online sources, articles, discussion groups or Twitter accounts you find useful then please feel free to drop the details in the comments section at the bottom of the page.</div>
<div style="background-color: white; color: #3b3b3b; font-family: Georgia, 'Times New Roman', serif; font-size: 16px; line-height: 24px; padding: 0px 0px 24px;">
<b>Australian business news sources</b></div>
<ul style="background-color: white; color: #3b3b3b; font-family: Georgia, 'Times New Roman', serif; font-size: 16px; line-height: 24px; list-style: none; margin: 0px; padding: 0px 0px 20px;">
<li style="background: url(http://blog.intelligentinvestor.com.au/doddsville/wp-content/themes/Auguste-Grey/images/ul_li_square.gif) 0px 14px no-repeat transparent; list-style-position: outside; margin: 0px; padding: 5px 5px 5px 18px;"><a href="http://www.afr.com/home/" style="color: #ef4300; text-decoration: none;" target="_blank" title="The Australian Financial Review">The Australian Financial Review</a> (<a href="https://twitter.com/#%21/FinancialReview" style="color: #ef4300; text-decoration: none;" target="_blank">@FinancialReview</a>) – This is daily required reading for any Australian investor. The recent price drop makes it more accessible to retail investors.</li>
<li style="background: url(http://blog.intelligentinvestor.com.au/doddsville/wp-content/themes/Auguste-Grey/images/ul_li_square.gif) 0px 14px no-repeat transparent; list-style-position: outside; margin: 0px; padding: 5px 5px 5px 18px;"><a href="http://www.businessspectator.com.au/" style="color: #ef4300; text-decoration: none;" target="_blank" title="Business Spectator">Business Spectator</a> (<a href="https://twitter.com/#%21/BusinessSpec" style="color: #ef4300; text-decoration: none;" target="_blank">@BusinessSpec</a>) – has become a valid alternative to <i>The Australian Financial Review, </i>plus it’s free<i>. </i></li>
<li style="background: url(http://blog.intelligentinvestor.com.au/doddsville/wp-content/themes/Auguste-Grey/images/ul_li_square.gif) 0px 14px no-repeat transparent; list-style-position: outside; margin: 0px; padding: 5px 5px 5px 18px;"><a href="http://business.smh.com.au/" style="color: #ef4300; text-decoration: none;" target="_blank" title="The Sydney Morning Herald">The Sydney Morning Herald</a> (<a href="https://twitter.com/#%21/smh" style="color: #ef4300; text-decoration: none;" target="_blank">@SMH</a>) and <a href="http://business.theage.com.au/" style="color: #ef4300; text-decoration: none;" target="_blank" title="The Age">The Age</a> (<a href="https://twitter.com/#%21/theage" style="color: #ef4300; text-decoration: none;" target="_blank">@theage</a>) – these broadsheets are becoming less relevant, but we still look at them every day.</li>
<li style="background: url(http://blog.intelligentinvestor.com.au/doddsville/wp-content/themes/Auguste-Grey/images/ul_li_square.gif) 0px 14px no-repeat transparent; list-style-position: outside; margin: 0px; padding: 5px 5px 5px 18px;"><a href="http://www.theaustralian.news.com.au/business/" style="color: #ef4300; text-decoration: none;" target="_blank" title="The Australian">The Australian</a> (<a href="https://twitter.com/#%21/australian" style="color: #ef4300; text-decoration: none;" target="_blank">@australian</a>) – has become more relevant since its tie up with <i>The Wall Street Journal</i>.</li>
<li style="background: url(http://blog.intelligentinvestor.com.au/doddsville/wp-content/themes/Auguste-Grey/images/ul_li_square.gif) 0px 14px no-repeat transparent; list-style-position: outside; margin: 0px; padding: 5px 5px 5px 18px;">We also regularly turn to <a href="http://www.news.com.au/couriermail/business/" style="color: #ef4300; text-decoration: none;" target="_blank" title="The Courier-Mail">The Courier-Mail</a> (<a href="https://twitter.com/#%21/cmail_qld" style="color: #ef4300; text-decoration: none;" target="_blank">@cmail_qld</a>) and <a href="http://www.thewest.com.au/" style="color: #ef4300; text-decoration: none;" target="_blank" title="The West Australian">The West Australian</a> (<a href="https://twitter.com/#%21/thewest_com_au" style="color: #ef4300; text-decoration: none;" target="_blank">@thewest_com_au</a>) for geographic and journalistic diversity.</li>
<li style="background: url(http://blog.intelligentinvestor.com.au/doddsville/wp-content/themes/Auguste-Grey/images/ul_li_square.gif) 0px 14px no-repeat transparent; list-style-position: outside; margin: 0px; padding: 5px 5px 5px 18px;">This part of the <a href="http://asx.com.au/asx/statistics/todayAnns.do" style="color: #ef4300; text-decoration: none;" target="_blank" title="ASX announcements">ASX website</a> (<a href="https://twitter.com/#%21/ASX" style="color: #ef4300; text-decoration: none;" target="_blank">@ASX</a>) is useful for monitoring company announcements.</li>
<li style="background: url(http://blog.intelligentinvestor.com.au/doddsville/wp-content/themes/Auguste-Grey/images/ul_li_square.gif) 0px 14px no-repeat transparent; list-style-position: outside; margin: 0px; padding: 5px 5px 5px 18px;"><a href="http://au.finance.yahoo.com/" style="color: #ef4300; text-decoration: none;" target="_blank" title="Yahoo Finance Australia">Yahoo Finance</a> (<a href="https://twitter.com/#%21/YahooFinance" style="color: #ef4300; text-decoration: none;" target="_blank">@YahooFinance</a>) Australia is also useful for local news.</li>
<li style="background: url(http://blog.intelligentinvestor.com.au/doddsville/wp-content/themes/Auguste-Grey/images/ul_li_square.gif) 0px 14px no-repeat transparent; list-style-position: outside; margin: 0px; padding: 5px 5px 5px 18px;"><a href="http://www.abc.net.au/news/programs/the-business/" style="color: #ef4300; text-decoration: none;">The Business</a> – We love this ABC staple, Ticky gets the big name guests and isn’t afraid to ask the tough questions.</li>
<li style="background: url(http://blog.intelligentinvestor.com.au/doddsville/wp-content/themes/Auguste-Grey/images/ul_li_square.gif) 0px 14px no-repeat transparent; list-style-position: outside; margin: 0px; padding: 5px 5px 5px 18px;"><a href="http://www.abc.net.au/insidebusiness/" style="color: #ef4300; text-decoration: none;">Inside Business</a> – Close cousin to The Business, on Inside Business join Alan Kohler and panel of ‘experts’ to debate the week that was. (Archive only)</li>
<li style="background: url(http://blog.intelligentinvestor.com.au/doddsville/wp-content/themes/Auguste-Grey/images/ul_li_square.gif) 0px 14px no-repeat transparent; list-style-position: outside; margin: 0px; padding: 5px 5px 5px 18px;"><a href="http://www.theglobalmail.org/" style="color: #ef4300; text-decoration: none;">Global Mail</a> (<a href="https://twitter.com/TheGlobalMail" style="color: #ef4300; text-decoration: none;">@TheGlobalMail</a>) – A new news outlet with some excellent long form journalism.</li>
<li style="background: url(http://blog.intelligentinvestor.com.au/doddsville/wp-content/themes/Auguste-Grey/images/ul_li_square.gif) 0px 14px no-repeat transparent; list-style-position: outside; margin: 0px; padding: 5px 5px 5px 18px;"><a href="http://www.macrobusiness.com.au/" style="color: #ef4300; text-decoration: none;">MacroBusiness</a> (<a href="https://twitter.com/macro_business" style="color: #ef4300; text-decoration: none;">@macro_business</a>) – Excellent coverage of what’s driving the Aussie economy, plus great general coverage of the local business environment.</li>
</ul>
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<b>International news sources</b></div>
<ul style="background-color: white; color: #3b3b3b; font-family: Georgia, 'Times New Roman', serif; font-size: 16px; line-height: 24px; list-style: none; margin: 0px; padding: 0px 0px 20px;">
<li style="background: url(http://blog.intelligentinvestor.com.au/doddsville/wp-content/themes/Auguste-Grey/images/ul_li_square.gif) 0px 14px no-repeat transparent; list-style-position: outside; margin: 0px; padding: 5px 5px 5px 18px;"><a href="http://online.wsj.com/public/page/news-business-us.html" style="color: #ef4300; text-decoration: none;" target="_blank" title="The Wall St Journal">The Wall Street Journal</a> (<a href="https://twitter.com/#%21/WSJ" style="color: #ef4300; text-decoration: none;" target="_blank">@WSJ</a>) and <a href="http://www.ft.com/home/asia" style="color: #ef4300; text-decoration: none;" target="_blank" title="Financial Times">Financial Times</a> (<a href="https://twitter.com/#%21/FinancialTimes" style="color: #ef4300; text-decoration: none;" target="_blank">@FinancialTimes</a>) are wonderful international newspapers. Much of the good stuff is for subscribers only, but we’re fans of paying up for high quality content.</li>
<li style="background: url(http://blog.intelligentinvestor.com.au/doddsville/wp-content/themes/Auguste-Grey/images/ul_li_square.gif) 0px 14px no-repeat transparent; list-style-position: outside; margin: 0px; padding: 5px 5px 5px 18px;"><a href="http://qz.com/" style="color: #ef4300; text-decoration: none;">Quartz</a> (<a href="https://twitter.com/qz" style="color: #ef4300; text-decoration: none;">@qz</a>) is a cracking new online business outlet from the team behind <a href="http://www.theatlantic.com/" style="color: #ef4300; text-decoration: none;">The Atlantic</a>.</li>
<li style="background: url(http://blog.intelligentinvestor.com.au/doddsville/wp-content/themes/Auguste-Grey/images/ul_li_square.gif) 0px 14px no-repeat transparent; list-style-position: outside; margin: 0px; padding: 5px 5px 5px 18px;"><a href="http://www.nytimes.com/" style="color: #ef4300; text-decoration: none;" target="_blank" title="NY Times">The New York Times</a> (<a href="https://twitter.com/#%21/nytimes" style="color: #ef4300; text-decoration: none;" target="_blank">@nytimes</a>) also has impressive business reporting.</li>
<li style="background: url(http://blog.intelligentinvestor.com.au/doddsville/wp-content/themes/Auguste-Grey/images/ul_li_square.gif) 0px 14px no-repeat transparent; list-style-position: outside; margin: 0px; padding: 5px 5px 5px 18px;">We also read <a href="http://www.economist.com/" style="color: #ef4300; text-decoration: none;" target="_blank" title="The Economist">The Economist</a> (<a href="https://twitter.com/#%21/TheEconomist" style="color: #ef4300; text-decoration: none;" target="_blank">@TheEconomist</a>) and <a href="http://slate.com/" style="color: #ef4300; text-decoration: none;" target="_blank" title="Slate">Slate</a> (<a href="https://twitter.com/#%21/Slate" style="color: #ef4300; text-decoration: none;" target="_blank">@Slate</a>) for a different point of view.</li>
<li style="background: url(http://blog.intelligentinvestor.com.au/doddsville/wp-content/themes/Auguste-Grey/images/ul_li_square.gif) 0px 14px no-repeat transparent; list-style-position: outside; margin: 0px; padding: 5px 5px 5px 18px;">For following the ‘news flow’, we use <a href="http://www.bloomberg.com/" style="color: #ef4300; text-decoration: none;" target="_blank" title="Bloomberg">Bloomberg</a> (<a href="https://twitter.com/#%21/search/bloomberg" style="color: #ef4300; text-decoration: none;" target="_blank">@BloombergNews</a>), <a href="http://finance.yahoo.com/" style="color: #ef4300; text-decoration: none;" target="_blank" title="Yahoo Finance">Yahoo Finance</a>, <a href="http://uk.finance.yahoo.com/" style="color: #ef4300; text-decoration: none;" target="_blank" title="Yahoo Finance UK">Yahoo Finance UK</a> (<a href="https://twitter.com/#%21/YahooFinanceUK" style="color: #ef4300; text-decoration: none;" target="_blank">@YahooFinanceUK</a>) and <a href="http://www.google.com/finance" style="color: #ef4300; text-decoration: none;" target="_blank" title="Google Finance">Google Finance</a> (<a href="https://twitter.com/#%21/GoogleFinSvcs" style="color: #ef4300; text-decoration: none;" target="_blank">@GoogleFinSvcs</a>).</li>
<li style="background: url(http://blog.intelligentinvestor.com.au/doddsville/wp-content/themes/Auguste-Grey/images/ul_li_square.gif) 0px 14px no-repeat transparent; list-style-position: outside; margin: 0px; padding: 5px 5px 5px 18px;">Traditional finance magazines like <a href="http://money.cnn.com/magazines/fortune/" style="color: #ef4300; text-decoration: none;" target="_blank" title="Fortune">Fortune</a> (<a href="https://twitter.com/#%21/FortuneMagazine" style="color: #ef4300; text-decoration: none;" target="_blank">@FortuneMagazine</a>) and <a href="http://www.forbes.com/" style="color: #ef4300; text-decoration: none;" target="_blank" title="Forbes">Forbes</a> (<a href="https://twitter.com/#%21/Forbes" style="color: #ef4300; text-decoration: none;" target="_blank">@Forbes</a>) are also great.</li>
</ul>
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<b>Prominent value investors</b></div>
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<li style="background: url(http://blog.intelligentinvestor.com.au/doddsville/wp-content/themes/Auguste-Grey/images/ul_li_square.gif) 0px 14px no-repeat transparent; list-style-position: outside; margin: 0px; padding: 5px 5px 5px 18px;"><a href="http://www.gurufocus.com/" style="color: #ef4300; text-decoration: none;" target="_blank" title="Guru Focus">Guru Focus</a> (<a href="https://twitter.com/gurufocus" style="color: #ef4300; text-decoration: none;">@gurufocus</a>) is an aggregator site for information on respected value investors, as is <a href="http://greenbackd.com/" style="color: #ef4300; text-decoration: none;">Greenbackd</a> (<a href="https://twitter.com/Greenbackd" style="color: #ef4300; text-decoration: none;">@Greenbackd</a>).</li>
<li style="background: url(http://blog.intelligentinvestor.com.au/doddsville/wp-content/themes/Auguste-Grey/images/ul_li_square.gif) 0px 14px no-repeat transparent; list-style-position: outside; margin: 0px; padding: 5px 5px 5px 18px;"><a href="http://www.berkshirehathaway.com/" style="color: #ef4300; text-decoration: none;" target="_blank" title="Berkshire Hathaway">Berkshire Hathaway</a> is the source for Warren Buffett’s wonderful annual letter to shareholders. We likewise never miss the annual letter to <a href="http://leucadia.com/" style="color: #ef4300; text-decoration: none;" target="_blank" title="Leucadia">Leucadia</a> shareholders.</li>
<li style="background: url(http://blog.intelligentinvestor.com.au/doddsville/wp-content/themes/Auguste-Grey/images/ul_li_square.gif) 0px 14px no-repeat transparent; list-style-position: outside; margin: 0px; padding: 5px 5px 5px 18px;">There are many fund manager websites worth visiting, but we’ve highlighted the following because of the excellent content they make available to all – <a href="http://www.gmo.com/" style="color: #ef4300; text-decoration: none;" target="_blank" title="GMO">GMO</a> for the excellent research Jeremy Grantham provides, Kerr Neilson’s <a href="http://www.platinum.com.au/" style="color: #ef4300; text-decoration: none;" target="_blank" title="Platinum Asset Management">Platinum Asset Management</a>, Frank Martin’s<a href="http://www.mcmadvisors.com/" style="color: #ef4300; text-decoration: none;">Martin Capital Management</a>, <a href="http://www.cooperinvestors.com/" style="color: #ef4300; text-decoration: none;">Cooper Investors</a>, <a href="https://www.allangray.com.au/" style="color: #ef4300; text-decoration: none;">Allan Gray</a>, <a href="http://www.bedlamplc.com/" style="color: #ef4300; text-decoration: none;" target="_blank" title="Bedlam Asset Management">Bedlam Asset Management</a>, <a href="http://www.thirdave.com/" style="color: #ef4300; text-decoration: none;">Third Avenue</a> and our own <a href="http://www.iifunds.com.au/" style="color: #ef4300; text-decoration: none;">Intelligent Investor Funds Management</a> (<a href="https://twitter.com/IntInvFunds" style="color: #ef4300; text-decoration: none;">@IntInvFunds</a>).</li>
<li style="background: url(http://blog.intelligentinvestor.com.au/doddsville/wp-content/themes/Auguste-Grey/images/ul_li_square.gif) 0px 14px no-repeat transparent; list-style-position: outside; margin: 0px; padding: 5px 5px 5px 18px;"><a href="http://www7.gsb.columbia.edu/valueinvesting/" style="color: #ef4300; text-decoration: none;" target="_blank">The Heilbrunn Center for Graham & Dodd Investing</a> at the Columbia Business School provides a useful list of value investing resources, plus publishes a free quarterly newsletter.</li>
<li style="background: url(http://blog.intelligentinvestor.com.au/doddsville/wp-content/themes/Auguste-Grey/images/ul_li_square.gif) 0px 14px no-repeat transparent; list-style-position: outside; margin: 0px; padding: 5px 5px 5px 18px;"><a href="http://www.bengrahaminvesting.ca/" style="color: #ef4300; text-decoration: none;" target="_blank">The Ben Graham Centre for Value Investing</a> at the IVEY School of Business, provides value investing research, an excellent collection of interviews with prominent investors and an extensive value investing reading list.</li>
</ul>
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<b>Investing newsletters (subscription services)</b></div>
<ul style="background-color: white; color: #3b3b3b; font-family: Georgia, 'Times New Roman', serif; font-size: 16px; line-height: 24px; list-style: none; margin: 0px; padding: 0px 0px 20px;">
<li style="background: url(http://blog.intelligentinvestor.com.au/doddsville/wp-content/themes/Auguste-Grey/images/ul_li_square.gif) 0px 14px no-repeat transparent; list-style-position: outside; margin: 0px; padding: 5px 5px 5px 18px;"><a href="http://www.intelligentinvestor.com.au/bristlemouth-trial-offer" style="color: #ef4300; text-decoration: none;" target="_blank" title="Take a free trial to The Intelligent Investor">Intelligent Investor</a> (<a href="https://twitter.com/#%21/search/value%20investing" style="color: #ef4300; text-decoration: none;" target="_blank">@value_investing</a>) – Naturally, we recommend this newsletter for Australian stock research.</li>
