Fieldtrip Review

Personally, I thought the fieldtrip downtown was really productive.  I learned a lot about the functions of the Federal Reserve Bank and the CME.  The lady at the Board of Trade was very knowledgeable and able to answer all our questions.  The man explaining bitcoin also seemed to know a lot about it, and everything ihe said was new to me, so that was cool. Downtown Chicago is one of my favorite places on earth, and I am looking into majoring in Economics at whatever college I choose to attend, so this fieldtrip was really fun and educating for me.  Also, my grilled chicken sandwich was really good.

Blog of the week.

One of the main themes in the book "Freakonomics" is that conventional wisdom is often wrong.  I couldn't agree more with this statement.  There are so many common "facts" out there today that everyone believes to be true.  Most of these facts, however, are probably either partially or completely false.  The example in the book is that if someone drinks on average eight glasses of water a day, they are expected to live significantly longer.  This is something that has been believed to be true by almost everyone who has heard this.  However, while its by no means bad for you, drinking eight glasses of water a day has no significant impact on your health.  Wisdom is always changing.  To me, there really isn't such a thing as "conventional wisdom."  Its almost like an oxy moron.  Wisdom revolves around the unconventional and unorthadox.  If wisdom was conventional, then wouldn't every normal person be wise? And if that were the case, then noone could be considered wise.

Basketball is Here

Basketball season is officially in full swing, which marks my favorite time of the year.  The NBA season has begun, as well as the NCAA season.  High school basketball has started practice, and the games will be here soon.  A topic recently has been the debate about which is better, the NBA or NCAA. Personally, I enjoy watching college basketball much more than I like watching the NBA. In professional basketball, the players play for the money. At the collegiate level, the players play to win championships, which is much more respectable.  Everyone knows that it is not the best players that win, but the best teams.  This is much more important to the college players because they do not have the freedom to just be paid to do what they do best yet. Today in the NBA, the referees are so lenient because the superstars are so powerful and will complain without repercussions.  If the players in the NCAA complain, the coaches will simply bench them. This creates better chemistry on teams, which in turn creates more competitive and respectable teams and tournaments all together.

Writer's Blog

Right now, I have writer's block, restricting me from adding to my blog.  I'm going to call this writer's blog.  This post is due by class today, but I just cannot find anything interesting to write about.  I'm kind of hoping that if I just continue talking about not knowing what to blog about, something will come to me.  Unfortunately, it has not happened yet, and I kind of don't think that will happen any time soon.

The Economic Side of Halloween

Tomorrow is the last day of October, which is also Halloween. Although I will not be trick-or-treating, I will not be completely out of the festivities. I will most likely be answering the door for the trick-or-treaters that are brave enough to ring the doorbell (my mom put up spooky decorations. I was too scared to use the front door for a week). Every kid out there knows that it's all about the candy. This may be one of the only times when its quantity over quality. Only the coolest kids fill up their buckets of candy all the way.  And its usually the ones that think like an economist that recieve the most candy. This is my guide to getting the most candy.
       First things first; door etiquitte. Kids should travel in groups, but not too big of groups. I would say about four to five kids is a solid number. Tomorrow, if I see eight kids come up to my door at a time, I'll be more reluctant to hand out a lot of candy to each kid because I'll be afraid that I might run out later in the night. If I see just a few kids walking up, I'll hook it up with a handful of candy for each of them. Also, the golden rule is, no one is getting candy unless they say "Trick-or-Treat!"  There are certain traditions that are worth keeping around. I'm giving out free candy here, the least the kids can do is say those three magic words. Saying "thank you" never ever hurts either. The face-to-face confrontation is huge when trying to get the most candy possible.
       The person giving out candy wants to be impressed by the costume.  The more effort that goes into your costume, the more candy you'll get. If a kid goes as a ghost with a bed