<li style="background: url(http://blog.intelligentinvestor.com.au/doddsville/wp-content/themes/Auguste-Grey/images/ul_li_square.gif) 0px 14px no-repeat transparent; list-style-position: outside; margin: 0px; padding: 5px 5px 5px 18px;"><a href="http://www.grantspub.com/" style="color: #ef4300; text-decoration: none;" target="_blank" title="Grant's Interest Rate Observer">Grant’s Interest Rate Observer</a> (<a href="https://twitter.com/GrantsPub" style="color: #ef4300; text-decoration: none;">@GrantPub</a>) is focused on interest rates and economic issues with a contrarian bent.</li>
<li style="background: url(http://blog.intelligentinvestor.com.au/doddsville/wp-content/themes/Auguste-Grey/images/ul_li_square.gif) 0px 14px no-repeat transparent; list-style-position: outside; margin: 0px; padding: 5px 5px 5px 18px;">Michael Lewitt’s <a href="http://www.thecreditstrategist.com/" style="color: #ef4300; text-decoration: none;">The Credit Strategist</a> (<a href="https://twitter.com/#%21/credstrategist" style="color: #ef4300; text-decoration: none;" target="_blank">@credstrategist</a>) generally looks at issues top-down, but is also contrarian.</li>
<li style="background: url(http://blog.intelligentinvestor.com.au/doddsville/wp-content/themes/Auguste-Grey/images/ul_li_square.gif) 0px 14px no-repeat transparent; list-style-position: outside; margin: 0px; padding: 5px 5px 5px 18px;"><a href="http://www.valueinvestorinsight.com/" style="color: #ef4300; text-decoration: none;" target="_blank" title="Value Investor Insight">Value Investor Insight</a> (<a href="https://twitter.com/#%21/VILetter" style="color: #ef4300; text-decoration: none;" target="_blank">@VILetter</a>) covers similar ground, but is published more regularly.</li>
<li style="background: url(http://blog.intelligentinvestor.com.au/doddsville/wp-content/themes/Auguste-Grey/images/ul_li_square.gif) 0px 14px no-repeat transparent; list-style-position: outside; margin: 0px; padding: 5px 5px 5px 18px;">The <a href="http://www.grahamanddoddsville.net/" style="color: #ef4300; text-decoration: none;">Graham and Doddsville newsletter</a> from Columbia Business School is an excellent quarterly read, and is free.</li>
</ul>
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<b>Investing podcasts/vodcasts</b></div>
<ul style="background-color: white; color: #3b3b3b; font-family: Georgia, 'Times New Roman', serif; font-size: 16px; line-height: 24px; list-style: none; margin: 0px; padding: 0px 0px 20px;">
<li style="background: url(http://blog.intelligentinvestor.com.au/doddsville/wp-content/themes/Auguste-Grey/images/ul_li_square.gif) 0px 14px no-repeat transparent; list-style-position: outside; margin: 0px; padding: 5px 5px 5px 18px;">Of course, none of our analysts ever miss an episode of <a href="http://www.intelligentinvestor.com.au/Podcasts/" style="color: #ef4300; text-decoration: none;" target="_blank" title="The Intelligent Investor">Intelligent Investor’s Stock Take</a> or <a href="http://www.intelligentinvestor.com.au/media/podcasts/?type=Doddsville" style="color: #ef4300; text-decoration: none;" target="_blank">Doddsville podcasts (free)</a>.</li>
<li style="background: url(http://blog.intelligentinvestor.com.au/doddsville/wp-content/themes/Auguste-Grey/images/ul_li_square.gif) 0px 14px no-repeat transparent; list-style-position: outside; margin: 0px; padding: 5px 5px 5px 18px;">We like <a href="http://tbm.thebigmoney.com/multimedia#podcasts" style="color: #ef4300; text-decoration: none;" target="_blank" title="The Big Money">The Big Money</a>, part of the Slate empire.</li>
<li style="background: url(http://blog.intelligentinvestor.com.au/doddsville/wp-content/themes/Auguste-Grey/images/ul_li_square.gif) 0px 14px no-repeat transparent; list-style-position: outside; margin: 0px; padding: 5px 5px 5px 18px;">Financial Times’ <a href="http://podcast.ft.com/f/rss/35/" style="color: #ef4300; text-decoration: none;" target="_blank" title="Martin Wolf podcast">Martin Wolf</a> also produces an interesting podcast. As does FT’s <a href="http://ftalphaville.ft.com/blog/tag/podcast/" style="color: #ef4300; text-decoration: none;" target="_blank">Alphaville</a>.</li>
<li style="background: url(http://blog.intelligentinvestor.com.au/doddsville/wp-content/themes/Auguste-Grey/images/ul_li_square.gif) 0px 14px no-repeat transparent; list-style-position: outside; margin: 0px; padding: 5px 5px 5px 18px;"><a href="http://podcast.com/show/5356/" style="color: #ef4300; text-decoration: none;" target="_blank" title="The Economist">The Economist</a>, unsurprisingly, also produces some good podcasts.</li>
<li style="background: url(http://blog.intelligentinvestor.com.au/doddsville/wp-content/themes/Auguste-Grey/images/ul_li_square.gif) 0px 14px no-repeat transparent; list-style-position: outside; margin: 0px; padding: 5px 5px 5px 18px;"><a href="http://www.europac.net/" style="color: #ef4300; text-decoration: none;">Peter Schiff</a> offers up some interesting reviews in a wide variety of formats, including a weekly podcast.</li>
<li style="background: url(http://blog.intelligentinvestor.com.au/doddsville/wp-content/themes/Auguste-Grey/images/ul_li_square.gif) 0px 14px no-repeat transparent; list-style-position: outside; margin: 0px; padding: 5px 5px 5px 18px;">Tune in to <a href="http://www.brr.com.au/" style="color: #ef4300; text-decoration: none;">Boardroom Radio</a> (<a href="https://twitter.com/#%21/boardroomradio" style="color: #ef4300; text-decoration: none;" target="_blank">@boardroomradio</a>) or <a href="http://www.openbriefing.com/General.aspx/Index" style="color: #ef4300; text-decoration: none;">Open Briefing</a>(<a href="https://twitter.com/openbriefing" style="color: #ef4300; text-decoration: none;">@openbriefing</a>) for a range of presentations/briefings from Australian companies.</li>
<li style="background: url(http://blog.intelligentinvestor.com.au/doddsville/wp-content/themes/Auguste-Grey/images/ul_li_square.gif) 0px 14px no-repeat transparent; list-style-position: outside; margin: 0px; padding: 5px 5px 5px 18px;">The <a href="http://www.manualofideas.com/" style="color: #ef4300; text-decoration: none;">Manual of Ideas</a> is another great source for overseas ideas, often from prominent investors. Check out their <a href="http://www.youtube.com/user/manualofideas" style="color: #ef4300; text-decoration: none;">youtube</a> channel too.</li>
</ul>
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<b>Favourite Twitter accounts</b></div>
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Wondering who to ‘follow’ on Twitter? Here’s a few of our favourites.</div>
<ul style="background-color: white; color: #3b3b3b; font-family: Georgia, 'Times New Roman', serif; font-size: 16px; line-height: 24px; list-style: none; margin: 0px; padding: 0px 0px 20px;">
<li style="background: url(http://blog.intelligentinvestor.com.au/doddsville/wp-content/themes/Auguste-Grey/images/ul_li_square.gif) 0px 14px no-repeat transparent; list-style-position: outside; margin: 0px; padding: 5px 5px 5px 18px;"><a href="https://twitter.com/WarrenBuffett" style="color: #ef4300; text-decoration: none;">@WarrenBuffett</a> – Sure he’s only sent out a few tweets, but how can you be a value investor and not follow Mr Buffett?</li>
<li style="background: url(http://blog.intelligentinvestor.com.au/doddsville/wp-content/themes/Auguste-Grey/images/ul_li_square.gif) 0px 14px no-repeat transparent; list-style-position: outside; margin: 0px; padding: 5px 5px 5px 18px;"><a href="https://twitter.com/ConversationEDU" style="color: #ef4300; text-decoration: none;">@ConversationEDU</a><b> – </b>Academics often write stuffy, excessively complicated papers that no layman can understand. The Conversation seeks to change that, with shorter more ‘journalistic’ articles from our country’s brightest. <a href="https://twitter.com/ConversationEDU" style="color: #ef4300; text-decoration: none;"></a></li>
<li style="background: url(http://blog.intelligentinvestor.com.au/doddsville/wp-content/themes/Auguste-Grey/images/ul_li_square.gif) 0px 14px no-repeat transparent; list-style-position: outside; margin: 0px; padding: 5px 5px 5px 18px;"><a href="https://twitter.com/ABSStats" style="color: #ef4300; text-decoration: none;">@ABSStats</a> – Wondering what’s happening in Australia? The ABS is a wonderful (free) source of stats about our country, plus the guys who run the twitter account <a href="http://www.inquisitr.com/132661/us-census-twitter-has-a-sense-of-humor/" style="color: #ef4300; text-decoration: none;">are hilarious</a>.</li>
<li style="background: url(http://blog.intelligentinvestor.com.au/doddsville/wp-content/themes/Auguste-Grey/images/ul_li_square.gif) 0px 14px no-repeat transparent; list-style-position: outside; margin: 0px; padding: 5px 5px 5px 18px;"><a href="https://twitter.com/ValueIdeasLIVE" style="color: #ef4300; text-decoration: none;">@ValueIdeasLIVE</a><b> –</b> Value Conferences runs regular online value investing conferences. Their first few outings have gathered some of the best investors in the game. The online format means tickets are far cheaper than a regular conference.</li>
<li style="background: url(http://blog.intelligentinvestor.com.au/doddsville/wp-content/themes/Auguste-Grey/images/ul_li_square.gif) 0px 14px no-repeat transparent; list-style-position: outside; margin: 0px; padding: 5px 5px 5px 18px;"><a href="https://twitter.com/John_Hempton" style="color: #ef4300; text-decoration: none;">@John_Hempton</a> – John runs <a href="http://brontecapital.com/" style="color: #ef4300; text-decoration: none;">Bronte Capital</a>, where he specialises in accounting frauds, one of the sharpest minds in the game.</li>
<li style="background: url(http://blog.intelligentinvestor.com.au/doddsville/wp-content/themes/Auguste-Grey/images/ul_li_square.gif) 0px 14px no-repeat transparent; list-style-position: outside; margin: 0px; padding: 5px 5px 5px 18px;"><a href="https://twitter.com/#%21/search/%40jasonzweigwsj" style="color: #ef4300; text-decoration: none;" target="_blank">@jasonzweigwsj</a> – Jason Zweig is a columnist with the WSJ and is best known for his annotated version of value investing bible <i><a href="http://www.amazon.com/Intelligent-Investor-Definitive-Investing-Practical/dp/0060555661" style="color: #ef4300; text-decoration: none;" target="_blank">The Intelligent Investor</a></i>.</li>
<li style="background: url(http://blog.intelligentinvestor.com.au/doddsville/wp-content/themes/Auguste-Grey/images/ul_li_square.gif) 0px 14px no-repeat transparent; list-style-position: outside; margin: 0px; padding: 5px 5px 5px 18px;"><a href="https://twitter.com/#%21/TEDchris" style="color: #ef4300; text-decoration: none;" target="_blank">@TEDchris</a> – Chris Anderson is Curator at <a href="http://www.ted.com/" style="color: #ef4300; text-decoration: none;" target="_blank">TED</a> an organisation that holds annual idea sharing conferences.</li>
<li style="background: url(http://blog.intelligentinvestor.com.au/doddsville/wp-content/themes/Auguste-Grey/images/ul_li_square.gif) 0px 14px no-repeat transparent; list-style-position: outside; margin: 0px; padding: 5px 5px 5px 18px;"><a href="https://twitter.com/#%21/ValueInvesting_" style="color: #ef4300; text-decoration: none;">@ValueInvesting_</a> – Garry Cole is a value investor based in NY, we love his feed for the regular and useful articles he shares.</li>
<li style="background: url(http://blog.intelligentinvestor.com.au/doddsville/wp-content/themes/Auguste-Grey/images/ul_li_square.gif) 0px 14px no-repeat transparent; list-style-position: outside; margin: 0px; padding: 5px 5px 5px 18px;"><a href="https://twitter.com/#%21/HarvardBiz" style="color: #ef4300; text-decoration: none;" target="_blank">@HarvardBiz</a> – <a href="http://hbr.org/" style="color: #ef4300; text-decoration: none;" target="_blank">Harvard Business Review</a> shares the latest blog posts, management tips and stats.</li>
<li style="background: url(http://blog.intelligentinvestor.com.au/doddsville/wp-content/themes/Auguste-Grey/images/ul_li_square.gif) 0px 14px no-repeat transparent; list-style-position: outside; margin: 0px; padding: 5px 5px 5px 18px;"><a href="https://twitter.com/#%21/danariely" style="color: #ef4300; text-decoration: none;" target="_blank">@danariely</a> – Dan Ariely is Professor of Psychology and Behavioural Economics at Duke University. He also writes an interesting and entertaining blog <a href="http://danariely.com/" style="color: #ef4300; text-decoration: none;" target="_blank">here</a>.</li>
<li style="background: url(http://blog.intelligentinvestor.com.au/doddsville/wp-content/themes/Auguste-Grey/images/ul_li_square.gif) 0px 14px no-repeat transparent; list-style-position: outside; margin: 0px; padding: 5px 5px 5px 18px;"><a href="https://twitter.com/#%21/search/%40BusinessChannel" style="color: #ef4300; text-decoration: none;" target="_blank">@BusinessChannel</a> – Sky Business News’ twitter feed.</li>
<li style="background: url(http://blog.intelligentinvestor.com.au/doddsville/wp-content/themes/Auguste-Grey/images/ul_li_square.gif) 0px 14px no-repeat transparent; list-style-position: outside; margin: 0px; padding: 5px 5px 5px 18px;"><a href="https://twitter.com/#%21/DanielPink" style="color: #ef4300; text-decoration: none;">@DanielPink</a> – Dan Pink is a US based author and public speaker. He’s written extensively on behavioural science and how incentives should be applied in the workplace.</li>
<li style="background: url(http://blog.intelligentinvestor.com.au/doddsville/wp-content/themes/Auguste-Grey/images/ul_li_square.gif) 0px 14px no-repeat transparent; list-style-position: outside; margin: 0px; padding: 5px 5px 5px 18px;"><a href="http://blog.intelligentinvestor.com.au/doddsville/top-value-investing-resources-2013/@mungerisms" style="color: #ef4300; text-decoration: none;" target="_blank">@mungerisms</a> – Excellent quotes, facts and links on value investing.</li>
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We hope you find the list useful. Enjoy.<br />
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<br class="Apple-interchange-newline" />For extended analysis head to <a href="http://www.complexityandchaos.com/">http://www.complexityandchaos.com</a></div>
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Mine planning and mine analysis tips please head to <a href="http://www.mineplanningtoday.com/">http://www.mineplanningtoday.com</a></div>
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For discounted gopro, tips on how to get the cheapest, product comparisons, and travel accessories head to <a href="http://www.buyacheapgopro.com%20/">http://www.buyacheapgopro.com </a></div>
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Anonymoushttp://www.blogger.com/profile/03169613151367674230noreply@blogger.com0tag:blogger.com,1999:blog-6754285351720491986.post-60419166980396682382014-05-21T20:28:00.002-07:002014-05-22T17:14:34.775-07:00Summary on Piketty’s tour de force " <i>experiment is nothing else than a mode of cooking the facts for the sake of exemplifying the law</i>."<br />
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What Piketty had undertaken was exemplifying an already known old fact, now supported with huge data of evidence. The final solution advised by him is sensible governmental action. How could modern democracies that depend exclusively on capitalists for country 'development', undertake actions to tame the very capital? <br />
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A brilliant book review over here:<br />
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<a href="http://www.democracyjournal.org/32/the-inequality-puzzle.php?page=all">http://www.democracyjournal.org/32/the-inequality-puzzle.php?page=all</a><br />
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<iframe style="width:120px;height:240px;" marginwidth="0" marginheight="0" scrolling="no" frameborder="0" src="//ws-na.amazon-adsystem.com/widgets/q?ServiceVersion=20070822&OneJS=1&Operation=GetAdHtml&MarketPlace=US&source=ac&ref=tf_til&ad_type=product_link&tracking_id=getfinafree-20&marketplace=amazon®ion=US&placement=067443000X&asins=067443000X&linkId=6MCXOPA2QOJOOMT4&show_border=true&link_opens_in_new_window=true">
</iframe>Anonymoushttp://www.blogger.com/profile/03169613151367674230noreply@blogger.com0tag:blogger.com,1999:blog-6754285351720491986.post-82020321021450129552014-05-21T18:41:00.000-07:002014-07-14T19:23:11.584-07:00Trade in the backyard<span style="font-family: Arial, Helvetica, sans-serif;"><br />The Russian Federation has traditionally been Ukraine's largest trading partner. The free market has been emerging but with it a drastic fall in the GDP in the first 10 years of its independence from the Soviet Union, then experienced rapid growth from 2000 until 2008. However Ukraine was greatly affected by the economic crisis of 2008 and as a result a 15.1% decrease in Ukraine's GDP took place over 2008 and 2009.<br /><br />Ukraine is relatively rich in natural resources, particularly in mineral deposits. Although oil and natural gas reserves in the country are largely exhausted, it has other important energy sources, such as coal, hydroelectricity and nuclear fuel raw materials. <br /><br />According to the Global Competitiveness Report 2012-2013 <i>"the country’s most important challenge is the needed overhaul of its institutional framework, which cannot be relied on because it suffers from red tape, lack of transparency, and favoritism"</i><br /><br />Although the majority of trade come from Russia, they are not keen to allow the Ukraine to slip too far towards european free trade. Russia has deep cultural and political ties with the Ukraine, and to allow unfettered free trade will Europe will see a drift into the West’s sphere of influence. <br /><br />Russia joined the World Trade Organisation in 2012, but it is less interested in strengthening the multilateral trading system than in building its own regional trade block. Fyodor Lukyanov, editor of Russia in Global Affairs, a foreign-policy journal, notes that with America trying to conclude sweeping trade agreements with its neighbours in the Pacific Rim and with Europe, <i>“the whole structure of world trade is changing towards a more fragmented system. That’s why Russia is trying to build something of its own.”</i><br /><br />What Russia is truing to do, either through force or might is set up its own regional trade agreements (RTA). One of the more recent ones being gas with China. Arvind Subramanian of the Peterson Institute for International Economics calls the rise of ever larger RTAs an <i>“existential threat”</i> and gives warning that “<i>multilateral trade as we have known it will progressively become history.”</i><br /><br />The debate about whether RTAs help or hurt the multilateral trading system has gone on for decades. Supporters argued that wherever two countries entered into an RTA, they would create incentives for others to join or to negotiate their own RTA. Trade barriers around the world would fall, one by one, and political support for multilateral deals would increase. Detractors claimed that once inside an RTA, countries would discriminate against outsiders and lose interest in multilateral liberalisation, undermining the authority of the WTO. They would divert as much trade as they created and introduce big distortions.<br /><br />With the balance of trade comes the balance of political power. Brazil, Russia, India and China (the BRICs) see themselves as countries still poor enough to need protection for their industries while the rich ones lower their own barriers, especially to agriculture. But the rich world increasingly views the BRICs as full-fledged economic competitors whose state capitalism is incompatible with a free and open global economy.<br /><br /><i>“For too long, much of the economic force and sacrifice in Geneva to produce global trade agreements has come at the expense of the US and EU,”</i> says Ron Kirk, who was Mr Obama’s first trade negotiator. “<i>We have been lectured over and over by our colleagues from the emerging markets that they have the economic heft and prestige to demand a seat at the table. And we agree</i>.” But that, he says, means they too need to make sacrifices by opening up further to America and Europe.<br /><br />Emerging markets often want protection not just from rich countries but from each other, particularly from China. The battle for the South China sea at the moment is a shining example of this. Roberto Giannetti da Fonseca, an official with FIESP, Brazil’s largest industrial association, ran a trading company in the 1980s that sold Brazilian manufactured products to China. He struggled to find anything worth buying from China, often settling for arts and crafts. “<i>I could not imagine that 20 years later they’d be invading Brazil with hundreds of products and we’d be crying that we cannot compete</i>.” His organisation is a vocal critic of China’s mercantilist practices and has urged the Brazilian government to negotiate free-trade agreements with North America and Europe.</span><br />
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<span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">The Trans-Pacific Partnership is a proposed expansion of the 2005 Trans-Pacific Strategic Economic Partnership Agreement (TPSEP or P4), a trade agreement among Brunei, Chile, New Zealand, and Singapore. It seeks to manage trade, promote growth, and regionally integrate the economies of the Asia-Pacific region.The Transatlantic Trade and Investment Partnership (TTIP) is a trade agreement that is presently being negotiated between the European Union and the United States. According to the ECU it aims at removing trade barriers in a wide range of economic sectors to make it easier to buy and sell goods and services between the EU and the US.</span><span style="font-family: Arial, Helvetica, sans-serif;"><br /><br />Trade liberalisation is now proceeding along two different tracks. One, preferred by America, goes “behind the border”, focusing on things such as harmonising safety, health and technical standards, currencies, national treatment of foreign investors, the protection of intellectual property, services such as telecommunications, and enforcement of labour and environmental protection. The other, preferred by China, concentrates on reducing tariffs—outside sensitive sectors.<br /><br />In practice, this means America is most likely to strike deals with countries at a similar stage of economic development, such as the European Union and Japan, or with developing countries willing to meet rich-world standards in exchange for market access, such as Mexico and Chile. America’s comprehensive free-trade deal with South Korea is the model for the TPP.<br /><br />China, by contrast, has pursued a variety of bilateral deals with its neighbours, mostly in the hope of persuading them “that it sought a peaceful rise as an emerging superpower”, says Chin Leng Lim, a trade-law expert at Hong Kong University. China’s free-trade agreements are numerous but shallow, often leaving out sensitive sectors and subjects. Its agreement with the Association of South-East Asian Nations, for example, allows signatories to classify 400-500 tariff categories as sensitive and thus eligible for slower tariff reduction.<br /><br />Regional trade liberalisation is better than no liberalisation at all, yet it interferes with globalisation in several damaging ways. By excluding sensitive sectors or imposing onerous rules of origin, it complicates life for multinational companies whose supply chains cross multiple borders.</span><br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh5HdbiUN8nEa4DYRnbIzJ9O36LRGbw6JaO_iFgFtQwxz1PRhyphenhyphen8ii4iW8ZYgUe2-XGy2sL2Dlj4C-zOO-O8sm2zQgSwEet7r9-6SB9MtwNQJXCbAfAGOnFprhbAqNn7WbnwWqm87WZ7gyy8/s1600/menon-fig1.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh5HdbiUN8nEa4DYRnbIzJ9O36LRGbw6JaO_iFgFtQwxz1PRhyphenhyphen8ii4iW8ZYgUe2-XGy2sL2Dlj4C-zOO-O8sm2zQgSwEet7r9-6SB9MtwNQJXCbAfAGOnFprhbAqNn7WbnwWqm87WZ7gyy8/s1600/menon-fig1.png" height="195" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="background-color: white; color: #333333; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 16px; line-height: 25.600000381469727px; text-align: start;">FTAs by status: Total Asia (cumulative), selected years (</span><span style="color: #333333; font-family: Helvetica Neue, Helvetica, Arial, sans-serif; font-size: small;"><span style="line-height: 25.600000381469727px;">http://forumblog.org/2013/05/can-free-trade-agreements-support-factory-asia/) </span></span></td></tr>
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<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br />Trade pacts are frequently politically contentious since they may change economic customs and deepen interdependence with trade partners. Increasing efficiency through "free trade" is a common goal. For the most part, governments are supportive of further trade agreements.<br /><br />There have been however some concerns expressed by the WTO. According to Pascal Lamy, Director-General of the WTO, the proliferation of RTA “<i>...is breeding concern — concern about incoherence, confusion, exponential increase of costs for business, unpredictability and even unfairness in trade relations.”</i> The position of the WTO is that while the typical trade agreements are useful to a degree, it is much more beneficial to focus on global agreements in the WTO framework such as the negotiations of the current Doha round.<br /><br />The anti-globalization movement opposes such agreements almost by definition, but some groups normally allied within that movement, e.g. green parties, seek fair trade or safe trade provisions that moderate what they perceive to be the ill effects of globalization.<br /><br />The Uruguay round in the 1990s is thought to have produced a gain of 0.5-1.3%. Even the TPP will boost participants’ output by only 0.5%, much the same as Doha would, reckons one study by Peter Petri of Brandeis University and Michael Plummer of Johns Hopkins.<br /><br />In theory, a successful TPP or TTIP could become a magnet for other countries, eventually achieving multilateral trade liberalisation by default. In practice that seems unlikely. China’s and Russia’s interventionism and attachment to state capitalism are difficult to reconcile with the <u><i>“behind-the-border” </i></u>liberalisation America and Europe are seeking. And having had no say in designing the pacts, China and Russia may be reluctant to join later.<br /><br />The decline of multilateralism may not make much difference to big countries able to negotiate regional agreements on their own terms. Small countries without such leverage may be harder hit. But the marginalisation of the WTO as a deterrent to protectionism would hurt everyone. And increasingly such protectionism is taking on new forms that are hard to deal with.</span><br />
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjeWjgtWOaF8gLEIhaah7RySGBod7197qbPMInCh8MDCqvt7whVcsFAdGOUoYzF32kzt5sxh77vnga30WlXbzY2-gFLIC-BdXvurxQ6ZW9lV_JVvfCXeXuZaNGF6exHsePLt1KSSFsOwqr3/s1600/TPP.tiff" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjeWjgtWOaF8gLEIhaah7RySGBod7197qbPMInCh8MDCqvt7whVcsFAdGOUoYzF32kzt5sxh77vnga30WlXbzY2-gFLIC-BdXvurxQ6ZW9lV_JVvfCXeXuZaNGF6exHsePLt1KSSFsOwqr3/s1600/TPP.tiff" height="320" width="294" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">TPP Counties Status and Date</td></tr>
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For extended analysis head to <a href="http://www.complexityandchaos.com/">http://www.complexityandchaos.com</a></div>
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Mine planning and mine analysis tips please head to <a href="http://www.mineplanningtoday.com/">http://www.mineplanningtoday.com</a></div>
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<div style="background-color: white;">
For discounted gopro, tips on how to get the cheapest, product comparisons, and travel accessories head to <a href="http://www.buyacheapgopro.com%20/">http://www.buyacheapgopro.com </a></div>
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Computer repairs, computer upgrades and Web design in Perth head to <a href="http://www.personalcomputerrepairs.com%20/">http://www.personalcomputerrepairs.com </a></div>
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Anonymoushttp://www.blogger.com/profile/03169613151367674230noreply@blogger.comPerth WA, Australia-31.9530044 115.85746930000005-33.6770629 113.27568230000004 -30.2289459 118.43925630000005tag:blogger.com,1999:blog-6754285351720491986.post-61845997596734613722014-05-12T00:36:00.003-07:002014-07-14T19:23:56.403-07:00The Wolf Of Wall Street - Perth <div style="background-color: white; border: 0px; color: #818181; font-family: 'Museo Sans 300', HelveticaNeue, 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 14px; line-height: 21px; margin-bottom: 20px; padding: 0px; vertical-align: baseline;">
Jordan Belfort, has been recently played by Leonardo DiCaprio in <em style="border: 0px; font-family: inherit; font-size: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">The Wolf of Wall Street. He is now touring to share his success again. </em></div>
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Gone is the stockbroker whose Hollywood-scale excesses became the subject of the hit movie based on his best-selling autobiography. He has learned from his mistakes to become one of the top speakers on entrepreneurial achievement, in constant demand around the world.</div>
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Belfort, who never hesitates to admit he far overstepped the line, has authored two books published in 22 countries, selling millions of copies, while <em style="border: 0px; font-family: inherit; font-size: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">The Wolf of Wall Street</em> has already taken more than $375 million at the box office. He is also a frequent guest commentator on CNN, CNBC and the BBC.</div>
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Belfort’s extraordinary drive, ambition and power to influence is crystallised in his Straight Line System, which has helped to create more than 12,000 millionaires. </div>
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I have access to discounted tickets, for a group booking. Please email if you are interested in seeing him talk in Perth on the 19th of June. </div>
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For extended analysis head to <a href="http://www.complexityandchaos.com/">http://www.complexityandchaos.com</a></div>
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Mine planning and mine analysis tips please head to <a href="http://www.mineplanningtoday.com/">http://www.mineplanningtoday.com</a></div>
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For discounted gopro, tips on how to get the cheapest, product comparisons, and travel accessories head to <a href="http://www.buyacheapgopro.com%20/">http://www.buyacheapgopro.com </a></div>
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<div style="color: black; font-family: Times; font-size: medium; line-height: normal;">
Computer repairs, computer upgrades and Web design in Perth head to <a href="http://www.personalcomputerrepairs.com%20/">http://www.personalcomputerrepairs.com </a></div>
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Anonymoushttp://www.blogger.com/profile/03169613151367674230noreply@blogger.comPerth WA, Australia-31.9530044 115.85746930000005-33.6770629 113.27568230000004 -30.2289459 118.43925630000005tag:blogger.com,1999:blog-6754285351720491986.post-49312708385581430352014-05-05T04:00:00.002-07:002014-07-05T18:49:37.312-07:00Nobel Laureate economist Gary Becker has passed away - complexityandchaos.com <span style="font-family: Arial, Helvetica, sans-serif;">Gary Becker was one of the greatest economists of the past half century. </span><span style="font-family: Arial, Helvetica, sans-serif;">The 82-year old Becker was a pioneer in using the tools of economics to analyse things that are frequently thought to be outside the realm of economics. </span><span style="font-family: Arial, Helvetica, sans-serif;">He made important contributions to the <a href="http://en.wikipedia.org/wiki/Family_economics">family economics</a> branch of economics. Neoclassical analysis of family within the family economics is also called <a href="http://en.wikipedia.org/wiki/New_home_economics">new home economics</a>.<br /><br />This idea of using economics to analyse non-market things seems normal these days. But when Gary Becker started doing this it was very new. And he truly taught people to see the world in new ways.<br /><br />Becker’s Nobel Prize lecture is titled <a href="http://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/1992/becker-lecture.pdf">The Economic Way Of Looking At Life</a> and in it, Becker briefly goes over how he used economics to analyse such topics as crime (why people commit it), discrimination against minorities, and family life.<br /><br />Criminology first rose his interest when he was short for time one day. He had to weigh the cost and benefits of legally parking in an inconvenient garage versus in an illegal but convenient spot. After roughly calculating the probability of getting caught and potential punishment, Becker rationally opted for the crime. Becker surmised that other criminals make such rational decisions. However, such a premise went against conventional thought that crime was a result of mental illness and social oppression.<br /><br />In his powerful intro, he makes two important points. One is that economists who presume that everyone is selfish (maximizing their own utility) take too narrow a view of human motivation. People are motivated to act for all kinds of reasons (jealousy, spite, etc.). His other point is that while productivity has provided abundance in many areas, the one resource that we’ll never have more of his time. Time will always run out, and there will always only be 24 hours in a day. For this reason, we’ll never have Utopia, because that scarcity will always be there.</span><br />
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Please head over to my new blog <a href="http://complexityandchaos.com/">complexityandchaos.com</a> for moreAnonymoushttp://www.blogger.com/profile/03169613151367674230noreply@blogger.comtag:blogger.com,1999:blog-6754285351720491986.post-40796921343708155232014-04-20T22:51:00.004-07:002014-04-20T22:51:38.190-07:00Using Gretl for Econometrics<br /><br /><br /><a href="http://fixingtheeconomists.files.wordpress.com/2013/11/gretl-logo.png"><img src="http://fixingtheeconomists.files.wordpress.com/2013/11/gretl-logo.png?w=500" /></a><br /><br />Love it or hate it either way <a href="http://gretl.sourceforge.net/">Gretl is a freeware econometrics package</a>. <div>
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Economics needs to have the practical backing. This package has proved very useful in econometrics study. </div>
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<br />There is a great deal of information on how to use this software. However, to get to the point and use this efficiently I recommend one blog - Hishamh over at the <a href="http://econsmalaysia.blogspot.co.uk/">Economics Malaysia</a> blog has put together a series of post that guides the user through all the major uses of Gretl. .<br /><br /><ul>
<li>In the <a href="http://econsmalaysia.blogspot.co.uk/2009/08/gretl-tutorial-i-basics.html">first post</a> the author shows how to input and format data.</li>
</ul>
<ul>
<li>In the <a href="http://econsmalaysia.blogspot.co.uk/2009/08/gretl-tutorial-ii-ols-regression.html">second post</a> the author shows how to run and interpret a regression.</li>
</ul>
<ul>
<li>In the <a href="http://econsmalaysia.blogspot.co.uk/2009/08/gretl-tutorial-iii-diagnostics-hes-dead.html">third post</a> the author shows how to ensure that the test that has been run is robust — in this he shows the reader how to test for independence and normal distribution.</li>
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<ul>
<li>Finally, in the <a href="http://econsmalaysia.blogspot.co.uk/2009/09/gretl-tutorial-iv-seasonal-dummies.html">fourth post</a> the author shows how to introduce dummy variables to control for seasonal variation in the data.</li>
</ul>
<br />This series will help you get through some of the steps to start with gretl.<br /><br />There has alway been some debate over the effectivity of econometrics, however it pays to understand the subject.<br /><br />As well as this there some more contentious relationships that can be tested and used very provisionally in making forecasts. </div>
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The author of the series’ own example — that is, the lagged effect of exports on imports in a small open economy — is a good example of this. As would be, for example, the import/export elasticities of demand (i.e. how exports/imports are affected by income and the exchange rate) or multiplier estimations. But again, such relationships likely miss more than they capture and they are sure to be unable to incorporate anything of real interest.<br /><br />But if you’re going to do econometrics, and you’re going to use Gretl in particular, the above series is great for either the beginner or those that want a refresher course.<br /><br />Update: The new version of the excellent Gretl manual by Lee Adkins is out now and can be downloaded <a href="http://www.learneconometrics.com/gretl/using_gretl_for_POE4.pdf">here</a>.</div>
Anonymoushttp://www.blogger.com/profile/03169613151367674230noreply@blogger.comtag:blogger.com,1999:blog-6754285351720491986.post-81898114685362013922014-04-02T22:10:00.000-07:002014-04-02T22:16:44.201-07:00List of Free Market Historical Data Sources - For MATLAB, Excel, GRETL Econometrics <div style="border: 0px; color: #444444; font-family: Arial, Helvetica, sans-serif; font-size: 14px; line-height: 20.000120162963867px; margin-bottom: 10px; padding: 0px; text-align: justify; vertical-align: baseline;">
<strong style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">Where to get data for imports:</strong></div>
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<span style="line-height: 1.2;">Sites with Summaries</span></h2>
<ul style="border: 0px; color: #444444; font-family: Arial, Helvetica, sans-serif; font-size: 14px; line-height: 20.000120162963867px; margin: 0px 0px 10px 2em; padding: 0px; vertical-align: baseline;">
<li class="" style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><a href="https://scraperwiki.com/" sl-processed="1" style="color: #0867ab; text-decoration: none;" target="_blank" title="Scraperwiki">scraperwiki.com</a> (The community collects free data from the web and converts it into CSV, etc.)</li>
<li class="" style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><a href="http://www.wikiposit.org/" sl-processed="1" style="color: #0867ab; text-decoration: none;" target="_blank">wikiposit</a> (The author collects free data from the web and converts it into CSV, etc.)</li>
<li class="" style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;">(<span style="border: 0px; color: red; margin: 0px; padding: 0px; vertical-align: baseline;">recommendation</span>) <a href="http://www.quandl.com/" sl-processed="1" style="color: #0867ab; text-decoration: none;" target="_blank" title="Quandl - a wiki for numerical data">Quandl</a> (Successor of wikiposit: great full-text search, XLS, CSV, JSON export)</li>
<li class="" style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><a href="http://www.mathworks.com/matlabcentral/trendy" sl-processed="1" style="color: #0867ab; text-decoration: none;" target="_blank" title="Matlab Trendy">Matlab Trendy</a> (The community collects free data from the web and converts it into plots)</li>
</ul>
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Foreign Exchange, Forex, FX</h2>
<ul style="border: 0px; color: #444444; font-family: Arial, Helvetica, sans-serif; font-size: 14px; line-height: 20.000120162963867px; margin: 0px 0px 10px 2em; padding: 0px; vertical-align: baseline;">
<li class="" style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><a href="http://www.forexite.com/free_forex_quotes/forex_history_arhiv.html" sl-processed="1" style="color: #0867ab; text-decoration: none;">www.forexite.com</a> (Forex, 1 minute ticks), CSV download</li>
<li class="" style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><a href="http://ratedata.gaincapital.com/" sl-processed="1" style="color: #0867ab; text-decoration: none;">ratedata.gaincapital.com</a> (Forex, tick data), CSV download</li>
<li class="" style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><a href="http://www.oanda.com/lang/de/currency/historical-rates/" sl-processed="1" style="color: #0867ab; text-decoration: none;">www.oanda.com</a> (Forex, daily), CSV download</li>
<li style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><a href="http://www.truefx.com/" sl-processed="1" style="color: #0867ab; text-decoration: none;">www.truefx.com</a> (Forex tick data) after login</li>
<li style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><a href="http://www.dukascopy.com/swiss/english/data_feed/historical/" sl-processed="1" style="color: #0867ab; text-decoration: none;">www.dukascopy.com</a> (Forex, ticks), CSV</li>
<li class="" style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><a href="http://fxtop.com/de/historische-wechselkurse.php?MA=1" sl-processed="1" style="color: #0867ab; text-decoration: none;">fxtop.com/de/historische-wechselkurse.php?MA=1</a> (Forex, long histories), Table</li>
</ul>
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Bitcoin</h2>
<ul style="border: 0px; color: #444444; font-family: Arial, Helvetica, sans-serif; font-size: 14px; line-height: 20.000120162963867px; margin: 0px 0px 10px 2em; padding: 0px; vertical-align: baseline;">
<li class="" style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;">(new in the list) <a href="http://bitcoincharts.com/charts/mtgoxUSD" sl-processed="1" style="color: #0867ab; text-decoration: none;">http://bitcoincharts.com/charts/mtgoxUSD</a> (Daily, many exchanges), Table</li>
</ul>
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<strong style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">Debt/</strong>Interest Rates</h2>
<ul style="border: 0px; color: #444444; font-family: Arial, Helvetica, sans-serif; font-size: 14px; line-height: 20.000120162963867px; margin: 0px 0px 10px 2em; padding: 0px; vertical-align: baseline;">
<li class="" style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><strong style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">historical time series</strong><ul style="border: 0px; margin: 5px 0px 0px 2em; padding: 0px; vertical-align: baseline;">
<li style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><a href="http://www.euribor-ebf.eu/" sl-processed="1" style="color: #0867ab; text-decoration: none;">www.euribor-ebf.eu</a> (Interest-Rates: “Euribor, Eonia”), Excel download</li>
<li class="" style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><a href="http://www.databank.rbs.com/" sl-processed="1" style="color: #0867ab; text-decoration: none;">www.databank.rbs.com</a> (Exchange Rate, Interest Rate, Consumer Price Inflation (CPI), Commodities: “Brent Spot, Henry Hub Spot, I P E Brent crude futures 1-pos, I P E Natural Gas Index, OPEC Fixing, US EIA Crude Imports, WTI Daily”), Excel download</li>
<li class="" style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><a href="http://www.ecb.int/" sl-processed="1" style="color: #0867ab; text-decoration: none;">www.ecb.int</a> Interest-Rates and Government Bonds, web tables and partly Excel download</li>
<li class="" style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><a href="http://www.boerse-duesseldorf.de/anleihen/wkn/189518/historische_kurse" sl-processed="1" style="color: #0867ab; text-decoration: none;">(German) www.boerse-duesseldorf.de</a> (Bonds, daily), Website table only</li>
<li class="" style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;">(German )<a href="http://www.bundesbank.de/statistik/statistik.php" sl-processed="1" style="color: #0867ab; text-decoration: none;">www.bundesbank.de</a> German money and interest-rate statistics</li>
</ul>
</li>
<li class="" style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><strong style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">current</strong><ul style="border: 0px; margin: 5px 0px 0px 2em; padding: 0px; vertical-align: baseline;">
<li style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;">(German) <a href="http://www.baadermarkets.de/DEU/anleihen/bondboard/" sl-processed="1" style="color: #0867ab; text-decoration: none;">www.baadermarkets.de</a> (Bonds)</li>
<li style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;">(German) www.westlbmarkets.net (2012-07-12: Just went offline, hopefully online again soon), Swaps, Caps, Floors, CSV download</li>
<li class="" style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><a href="https://www.boerse-stuttgart.de/en/toolsandservices/yieldcurves/yieldcurves.html?code=cb-BBB" sl-processed="1" style="color: #0867ab; text-decoration: none;" target="_blank" title="Yield Curves (Maturity/Rating)">www.boerse-stuttgart.de</a> (web table only) yield curves of bonds per rating and maturity</li>
</ul>
</li>
<li style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><strong style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">interest-rate derivatives</strong><ul style="border: 0px; margin: 5px 0px 0px 2em; padding: 0px; vertical-align: baseline;">
<li style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;">(new in the list) <a href="https://produkte.erstegroup.com/Retail/en/Products/Interest_FX/Sites/Interest_Management/Interest-Cap-Warrants/index.phtml" sl-processed="1" style="color: #0867ab; text-decoration: none;" target="_blank" title="erstegroup.comj">erstegroup.com</a> Caps, Floors and Collars in form of Warrents</li>
</ul>
</li>
</ul>
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Stock / Indices</h2>
<div style="border: 0px; color: #444444; font-family: Arial, Helvetica, sans-serif; font-size: 14px; line-height: 20.000120162963867px; margin: 0px; padding: 0px; vertical-align: baseline;">
<ul style="border: 0px; margin: 0px 0px 10px 2em; padding: 0px; vertical-align: baseline;">
<li class="" style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><strong style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">historical time series</strong><ul style="border: 0px; margin: 5px 0px 0px 2em; padding: 0px; vertical-align: baseline;">
<li style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><a href="http://finance.yahoo.com/q/hp?s=yhoo" sl-processed="1" style="color: #0867ab; text-decoration: none;">finance.yahoo.com/</a>(Stocks, Indices), Excel download</li>
<li class="" style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><a href="http://www.google.com/finance" sl-processed="1" style="color: #0867ab; text-decoration: none;">www.google.com/finance</a>, partial Excel download, otherwise website table only</li>
<li class="" style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><a href="http://www.ariva.de/" sl-processed="1" style="color: #0867ab; text-decoration: none;" target="_blank">www.ariva.de</a>, (Stocks, Indeces), Excel download, German only.</li>
<li class="" style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><a href="http://www.nasdaq.com/symbol/c/historical" sl-processed="1" style="color: #0867ab; text-decoration: none;">www.nasdaq.com</a> (Nasdaq), Excel download</li>
<li class="" style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><a href="http://mba.tuck.dartmouth.edu/pages/faculty/ken.french/data_library.html" sl-processed="1" style="color: #0867ab; text-decoration: none;">mba.tuck.dartmouth.edu</a> (portfolio data), text download</li>
<li class="" style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;">(German) <a href="http://finanzen.handelsblatt.com/kurse_einzelkurs_boersen.htn?i=159089&&von=12.03.2010&bis=16.04.2012" sl-processed="1" style="color: #0867ab; text-decoration: none;">finanzen.handelsblatt.com</a></li>
<li style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><a href="http://www.investopedia.com/" sl-processed="1" style="color: #0867ab; text-decoration: none;">www.investopedia.com</a>, Website table only</li>
<li class="" style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><a href="http://www.nasdaq.com/symbol/aapl/time-sales" sl-processed="1" style="color: #0867ab; text-decoration: none;">www.nasdaq.com</a>, Website table only, intraday, daily</li>
<li class="" style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><a href="http://www.standardandpoors.com/indices/sp-500/en/us/?indexId=spusa-500-usduf--p-us-l--" sl-processed="1" style="color: #0867ab; text-decoration: none;">www.standardandpoors.com</a> (S&P 500, daily, yearly)</li>
</ul>
</li>
<li class="" style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><strong style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">current</strong><ul style="border: 0px; margin: 5px 0px 0px 2em; padding: 0px; vertical-align: baseline;">
<li class="" style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><a href="http://finance.yahoo.com/q/hp?s=yhoo" sl-processed="1" style="color: #0867ab; text-decoration: none;">finance.yahoo.com</a> (Stocks, Indices)</li>
<li style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><a href="http://www.bloomberg.com/quote/NKY:IND/members" sl-processed="1" style="color: #0867ab; text-decoration: none;">www.bloomberg.com</a> (Stocks, Indices)</li>
</ul>
</li>
</ul>
</div>
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Investment Fonds</h2>
<ul style="border: 0px; color: #444444; font-family: Arial, Helvetica, sans-serif; font-size: 14px; line-height: 20.000120162963867px; margin: 0px 0px 10px 2em; padding: 0px; vertical-align: baseline;">
<li class="" style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><strong style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;"><span style="border: 0px; line-height: 13px; margin: 0px; padding: 0px; vertical-align: baseline;">Issuer</span></strong><ul style="border: 0px; margin: 5px 0px 0px 2em; padding: 0px; vertical-align: baseline;">
<li style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><a href="http://privatkunden.union-investment.de/fondstools/buildcsv.php#" sl-processed="1" style="color: #0867ab; text-decoration: none;" target="_blank" title="Union Investment CSV Market Data">Union Investment</a> (CSV)</li>
</ul>
</li>
</ul>
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Energy</h2>
<ul style="border: 0px; color: #444444; font-family: Arial, Helvetica, sans-serif; font-size: 14px; line-height: 20.000120162963867px; margin: 0px 0px 10px 2em; padding: 0px; vertical-align: baseline;">
<li class="" style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;">EU <a href="http://www.epexspot.com/de/marktdaten/intraday-handel" sl-processed="1" style="color: #0867ab; text-decoration: none;">http://www.epexspot.com/de/marktdaten/intraday-handel</a> (German), Website table only</li>
<li style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;">US <a href="http://www.gdfsuezenergyresources.com/index.php?id=33" sl-processed="1" style="color: #0867ab; text-decoration: none;">http://www.gdfsuezenergyresources.com/index.php?id=33</a> CSV download</li>
</ul>
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General Historical</h2>
<ul style="border: 0px; color: #444444; font-family: Arial, Helvetica, sans-serif; font-size: 14px; line-height: 20.000120162963867px; margin: 0px 0px 10px 2em; padding: 0px; vertical-align: baseline;">
<li style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;">(German) <a href="http://www.onvista.de/index/quote_history.html?ID_NOTATION=8117990&RANGE=12M" sl-processed="1" style="color: #0867ab; text-decoration: none;">www.onvista.de</a> (Stocks, Indices, Warrants, ETFs …, daily Quotes) Website</li>
<li style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><a href="http://www.indexmundi.com/" sl-processed="1" style="color: #0867ab; text-decoration: none;">www.indexmundi.com</a> World-wide econometric data and commodities</li>
<li class="" style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><a href="http://www.measuringworth.com/" sl-processed="1" style="color: #0867ab; text-decoration: none;" target="_blank" title="Measuring Worth">www.measuringworth.com</a> US, UK, Japan, China with interest rates, GDP, inflation, gold and silver prices, cool long term, Website table only</li>
<li class="" style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><a href="http://www.historicalstatistics.org/" sl-processed="1" style="color: #0867ab; text-decoration: none;">www.historicalstatistics.org</a> Many countries, especially Sweden, GDP, population and much more, links to other sources</li>
</ul>
<h2 style="border: 0px; color: #444444; font-family: Arial, Helvetica, sans-serif; font-size: 16px; line-height: 1.2; margin: 20px 0px 10px; padding: 0px; vertical-align: baseline;">
Economic data</h2>
<div style="border: 0px; color: #444444; font-family: Arial, Helvetica, sans-serif; font-size: 14px; line-height: 20.000120162963867px; margin-bottom: 10px; padding: 0px; vertical-align: baseline;">
<strong style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">World</strong></div>
<ul style="border: 0px; color: #444444; font-family: Arial, Helvetica, sans-serif; font-size: 14px; line-height: 20.000120162963867px; margin: 0px 0px 10px 2em; padding: 0px; vertical-align: baseline;">
<li style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><a href="http://www.indexmundi.com/" sl-processed="1" style="color: #0867ab; text-decoration: none;">www.indexmundi.com</a> World-wide econometric data</li>
<li style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><a href="http://stats.oecd.org/index.aspx" sl-processed="1" style="color: #0867ab; text-decoration: none;" target="_blank">OECD.StatExtracts</a> includes data and metadata for OECD countries and selected non-member economies.</li>
<li style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><a href="http://www.google.com/publicdata/directory?hl=en&dl=en" sl-processed="1" style="color: #0867ab; text-decoration: none;" target="_blank" title="Google Data">Google Data</a> e.g. Market Capitalization in GDP: <a href="http://www.google.com/publicdata/explore?ds=d5bncppjof8f9_&ctype=l&strail=false&bcs=d&nselm=h&met_y=cm_mkt_lcap_gd_zs&scale_y=lin&ind_y=false&rdim=country&idim=country:DEU:USA:CHN&ifdim=country&tstart=-285555600000&tend=1292281200000&hl=en&dl=en&ind=false" sl-processed="1" style="color: #0867ab; text-decoration: none;" title="Google Data">Google Data on Marcet Cap in % of GDP</a></li>
</ul>
<div style="border: 0px; color: #444444; font-family: Arial, Helvetica, sans-serif; font-size: 14px; line-height: 20.000120162963867px; margin: 0px; padding: 0px; vertical-align: baseline;">
<strong style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">European Union</strong></div>
<div style="border: 0px; color: #444444; font-family: Arial, Helvetica, sans-serif; font-size: 14px; line-height: 20.000120162963867px; margin: 0px; padding: 0px; vertical-align: baseline;">
<ul style="border: 0px; margin: 0px 0px 10px 2em; padding: 0px; vertical-align: baseline;">
<li style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><a href="http://epp.eurostat.ec.europa.eu/" sl-processed="1" style="color: #0867ab; text-decoration: none;" target="_blank" title="Euro Stat">Eurostat</a></li>
<li style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><a href="http://www.ecb.int/" sl-processed="1" style="color: #0867ab; text-decoration: none;" target="_blank" title="ECB">www.ecb.int</a></li>
<li style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><a href="http://www.destatis.de/" sl-processed="1" style="color: #0867ab; text-decoration: none;" target="_blank" title="Statistisches Bundesamt">www.destatis.de</a> Statistisches Bundesamt</li>
</ul>
</div>
<div style="border: 0px; color: #444444; font-family: Arial, Helvetica, sans-serif; font-size: 14px; line-height: 20.000120162963867px; margin: 0px; padding: 0px; vertical-align: baseline;">
<strong style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">United Kingdom</strong></div>
<ul style="border: 0px; color: #444444; font-family: Arial, Helvetica, sans-serif; font-size: 14px; line-height: 20.000120162963867px; margin: 0px 0px 10px 2em; padding: 0px; vertical-align: baseline;">
<li class="" style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><a href="http://www.statistics.gov.uk/" sl-processed="1" style="color: #0867ab; text-decoration: none;" target="_blank">www.statistics.gov.uk</a></li>
</ul>
<div style="border: 0px; color: #444444; font-family: Arial, Helvetica, sans-serif; font-size: 14px; line-height: 20.000120162963867px; margin: 0px; padding: 0px; vertical-align: baseline;">
<strong style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">United States</strong></div>
<ul style="border: 0px; color: #444444; font-family: Arial, Helvetica, sans-serif; font-size: 14px; line-height: 20.000120162963867px; margin: 0px 0px 10px 2em; padding: 0px; vertical-align: baseline;">
<li style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><a href="http://research.stlouisfed.org/fred2/" sl-processed="1" style="color: #0867ab; text-decoration: none;" target="_blank">Federal Reserve Economic Data – FRED</a></li>
<li style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><a href="http://www.census.gov/" sl-processed="1" style="color: #0867ab; text-decoration: none;" target="_blank">www.census.gov</a></li>
<li class="" style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><a href="http://www.bls.gov/" sl-processed="1" style="color: #0867ab; text-decoration: none;" target="_blank">www.bls.gov</a></li>
<li class="" style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><a href="http://www.ssa.gov/" sl-processed="1" style="color: #0867ab; text-decoration: none;" target="_blank">www.ssa.gov</a></li>
<li class="" style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><a href="http://www.treasury.gov/" sl-processed="1" style="color: #0867ab; text-decoration: none;" target="_blank">www.treasury.gov</a></li>
<li class="" style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><a href="http://www.sec.gov/" sl-processed="1" style="color: #0867ab; text-decoration: none;" target="_blank">www.sec.gov</a></li>
<li class="" style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><a href="http://www.economagic.com/" sl-processed="1" style="color: #0867ab; text-decoration: none;" target="_blank">www.economagic.com (Web, Excel download after login)</a></li>
<li class="" style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><a href="http://www.standardandpoors.com/indices/sp-case-shiller-home-price-indices/en/us/?indexId=spusa-cashpidff--p-us----" sl-processed="1" style="color: #0867ab; text-decoration: none;">www.standardandpoors.com/indices/sp-case-shiller-home-price-indices</a> (Shiller-House Price Index)</li>
<li class="" style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><a href="http://www.data.gov/" sl-processed="1" style="color: #0867ab; text-decoration: none;">www.data.gov</a> Public data of all US government organizations</li>
</ul>
<h2 style="border: 0px; color: #444444; font-family: Arial, Helvetica, sans-serif; font-size: 16px; line-height: 1.2; margin: 20px 0px 10px; padding: 0px; vertical-align: baseline;">
Live Cams</h2>
<ul style="border: 0px; color: #444444; font-family: Arial, Helvetica, sans-serif; font-size: 14px; line-height: 20.000120162963867px; margin: 0px 0px 10px 2em; padding: 0px; vertical-align: baseline;">
<li class="" style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><a href="http://www.finanzen.net/index/DAX/Parkettkamera" sl-processed="1" style="color: #0867ab; text-decoration: none;" target="_blank" title="Dax Live Cam">www.boerse-frankfurt.de</a> (German Dax)</li>
</ul>
<h2 style="border: 0px; color: #444444; font-family: Arial, Helvetica, sans-serif; font-size: 16px; line-height: 1.2; margin: 20px 0px 10px; padding: 0px; vertical-align: baseline;">
Buy Data:</h2>
<div style="border: 0px; color: #444444; font-family: Arial, Helvetica, sans-serif; font-size: 14px; line-height: 20.000120162963867px; margin-bottom: 10px; padding: 0px; vertical-align: baseline;">
(I did not try any of these, but they look interesting.)</div>
<ul style="border: 0px; color: #444444; font-family: Arial, Helvetica, sans-serif; font-size: 14px; line-height: 20.000120162963867px; margin: 0px 0px 10px 2em; padding: 0px; vertical-align: baseline;">
<li class="" style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><a href="http://www.cmegroup.com/market-data/datamine-historical-data/overview.html" sl-processed="1" style="color: #0867ab; text-decoration: none;">www.cmegroup.com</a> (derivative prices)</li>
<li class="" style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><a href="http://www.ivolatility.com/" sl-processed="1" style="color: #0867ab; text-decoration: none;">www.ivolatility.com</a> (Implied volatilities)</li>
<li class="" style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><a href="http://commodities.euronext.if5.com/" sl-processed="1" style="color: #0867ab; text-decoration: none;">commodities.euronext.if5.com</a> (Cocoa Future, Robusta Coffee Future, White Sugar Future), 15 min delay, XML</li>
<li class="" style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><a href="http://www.eoddata.com/default.aspx" sl-processed="1" style="color: #0867ab; text-decoration: none;">www.eoddata.com</a> (End-of-Day Stock), Excel download and more</li>
<li class="" style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><a href="http://www.historicaloptiondata.com/" sl-processed="1" style="color: #0867ab; text-decoration: none;">www.historicaloptiondata.com</a> (Option price data)</li>
<li class="" style="border: 0px; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><a href="http://www.livevol.com/" sl-processed="1" style="color: #0867ab; text-decoration: none;">www.livevol.com</a> (Implied volatilities)</li>
</ul>
<h1 style="border: 0px; color: #444444; font-family: Arial, Helvetica, sans-serif; font-size: 16px; line-height: 1.2; margin: 20px 0px 10px; padding: 0px; vertical-align: baseline;">
Conclusion</h1>
<div style="border: 0px; color: #444444; font-family: Arial, Helvetica, sans-serif; font-size: 14px; line-height: 20.000120162963867px; margin-bottom: 10px; padding: 0px; vertical-align: baseline;">
Please leave a comment if you have other good sources or is any link breaks.</div>
<div style="border: 0px; color: #444444; font-family: Arial, Helvetica, sans-serif; font-size: 14px; line-height: 20.000120162963867px; margin-bottom: 10px; padding: 0px; vertical-align: baseline;">
Thanks!</div>
Anonymoushttp://www.blogger.com/profile/03169613151367674230noreply@blogger.comtag:blogger.com,1999:blog-6754285351720491986.post-63945117362167969772014-02-05T23:53:00.000-08:002014-02-05T23:53:16.991-08:00Great little video on where we are all heading...Give it a watch, very informative. <div>
<br /></div>
<div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<iframe allowfullscreen='allowfullscreen' webkitallowfullscreen='webkitallowfullscreen' mozallowfullscreen='mozallowfullscreen' width='320' height='266' src='https://www.youtube.com/embed/AE6qTZLf91g?feature=player_embedded' frameborder='0'></iframe></div>
</div>
Anonymoushttp://www.blogger.com/profile/03169613151367674230noreply@blogger.comtag:blogger.com,1999:blog-6754285351720491986.post-74347576506322003712014-01-08T19:22:00.001-08:002014-01-08T19:22:48.469-08:00Holden and the limp. <div class="MsoNormal">
<b>The effect of subsidies and tariffs on the Australian Automotive
industry. </b><o:p></o:p><br />
<br /></div>
<div class="MsoNormal">
The car industry has limped along for some time now, and has
seen its fair share of market cycles. In the most recent recession demand for
cars fell sharply, accentuating the difficulties of excess production and
deepening the crisis in the major car producing countries. <o:p></o:p><br />
<br /></div>
<div class="MsoNormal">
Australian protectionist policy seeks to limit the flow of
free trade in order to preserve the production of vehicles in this country. A
few examples of protectionism are:</div>
<div class="MsoNormal">
</div>
<ul>
<li><span style="font-family: Symbol; text-indent: -18pt;"><span style="font-family: 'Times New Roman'; font-size: 7pt;"> </span></span><span style="text-indent: -18pt;">Tariffs</span></li>
<li><span style="text-indent: -18pt;">Quotas </span></li>
<li><span style="text-indent: -18pt;">S</span><span style="text-indent: -18pt;">ubsidies</span><span style="font-family: Symbol; text-indent: -18pt;"><span style="font-family: 'Times New Roman'; font-size: 7pt;"> </span></span></li>
<li><span style="font-family: Symbol; text-indent: -18pt;"><span style="font-family: 'Times New Roman'; font-size: 7pt;"> </span></span><span style="text-indent: -18pt;">Export restraints</span></li>
</ul>
<span style="text-indent: -18pt;">Import controls are barriers to the free movement of goods
and service that seek to distort the pattern of trade between countries.</span><br />
<div class="MsoNormal">
<span style="text-indent: -18pt;"><br /></span></div>
<div class="MsoNormal">
<span style="text-indent: -18pt;">Despite the use of these policies in other countries,
evidence suggests that the reduction in available credit is to blame for the
downturn.</span></div>
<div class="MsoNormal">
<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>Car scrapping -
Subsidies<o:p></o:p></b></div>
<div class="MsoNormal">
<b><br /></b></div>
<div class="MsoNormal">
Australia has not used this scheme, but out of interest I
have included some information on the scheme. Many countries have introduced car
scrapping schemes to cushion the overall downturn in economic activity, boosting
sales in the short term. However, crowding-out effects whereby the demand for
new cars dampens the demand for other products are likely to have lowered their
final impact on economic activity. Essentially delaying the inevitable. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
As most of the schemes have already ended or will expire at
the end of 2009, the GDP impact expected
for next year will depend on the size of the “payback effect”, i.e. to what
extent programmes pulled forward sales which will then not occur in the near
future. Past experience suggest that the size and the timing of this payback
effects is variable. In most episodes, sales appear to have been depressed
after the termination of car scrapping schemes. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<o:p></o:p></div>
<div class="MsoNormal">
<b>Tarrifs<o:p></o:p></b></div>
<div class="MsoNormal">
<b><br /></b></div>
<div class="MsoNormal">
A tariff is a tax on imports and is used to restrict imports
and raise revenue for the government. We assume in the diagram below that
producers from other countries can supply the good at a constant price of Wp -
their supply curve is perfectly elastic.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
A tariff is placed on the value of imports. This raises the
price of imports and as a result, domestic demand contracts and domestic supply
expands. Home producers can supply more at the new higher price. The tariff
gives domestic firms a competitive boost. The volume of imports has reduced.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
When a tariff or other price-increasing policy is put in
place, the effect is to increase prices and limit the volume of imports. In the
diagram price increases from the non-tariff Wp to Wp + Tariff. Because price
has increased, more domestic companies are willing to produce the good, so Qs
moves right. This also shifts Qw left. The overall effect is a reduction in
imports, increased domestic production and higher consumer prices.<o:p></o:p></div>
<div class="MsoNormal">
The effect of the tariff depends on the price elasticity of
demand and the price elasticity of supply. A tariff will have a greater effect
the more elastic the demand and supply. If the demand is inelastic then the
imposition of a tariff will have little effect on the level of imports. The
introduction of tariffs by one country can lead to retaliation responses from
other countries. This retaliation can lead to damaging trade-wars.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Tariffs come with a number of costs and benefits. They allow
a political leverage and can present the polis with the image of saving jobs,
boosting the economy and so on. Next the unemployment debate can usually be
swung in. The argument often shifts to domestic industries complaining about
cheap foreign labor, and how poor working conditions and lack of regulation
allow foreign companies to produce goods more cheaply. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
One distinct advantage is that it is much easier to charge
tax on an imported good. Thereby further boosting the GDP. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>Surplus. <o:p></o:p></b></div>
<div class="MsoNormal">
The subsidy, which is essentially extra spending money
specifically for that good, artificially shifts the consumer’s demand curve
outward (upward or rightward) and creates a greater demand for the good. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The concept of producer surplus goes together with the
concept of consumer surplus. Understanding one helps to understand the other.
These concepts are used by economists to measure the relative economic value of
produced goods and services across the economy. Think of these concepts as representations
of what a consumer and producer each will give up for a market transaction to
take place. Understanding these concepts should help you price products at your
small business. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
In a free market, prices are set according to how much
demand there is for a product relative to its supply. For example, many people
appreciate Mercedes automobiles for their styling, mechanical performance and
status appeal. Those who favor owning a Mercedes will pay what they must to
have the car of their choice. The manufacturer of Mercedes automobiles tries to
produce the exact number of high-end, mid-price and low-end autos to meet
consumer demand for cars at those price levels. Consumers who can't afford a
new Mercedes at the lowest price level or who want the top of the line but
can't pay the price can always buy their favored Mercedes in the used car
market. So, the price of a Mercedes, whether new or used, is set by the price
the buyer will pay relative to the price the seller will charge. This sets up a
situation where buyers and sellers often negotiate final transaction prices,
which are based on the seller's supply of cars in relation to the buyer's
desire to buy or demand for the product.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Consumer surplus is defined as the difference between a
consumer’s willingness to pay and what he or she actually has to pay (the price
of the good). When analysing a market, CS is just the area under the demand
curve and above the price. If the demand curve is linear, it is easy to calculate
total CS as the area of the triangle formed by the P-axis intercept, the market
price, and quantity demanded. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<o:p></o:p></div>
<br />
<div class="MsoNormal">
If the price of a car is $24,000 and 60,000 are sold CS is
the area of the resulting triangle, so CS = (1/2)(60,000)($26,000) = $780,000. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Basically, this means that consumers gain $780,000 from the
opportunity to buy 60,000 cars at a price of $24,000 each. Consumer surplus is
the amount of money a consumer is willing to pay above the absolute lowest
reasonable price to buy the car. Included in the consumer surplus is the amount
of money the buyer does not spend on other purchases to have enough money to
buy a Mercedes.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Producer surplus is the difference between the price (what
the seller actually gets) and cost (what the seller would have settled for).
Again, notice that producer surplus corresponds to an area. In this case, it is
the area below price and above supply. If the supply curve were linear, it
would be easy to calculate PS for the industry. <o:p></o:p></div>
<br />
<div class="MsoNormal">
Here, PS = (1/2) ($19,000) (60,000) = $570,000. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
When a market reaches equilibrium, we can calculate Total
Surplus, which is the sum of CS and PS. e.g. Suppose the supply and demand for
cars are as above. The equilibrium price is $24,000, the equilibrium quantity
is 60,000, and TS = $780,000 + $570,000 = $1.35 mil.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
One of the major arguments in favor of free markets is that
they maximize total surplus. Note that any price above or below the equilibrium
price would cause total surplus to fall. This decrease in total surplus is
called a deadweight loss.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>Consumer and Producer
Surplus and the Market<o:p></o:p></b></div>
<div class="MsoNormal">
Now, let us examine the economic effects of levying an excise
duty on the importation of a product. If the government sets an excise duty of
τ on a product, it is applied to the supply of the product which raises the
supply price (Ps) by the amount of the tax. This shifts the supply curve up or
to the left of where it was before (S’S’), thereby lowering the supply of the product.
Given the demand for that product, the equilibrium quantity exchanged will fall
to Q1, as fewer consumers will afford the product and raises the equilibrium
market price to P1. <o:p></o:p></div>
<div class="MsoNormal">
<o:p></o:p></div>
<br />
<div class="MsoNormal">
As you can see from the figure above, the implementation of
an excise tariff, will reduce the consumer surplus by an amount equal to the
area of the trapezoid PeP1E1Eo and reduce the producer surplus by an amount
equal to the area of the trapezoid PeEoJP1-τ. Consumers will end up paying more
per unit and buying fewer units, producers will sell fewer units and receive a price
net of the duty which will be lower than before. A tariff reduces the welfare
of both consumers and producers.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
On the other hand, the government benefits from the newfound
flow of revenue, equal to the area of the rectangle P1E1JP1-τ. Since the
government benefits both consumers and producers, the welfare gain for the
government offsets most of the welfare lost by consumers and producers.<o:p></o:p></div>
<div class="MsoNormal">
But if you look closely not all of the loss is offset. There
is still a net loss of welfare for the whole society equal to the small
triangle E1E0J. This net loss in societal welfare is called deadweight loss. It
means that there are people who were not able or willing to pay the higher
price which includes the duty and as a result are obliged to go without
consuming this product. This reduces the overall welfare of society. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<o:p></o:p></div>
<div class="MsoNormal">
<b>Conclusion<o:p></o:p></b></div>
<div class="MsoNormal">
<b><br /></b></div>
<div class="MsoNormal">
When one analyzes the costs and benefits of international
trade on a country’s economy one must recognize that protecting domestic
producers is not always in the best interest of a nation. True, tariffs, quotas
and non-tariff barriers may help provide protection for domestic producers
which are the firms and those working for them, but they also raise the cost of
products for all consumers and reduce the consumer surplus that all consumers
enjoy, thus lowering buying power and reducing living standards. While the
producers are few, the consumer is everyone. Protection for home producers
should not be equated as being necessarily in the public interest. Very often,
those routing for protection are not the firms that produce the products, but
their workers. </div>
<div class="MsoNormal">
Unionized labour has a vested interest in preserving jobs and
almost always will demand protectionism, even if this works against the best
interests of their workers. Why? first because protectionist measures raise the
cost of living and reduce the buying power of workers and secondly because
protectionism limits the potential for growth in the industry and growth in
future jobs.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
As the world automotive industry continues to grow (i.e.
producers form China and India are now gaining credibility) the price of the
units reduces. The industry also enjoys economies of scale. A combination of
lower prices and lower trade barriers will result in the same welfare effects
as what is currently being produced in Australia by the policy. </div>
<div class="MsoNormal">
<o:p></o:p></div>
Anonymoushttp://www.blogger.com/profile/03169613151367674230noreply@blogger.comtag:blogger.com,1999:blog-6754285351720491986.post-50726313130708845242013-09-08T23:22:00.000-07:002013-09-08T23:22:26.762-07:00Open for business, but how long is a piece of fiber optic cable<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span><div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;">Looks like he has finally got his feet under the table. </span></div>
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;">Well
that was disappointing for me personally but perhaps Abbott is not such a bad
thing. </span></div>
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;">Things have been going back and
forth in the ALP camp for some time, although admittedly I do like the policy
perhaps economically speaking it’s a good thing Ruddy is out. <o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;">First off the bat will be the removal of Carbon Tax laws
in the first sitting of the new house this October. </span></div>
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;">In an election debate where
the real question on climate policy – how to reach the targets guided by the
science (i.e. 25 per cent or more) – has never been raised by the mainstream
parties, Abbott revealed that he was quite prepared not to even make it to
first base/believe in Science. If the budgeted $3.2 billion proved to be
insufficient to reach the 5% reduction target – as Treasury and private
analysis conclude unanimously – he would not spend another dollar to ensure
that it does.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;">Putting aside Australia’s <a href="http://reneweconomy.com.au/2013/past-year-is-hottest-on-record-for-australia-36128" title="Past year is hottest on record for Australia">record high temperatures
over the last 12 months</a>, and just three weeks ahead of the IPCC report, the
fact that the ALP couldn’t agree on the tax has left us in the same situation
we are in now with the non-believer Abbott. Perhaps once he has brought the
house together he can return some confidence to the market. <o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;">On that note, if he can bring some order to things his side
the hung senate should hopefully be a bit easier to navigate. The persuasion may be in his favour so should
be able to deals but when there are deals to be made in the senate there is a
price to pay. As the numbers stand, eight minor party senators from separate
groups, some of them virtually unknown entities with no track record and no
known policies, will be given the power to decide whether or not each
government bill should be passed.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<br />
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;">We owe this miracle to the fact that roughly 25% of the
votes on Saturday went to the downright odd and obscure parties. It’s almost as
if the ‘people’ couldn’t care less, or realise that we are between a rock and a
hard place with these two. A gloating winning speech followed by a gloating
outgoing speech on the night told a different story. Even if this was a time
when you 'know you have given it your all', and time for the old guy to step
down we could have had more positive change then this. As the ALP seeks to maintain
as a fighting force for the future I hope for all of us we are directed towards
a more definite and confident market in the interim. </span><o:p></o:p></div>
Anonymoushttp://www.blogger.com/profile/03169613151367674230noreply@blogger.comtag:blogger.com,1999:blog-6754285351720491986.post-92191823979273651272013-09-05T18:18:00.000-07:002013-09-05T18:20:44.397-07:00How good is it really? <span style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span style="font-family: Arial, Helvetica, sans-serif;">Tomorrow I will have the chance to vote in my first Australian election as a proud citizen of this country. There are quite a few things worrying me about the progress of the electioneering so far. Normally (at least in the English elections) I have decided well before, the parties have distinct divisions and there is no faux presidential race. As much as I don’t like Cameron, conservative policy is straightforward.<br /> </span><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span style="font-family: Arial, Helvetica, sans-serif;">A word of warning, my views are distinctly Keynesian. Australia rode through the last recession on the back of the commodities, although the $900 from Rudd was a nice boost to the pokies and TV sales.</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span style="font-family: Arial, Helvetica, sans-serif;">1) All of the economic changes are being proposed for the very near future. As such, a change of government is unlikely to have major implications for the growth, currency or interest rate outlook. A change of government is unlikely to result in a major shift in the regulatory of macroeconomic landscape, with limited implications for the growth outlook.<br /> </span><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span style="font-family: Arial, Helvetica, sans-serif;">2) Australia currently has a structural budget deficit that is expected to persist at least until 2017/18. As a result, the next government is likely to face some tough choices on the structure of Australia’s tax system and the sustainability of government expenditure moving beyond the next parliamentary term. A reduction in foreign aid proposed by both parties (note not the actual reduction but a proposed holding back on the total increase this financial year) is not only sensible but also necessary.<br /> </span><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span style="font-family: Arial, Helvetica, sans-serif;">3) Marriage policy here is a joke, and this needs to be resolved as soon as possible. Even some of the most conservative countries have moved forward on this.<br /> </span><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span style="font-family: Arial, Helvetica, sans-serif;">4) Carbon pricing or tax is really important but a reliable solution needs to be offered. The ALP proposed bringing forward the emissions trading scheme to 1 July 2014 and cutting back Energy Security Fund from $4.3 billion to $2.5 billion.</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span style="font-family: Arial, Helvetica, sans-serif;">The Coalition committed to abolish carbon price. Abolish the Climate Change Authority, Climate Commission, and the Energy security fund. Retain the Clean Energy Regulator and the National Greenhouse and Energy Reporting Scheme (NGERS) as part of the administration of the Emissions Reduction Fund.<br /> </span><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span style="font-family: Arial, Helvetica, sans-serif;">I don’t believe that sweeping hard-line statements are the way to bring about the correct change here. Rudd's about turn made it clear that no one was really sure what was working. But some policy is better than none at all. </span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span style="font-family: Arial, Helvetica, sans-serif;">Europe can claim to be ahead here: since 2005 it has had a cap-and-trade scheme which sets a limit on emissions and allows companies to trade pollution permits up to that level, thus putting a price on carbon. But the scheme is complex and has been undermined by vast exemptions—flaws which apply to China’s new scheme, too. The European Parliament will vote on an emergency fix on July 2nd. Even if a compromise is passed though, it will merely stave off collapse for a year or so.<br /> </span><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span style="font-family: Arial, Helvetica, sans-serif;">Right now I don’t think any government or senate offers the right solution to this. I’m torn because my industry depends upon high demand, but I believe a staggered approach to allow some freedom to companies but bringing in a tax over time is the correct way to manage climate change.Corporate governance is becoming more important, over time with combined policy and public accountability I believe the right changes will come. </span><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span style="font-family: Arial, Helvetica, sans-serif;">Whoever wins the upcoming election; the completion of the election itself could provide a boost to the economy and that is a win for everyone. As I have been reminded many times in the last few weeks, it’s not about voting for who you want to win, it’s about trying to figure out who is telling less lies. </span>Anonymoushttp://www.blogger.com/profile/03169613151367674230noreply@blogger.comtag:blogger.com,1999:blog-6754285351720491986.post-5141404997205530812013-09-03T18:10:00.001-07:002013-09-03T18:11:19.256-07:0012 Technologies Set To Transform Mining<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwjanIlz6mjLNfzvfLlxa3c4MMp_xOr1lIFymetPhyphenhyphenq4C7vsc5Jxy2MRTsntV9NbS5aCflfVQx28GTfoj-YVbvpl_L0jilduBof9g8pUszrAWbdBtbH2YHEaaE7ANjIu86cnnvezdpl8sf/s1600/disruptive-tech.bmp" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="420" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwjanIlz6mjLNfzvfLlxa3c4MMp_xOr1lIFymetPhyphenhyphenq4C7vsc5Jxy2MRTsntV9NbS5aCflfVQx28GTfoj-YVbvpl_L0jilduBof9g8pUszrAWbdBtbH2YHEaaE7ANjIu86cnnvezdpl8sf/s640/disruptive-tech.bmp" width="640" /></a></div>
<span style="font-family: Arial, Helvetica, sans-serif;"><br /><br />Emerging technologies are set to change the way miners operate over the next decade.<br /><br />Delivering improved productivity, cost savings, and safety advancements a report from the <a href="http://www.mckinsey.com/insights/business_technology/disruptive_technologies">McKinsey Global Institute</a> has identified 12 technologies that could drive economic transformations in coming years.<br /><br />While not all will directly impact mining, they will play a role in mining’s supporting sectors including manufacturing and health.<br /><br />The report explains that the combined application of all 12 technologies, including advanced robotics, energy storage, and mobile internet could have a potential impact of between $14 trillion and $33 trillion a year in 2025.<br /><br />Topping the list is mobile internet which is expected to improve worker productivity and service delivery.<br /><br />Enhanced communication technology has not only improved mine site safety but transformed the way safety is managed.</span><span style="font-family: Arial, Helvetica, sans-serif;">The roll out of the Federal Government's </span><a href="http://www.miningaustralia.com.au/news/mining-industry-needs-the-nbn-qrg-boss" style="font-family: Arial, Helvetica, sans-serif;">National Broadband Network</a><span style="font-family: Arial, Helvetica, sans-serif;"> is expected to create a wealth of opportunity for the mine sites it touches, and the increased bandwidth that comes with the NBN will enable the facilitation of increased remote mining operations.</span><span style="font-family: Arial, Helvetica, sans-serif;"><br /><br /></span>Anonymoushttp://www.blogger.com/profile/03169613151367674230noreply@blogger.comtag:blogger.com,1999:blog-6754285351720491986.post-86043875541284678302013-08-14T17:35:00.001-07:002013-08-14T19:19:11.061-07:00Chinese Steel Stock Continues to push the Iron Ore Price higher. <div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The base level for Iron Ore has reached its highest in 5
months. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The data provider Steel Index says the rise is on the back
of heavy steel re-stocking in China, fuelled by an improvement in its property
sector. Prices reached US $141.80 a tonne. At this time last year, the iron ore price had
already begun its terrifying descent towards a September low of $US86.70
($94.10) per tonne, a price that prompted more than a few Australian miners to
contemplate their existence.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Despite this rise investors are remaining cautious pending
the decision from the US Federal reserve on the stimulus measures next month. A
Bloomberg survey of economists found 65% believed the Fed would reduce its
monthly bond purchases at next month’s meeting, up from 50% last month.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The Dow Jones Industrial Average fell 0.7%, while the
S&P 500 dropped 0.5%. Like the Australian market yesterday, stocks in
Toronto were flat. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Philip Kirchlechner of the Steel Index said stocks at steel
mills in China have been fairly low: about 20 days worth of supply, whereas typically they are at
30 - 40 days.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
"They're getting caught short,'' he said, ''and that
causes buying to increase again and the price to spike."<o:p></o:p></div>
<div class="MsoNormal">
Rob Brierley of Patersons Securities said other factors had
also played a part: "I think China (is) ... running a leaner inventory
system,'' he said.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Earlier predictions were that the price could fall below
$US100 per tonne later this year. This is just one price spike in what's been a
buoyant few months for iron ore miners.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
While Mr Brierley admits initial predictions of a dramatic
price fall were probably slightly overstated, he's still anticipating the price
will moderate towards the end of the year.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
"I think there's reasons why it should be a little bit
softer this year than say last year but I would expect the price to moderate in
the September and October period.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
"We are transforming, there are a number of expansions
that Rio Tinto and BHP have done and what Vale in Brazil are doing, and that
will increase supply.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
"So there are a lot of forecasters out there saying
there will be a glut of supply coming on next year and the year after."<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Mr Brierley says China is moving into a new phase of slower
growth but it will still need steel.<o:p></o:p></div>
<div class="MsoNormal">
"China is transitioning from a construction driven
economy to a consumer driven economy so that means steel demand will airball or
consumption will slow down but it's still very strong and not expected to peak
until 2020," he said.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<br />
<div class="MsoNormal">
Iron ore miners are expected to report some of the best
annual results this reporting season.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhmO7cybk2Bm8UYNGfvIduTNDs_KUkb_zNKmo8BAfmLc08HI39dcsCaXcOyGSgAwvgHAm1qI5lIQD92ke5TyUvKlArjTn-K1Tg0bAdxsCklVLCV0TTifdAc2ckmbUAtRfcwJV4ra4EvAlU-/s1600/Tester.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhmO7cybk2Bm8UYNGfvIduTNDs_KUkb_zNKmo8BAfmLc08HI39dcsCaXcOyGSgAwvgHAm1qI5lIQD92ke5TyUvKlArjTn-K1Tg0bAdxsCklVLCV0TTifdAc2ckmbUAtRfcwJV4ra4EvAlU-/s320/Tester.jpg" width="320" /></a></div>
<span id="goog_1884329568"></span><span id="goog_1884329569"></span><br /></div>
Anonymoushttp://www.blogger.com/profile/03169613151367674230noreply@blogger.comtag:blogger.com,1999:blog-6754285351720491986.post-27588236751447285332013-08-09T00:19:00.004-07:002013-08-09T00:19:39.088-07:00CVP Analysis: Contribution Margin Ratio<div class="MainHead">
<span style="font-family: Arial, Helvetica, sans-serif; font-size: 12pt;">CONTRIBUTION
MARGIN RATIO</span></div>
<div align="left" class="MainHead">
<span lang="EN-US" style="font-size: 12.0pt; mso-bidi-font-family: Tahoma;"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
<div align="left" class="MainHead">
<span style="font-family: Arial, Helvetica, sans-serif;"><span lang="EN-US" style="font-size: 12pt;">The <u>contribution margin (CM) ratio</u> is the ratio of contribution
margin to total sales:</span><span lang="EN-US" style="font-size: 12.0pt; mso-bidi-font-family: Tahoma;"><o:p></o:p></span></span></div>
<div align="center" class="14ptText" style="text-align: center;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="14ptText">
<span lang="EN-US" style="font-size: 12.0pt; mso-bidi-font-family: Tahoma;"><span style="font-family: Arial, Helvetica, sans-serif;">If the company has only one product, the CM ratio can also be computed
using per unit data:<o:p></o:p></span></span></div>
<div align="center" class="14ptText" style="text-align: center;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="14ptText">
<span lang="EN-US" style="font-size: 12.0pt; mso-bidi-font-family: Tahoma;"><span style="font-family: Arial, Helvetica, sans-serif;">The CM ratio shows how the contribution margin will be affected by a
given change in total sales.<o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="SecondHead">
<span lang="EN-US" style="font-size: 12.0pt; mso-bidi-font-family: Tahoma;"><span style="font-family: Arial, Helvetica, sans-serif;">BREAKEVEN ANALYSIS - EQUATION
METHOD<o:p></o:p></span></span></div>
<div class="Equation">
<span lang="EN-US" style="font-size: 12.0pt; mso-bidi-font-family: Tahoma;"><span style="font-family: Arial, Helvetica, sans-serif;">Q = Break-even quantity<o:p></o:p></span></span></div>
<div class="Equation">
<span lang="EN-US" style="font-size: 12.0pt; mso-bidi-font-family: Tahoma;"><span style="font-family: Arial, Helvetica, sans-serif;">Sales = Variable expenses + Fixed expenses + Profits <o:p></o:p></span></span></div>
<div class="MsoNormal" style="margin-right: -18.0pt;">
<span lang="EN-US"><span style="font-family: Arial, Helvetica, sans-serif;">Q x selling price/unit = (Q x
variable expense/unit) + Fixed expenses + Profits<o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="SecondHead">
<span lang="EN-US" style="font-size: 12.0pt; mso-bidi-font-family: Tahoma;"><span style="font-family: Arial, Helvetica, sans-serif;">BREAKEVEN ANALYSIS - CONTRIBUTION
MARGIN METHOD<o:p></o:p></span></span></div>
<div class="MsoNormal">
<span lang="EN-US"><span style="font-family: Arial, Helvetica, sans-serif;">Break-even
quantity = <u>Fixed Expenses<o:p></o:p></u></span></span></div>
<div class="MsoNormal">
<span lang="EN-US"><span style="font-family: Arial, Helvetica, sans-serif;"> CM/u
<o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US"><span style="font-family: Arial, Helvetica, sans-serif;">To
calculate the breakeven point in sales dollars, substitute ratios as a percent
of sales for dollars. Or, calculate the breakeven point in units and multiply
by the selling price/unit.<o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div align="left" class="MainHead">
<span lang="EN-US" style="font-size: 12.0pt; mso-bidi-font-family: Tahoma;"><span style="font-family: Arial, Helvetica, sans-serif;">MARGIN OF
SAFETY<o:p></o:p></span></span></div>
<div class="14ptText">
<span lang="EN-US" style="font-size: 12.0pt; mso-bidi-font-family: Tahoma;"><span style="font-family: Arial, Helvetica, sans-serif;"> The <u>margin of safety</u>
is the excess of budgeted (or actual) sales over the break-even sales. The
margin of safety can be expressed either in dollar or percentage form. The
formulas are:<o:p></o:p></span></span></div>
<div align="center" class="14ptText" style="text-align: center;">
<br /></div>
<div align="left" class="MainHead">
<span lang="EN-US" style="font-size: 12.0pt; mso-bidi-font-family: Tahoma;"><span style="font-family: Arial, Helvetica, sans-serif;">OPERATING
LEVERAGE<o:p></o:p></span></span></div>
<div align="left" class="MainHead">
<span style="font-family: Arial, Helvetica, sans-serif;"><u><span lang="EN-US" style="font-size: 12pt;">Operating leverage</span></u><span lang="EN-US" style="font-size: 12pt;"> measures how a given
percentage change in sales affects net operating income. It is a measure of volatility in net income
caused by high fixed expenses relative to variable expenses. <o:p></o:p></span></span></div>
<div align="center" class="14ptText" style="text-align: center;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="8ptlinespace">
<br /></div>
<div class="8ptlinespace">
<span lang="EN-US" style="font-size: 12.0pt; mso-bidi-font-family: Tahoma;"><span style="font-family: Arial, Helvetica, sans-serif;">Use the income statements for Company X and Y to compute:<o:p></o:p></span></span></div>
<div class="8ptlinespace" style="margin-left: 36.0pt; mso-list: l0 level1 lfo1; tab-stops: 18.0pt list 36.0pt left 54.0pt 72.0pt; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: Arial, Helvetica, sans-serif;"><span lang="EN-US" style="font-size: 12.0pt; mso-bidi-font-family: Tahoma; mso-fareast-font-family: Tahoma;">a.<span style="font-size: 7pt;">
</span></span><!--[endif]--><span lang="EN-US" style="font-size: 12.0pt; mso-bidi-font-family: Tahoma;">Breakeven point in units and sales dollars.<o:p></o:p></span></span></div>
<div class="8ptlinespace" style="margin-left: 36.0pt; mso-list: l0 level1 lfo1; tab-stops: 18.0pt list 36.0pt left 54.0pt 72.0pt; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: Arial, Helvetica, sans-serif;"><span lang="EN-US" style="font-size: 12.0pt; mso-bidi-font-family: Tahoma; mso-fareast-font-family: Tahoma;">b.<span style="font-size: 7pt;">
</span></span><!--[endif]--><span lang="EN-US" style="font-size: 12.0pt; mso-bidi-font-family: Tahoma;">Margin of safety.<o:p></o:p></span></span></div>
<div class="8ptlinespace" style="margin-left: 36.0pt; mso-list: l0 level1 lfo1; tab-stops: 18.0pt list 36.0pt left 54.0pt 72.0pt; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: Arial, Helvetica, sans-serif;"><span lang="EN-US" style="font-size: 12.0pt; mso-bidi-font-family: Tahoma; mso-fareast-font-family: Tahoma;">c.<span style="font-size: 7pt;">
</span></span><!--[endif]--><span lang="EN-US" style="font-size: 12.0pt; mso-bidi-font-family: Tahoma;">Degree of operating leverage.<o:p></o:p></span></span></div>
<div class="8ptlinespace" style="margin-left: 36.0pt; mso-list: l0 level1 lfo1; tab-stops: 18.0pt list 36.0pt left 54.0pt 72.0pt; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: Arial, Helvetica, sans-serif;"><span lang="EN-US" style="font-size: 12.0pt; mso-bidi-font-family: Tahoma; mso-fareast-font-family: Tahoma;">d.<span style="font-size: 7pt;">
</span></span><!--[endif]--></span><span lang="EN-US" style="font-size: 12.0pt; mso-bidi-font-family: Tahoma;"><span style="font-family: Arial, Helvetica, sans-serif;">The change in net income caused by a 10% increase
in sales.</span><o:p></o:p></span></div>
<div class="8ptlinespace">
<br /></div>
<br />
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-table-layout-alt: fixed;">
<tbody>
<tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0; page-break-inside: avoid;">
<td style="padding: 0cm 5.4pt 0cm 5.4pt; width: 188.9pt;" valign="top" width="252">
<div class="TextLeader">
<br /></div>
</td>
<td colspan="2" style="padding: 0cm 5.4pt 0cm 5.4pt; width: 127.0pt;" valign="top" width="169">
<div class="ColumnHead">
<span lang="EN-US" style="font-size: 12.0pt; mso-bidi-font-family: Tahoma;">Company X<o:p></o:p></span></div>
</td>
<td colspan="2" style="padding: 0cm 5.4pt 0cm 5.4pt; width: 130.5pt;" valign="top" width="174">
<div class="ColumnHead">
<span lang="EN-US" style="font-size: 12.0pt; mso-bidi-font-family: Tahoma;">Company Y<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: 0cm 5.4pt 0cm 5.4pt; width: 188.9pt;" valign="top" width="252">
<div class="TextLeader">
<span lang="EN-US" style="font-size: 12.0pt; mso-bidi-font-family: Tahoma;">Sales (5,000 units) .................. <o:p></o:p></span></div>
</td>
<td style="padding: 0cm 5.4pt 0cm 5.4pt; width: 73.0pt;" valign="top" width="97">
<div class="TableText">
<span lang="EN-US" style="font-size: 12.0pt; mso-bidi-font-family: Tahoma;">$500,000<o:p></o:p></span></div>
</td>
<td style="padding: 0cm 5.4pt 0cm 5.4pt; width: 54.0pt;" valign="top" width="72">
<div class="TableText">
<span lang="EN-US" style="font-size: 12.0pt; mso-bidi-font-family: Tahoma;">100%<o:p></o:p></span></div>
</td>
<td style="padding: 0cm 5.4pt 0cm 5.4pt; width: 76.5pt;" valign="top" width="102">
<div class="TableText">
<span lang="EN-US" style="font-size: 12.0pt; mso-bidi-font-family: Tahoma;">$500,000<o:p></o:p></span></div>
</td>
<td style="padding: 0cm 5.4pt 0cm 5.4pt; width: 54.0pt;" valign="top" width="72">
<div class="TableText">
<span lang="EN-US" style="font-size: 12.0pt; mso-bidi-font-family: Tahoma;">100%<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: 0cm 5.4pt 0cm 5.4pt; width: 188.9pt;" valign="top" width="252">
<div class="TextLeader">
<span lang="EN-US" style="font-size: 12.0pt; mso-bidi-font-family: Tahoma;">Less variable
expenses.............. <o:p></o:p></span></div>
</td>
<td style="padding: 0cm 5.4pt 0cm 5.4pt; width: 73.0pt;" valign="top" width="97">
<div class="TableText">
<u><span lang="EN-US" style="font-size: 12.0pt; mso-bidi-font-family: Tahoma;"> 350,000<o:p></o:p></span></u></div>
</td>
<td style="padding: 0cm 5.4pt 0cm 5.4pt; width: 54.0pt;" valign="top" width="72">
<div class="TableText">
<u><span lang="EN-US" style="font-size: 12.0pt; mso-bidi-font-family: Tahoma;"> 70</span></u><span lang="EN-US" style="font-size: 12.0pt; mso-bidi-font-family: Tahoma;"> <u><o:p></o:p></u></span></div>
</td>
<td style="padding: 0cm 5.4pt 0cm 5.4pt; width: 76.5pt;" valign="top" width="102">
<div class="TableText">
<u><span lang="EN-US" style="font-size: 12.0pt; mso-bidi-font-family: Tahoma;"> 100,000<o:p></o:p></span></u></div>
</td>
<td style="padding: 0cm 5.4pt 0cm 5.4pt; width: 54.0pt;" valign="top" width="72">
<div class="TableText">
<u><span lang="EN-US" style="font-size: 12.0pt; mso-bidi-font-family: Tahoma;"> 20</span></u><span lang="EN-US" style="font-size: 12.0pt; mso-bidi-font-family: Tahoma;"> <u><o:p></o:p></u></span></div>
</td>
</tr>
<tr>
<td style="padding: 0cm 5.4pt 0cm 5.4pt; width: 188.9pt;" valign="top" width="252">
<div class="TextLeader">
<span lang="EN-US" style="font-size: 12.0pt; mso-bidi-font-family: Tahoma;">Contribution
margin.................. <o:p></o:p></span></div>
</td>
<td style="padding: 0cm 5.4pt 0cm 5.4pt; width: 73.0pt;" valign="top" width="97">
<div class="TableText">
<span lang="EN-US" style="font-size: 12.0pt; mso-bidi-font-family: Tahoma;">150,000<o:p></o:p></span></div>
</td>
<td style="padding: 0cm 5.4pt 0cm 5.4pt; width: 54.0pt;" valign="top" width="72">
<div class="TableText">
<u><span lang="EN-US" style="font-size: 12.0pt; mso-bidi-font-family: Tahoma;"> 30</span></u><span lang="EN-US" style="font-size: 12.0pt; mso-bidi-font-family: Tahoma;">%<o:p></o:p></span></div>
</td>
<td style="padding: 0cm 5.4pt 0cm 5.4pt; width: 76.5pt;" valign="top" width="102">
<div class="TableText">
<span lang="EN-US" style="font-size: 12.0pt; mso-bidi-font-family: Tahoma;">400,000<o:p></o:p></span></div>
</td>
<td style="padding: 0cm 5.4pt 0cm 5.4pt; width: 54.0pt;" valign="top" width="72">
<div class="TableText">
<u><span lang="EN-US" style="font-size: 12.0pt; mso-bidi-font-family: Tahoma;"> 80</span></u><span lang="EN-US" style="font-size: 12.0pt; mso-bidi-font-family: Tahoma;">%<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: 0cm 5.4pt 0cm 5.4pt; width: 188.9pt;" valign="top" width="252">
<div class="TextLeader">
<span lang="EN-US" style="font-size: 12.0pt; mso-bidi-font-family: Tahoma;">Less fixed
expenses................... <o:p></o:p></span></div>
</td>
<td style="padding: 0cm 5.4pt 0cm 5.4pt; width: 73.0pt;" valign="top" width="97">
<div class="TableText">
<u><span lang="EN-US" style="font-size: 12.0pt; mso-bidi-font-family: Tahoma;"> 90,0</span></u><span lang="EN-US" style="font-size: 12.0pt; mso-bidi-font-family: Tahoma;">00<o:p></o:p></span></div>
</td>
<td style="padding: 0cm 5.4pt 0cm 5.4pt; width: 54.0pt;" valign="top" width="72">
<div class="TableText">
<br /></div>
</td>
<td style="padding: 0cm 5.4pt 0cm 5.4pt; width: 76.5pt;" valign="top" width="102">
<div class="TableText">
<u><span lang="EN-US" style="font-size: 12.0pt; mso-bidi-font-family: Tahoma;"> 340,000<o:p></o:p></span></u></div>
</td>
<td style="padding: 0cm 5.4pt 0cm 5.4pt; width: 54.0pt;" valign="top" width="72">
<div class="TableText">
<br /></div>
</td>
</tr>
<tr>
<td style="padding: 0cm 5.4pt 0cm 5.4pt; width: 188.9pt;" valign="top" width="252">
<div class="TextLeader">
<span lang="EN-US" style="font-size: 12.0pt; mso-bidi-font-family: Tahoma;">Net operating
income................ <o:p></o:p></span></div>
</td>
<td style="padding: 0cm 5.4pt 0cm 5.4pt; width: 73.0pt;" valign="top" width="97">
<div class="TableText">
<u><span lang="EN-US" style="font-size: 12.0pt; mso-bidi-font-family: Tahoma;">$ 60,000</span></u><span lang="EN-US" style="font-size: 12.0pt; mso-bidi-font-family: Tahoma;"><o:p></o:p></span></div>
</td>
<td style="padding: 0cm 5.4pt 0cm 5.4pt; width: 54.0pt;" valign="top" width="72">
<div class="TableText">
<br /></div>
</td>
<td style="padding: 0cm 5.4pt 0cm 5.4pt; width: 76.5pt;" valign="top" width="102">
<div class="TableText">
<u><span lang="EN-US" style="font-size: 12.0pt; mso-bidi-font-family: Tahoma;">$ 60,000</span></u><span lang="EN-US" style="font-size: 12.0pt; mso-bidi-font-family: Tahoma;"><o:p></o:p></span></div>
</td>
<td style="padding: 0cm 5.4pt 0cm 5.4pt; width: 54.0pt;" valign="top" width="72">
<div class="TableText">
<br /></div>
</td>
</tr>
</tbody></table>
Anonymoushttp://www.blogger.com/profile/03169613151367674230noreply@blogger.comtag:blogger.com,1999:blog-6754285351720491986.post-71441205278214663982013-08-08T02:21:00.002-07:002013-11-18T23:42:37.459-08:00Cost Volume Profit Analysis: The Break Even Point, Contribution Margin and the Cost of Things<br /><br /><br />Break-even (or break even) is the point of balance between making either a profit or a loss. The term originates in finance, but the concept has been applied widely since.<br /><br /><br /> The contribution margin approach to calculate the break-even point (i.e. the point of zero profit or loss) is based on the Cost Volume Profit (CVP) analysis concepts known as contribution margin and contribution margin ratio. <br /><br /><br /> Here the Contribution margin is the difference between the sales and variable costs. When calculated for a single unit, it is called unit contribution margin. Contribution margin ratio is the ratio of contribution margin to sales.<br /><br /><br /> In this method simple formulas are derived from the CVP analysis equation by rearranging the equation and then replacing certain parts with Contribution Margin formulas.<br /><br /><br /> Therefore:<br /><br /><br /> Contribution Margin = Sales Revenue - Variable Expenses<br /><br /><br /> Per Unit Basis the equation is as follows:<br /><br /><br /> Contribution Margin per unit of sales = Sales Revenue per Unit - Variable Expenses per Unit<br /><br /><br /> Contribution Margin - Fixed Costs = Net Operating Profit or Loss<br /><br /><br /> Break even can be calculated onward to the point at which a company's sales are zero - there is no profit or loss:<br /><br /><br />Break-even in Units = Total Fixed Costs/Contribution Margin per unit<br /><br /><br />In other words:<br /><br /><br />Total Revenue = Total Costs<br /><br /><br />Unit Sale Price x Number of units sold = (TFC + V) Number of Units Sold<br /><br /><br /> TFC is Total <a href="https://en.wikipedia.org/wiki/Fixed_Costs">Fixed Costs</a>, P is Unit Sale Price, and V is Unit Variable Cost.<br /><br /><br /><br /><br /> BEP in Sales Dollars<br /><br /><br />Break-even point in dollars can be calculated via:<br /> <br /><br /><br />Break-even Sales Dollars = Price per Unit × Break-even Sales Units <br /><br />; or <br /><br /> <br /><br /><br />Break-even Sales Dollars = FC ÷ CM Ratio <br /><table class="formula" style="background-color: white; border-collapse: collapse; border: none; color: #494949; font-family: Georgia, 'Palatino Linotype', cambria, times, sans-serif; font-size: 14px; margin: 20px 0px; padding: 0px;"><tbody style="margin: 0px; padding: 0px;">
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</tbody></table>
Anonymoushttp://www.blogger.com/profile/03169613151367674230noreply@blogger.comtag:blogger.com,1999:blog-6754285351720491986.post-30107527043386906722013-08-06T20:48:00.000-07:002014-07-14T19:23:45.120-07:00Rio Pushes On<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The
worlds second biggest iron ore producer continued with its plans to increase
production throughout late 2012 and inter the first half of 2013. The recent
uncertainty in the industry has given many of the smaller mining companies
reason to want to scale back operations to combat higher costs and falling
prices. The Australian metals industry has remained highly cyclical, but thanks
to the long term growth of the Asia Pacific market and long term plans of the
big minors we are now experiencing the boom in production that follows the boom
in growth. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Rio’s
reported ore production increased 5 percent in the third quarter of 2012 as
mines in Western Australia’s Pilbara region achieved a quarterly record of 63
million tonnes. Analysts are predicting a massive US$4.5b in interim earnings
from iron ore in the six months ended June, overcoming predicted losses in
other commodities.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Cost
cutting remains a focus for all the minors. Once the global growth begins to
accelerate demand prices will pick up again. Production will remain the focus
for the miner.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Jenny
Purdie, Rio Tinto's Global Practice Leader, Technology Delivery, Innovation recently
stated: "In a volatile post-GFC environment, businesses are all looking
for ways to be more efficient, effective and competitive to be successful.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
"Rio
Tinto is no different. Mining is
cyclical and like all miners we're operating in a challenging environment of
lower commodity prices, a high Australian dollar and high input costs,"
she said.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<br />
<div class="MsoNormal">
Productivity
remains the buzz word for 2013 and the company plans to expand production
capacity in the Pilbara region to 283 million tonnes annually by the end of
2013 and to more than 350 million tonnes by mid-2015.</div>
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<div style="background-color: white;">
For extended analysis head to <a href="http://www.complexityandchaos.com/">http://www.complexityandchaos.com</a></div>
<div style="background-color: white;">
<br /></div>
<div style="background-color: white;">
Mine planning and mine analysis tips please head to <a href="http://www.mineplanningtoday.com/">http://www.mineplanningtoday.com</a></div>
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<o:p></o:p>Anonymoushttp://www.blogger.com/profile/03169613151367674230noreply@blogger.comtag:blogger.com,1999:blog-6754285351720491986.post-47370664079520447562013-08-06T04:06:00.000-07:002014-07-14T19:23:26.779-07:00Costing :LIFO and FIFO<br />
<div style="background-color: white; font-family: sans-serif; font-size: 13px; line-height: 19px; margin-bottom: 0.5em; margin-top: 0.4em;">
<b>FIFO and LIFO Methods</b> are accounting techniques used in managing inventory and financial matters involving the amount of money a company has tied up within inventory of produced goods, raw materials, parts, components, or feed stocks. These methods are used to manage assumptions of cost flows related to inventory, stock repurchases (if purchased at different prices), and various other accounting purposes.</div>
<div style="background-color: white; font-family: sans-serif; font-size: 13px; line-height: 19px; margin-bottom: 0.5em; margin-top: 0.4em;">
<b>FIFO</b> stands for <i>first-in, first-out</i>, meaning that the oldest inventory items are recorded as sold first but do not necessarily mean that the exact oldest physical object has been tracked and sold.</div>
<div style="background-color: white; font-family: sans-serif; font-size: 13px; line-height: 19px; margin-bottom: 0.5em; margin-top: 0.4em;">
<b>LIFO</b> stands for <i>last-in, first-out</i>, meaning that the most recently produced items are recorded as sold first. Since the 1970s, some U.S. companies shifted towards the use of LIFO, which reduces their income taxes.</div>
<div style="background-color: white; margin-bottom: 0.5em; margin-top: 0.4em;">
<div style="font-family: sans-serif; font-size: 13px; line-height: 19px;">
The difference between the cost of an inventory calculated under the FIFO and LIFO methods is called the <i>LIFO reserve</i>. This reserve is essentially the amount by which an entity's taxable income has been deferred by using the LIFO method</div>
<div style="font-family: sans-serif; font-size: 13px; line-height: 19px;">
<br /></div>
<span style="font-family: sans-serif; font-size: x-small;"><span style="line-height: 19px;"><a href="http://thebackyardeconomist.blogspot.com.au/">http://thebackyardeconomist.blogspot.com.au/</a></span></span><br />
<span style="font-family: sans-serif; font-size: x-small;"><br /></span>
For extended analysis head to <a href="http://www.complexityandchaos.com/">http://www.complexityandchaos.com</a><br />
<br />
Mine planning and mine analysis tips please head to <a href="http://www.mineplanningtoday.com/">http://www.mineplanningtoday.com</a><br />
<br />
For discounted gopro, tips on how to get the cheapest, product comparisons, and travel accessories head to <a href="http://www.buyacheapgopro.com%20/">http://www.buyacheapgopro.com </a><br />
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Computer repairs, computer upgrades and Web design in Perth head to <a href="http://www.personalcomputerrepairs.com%20/">http://www.personalcomputerrepairs.com </a></div>
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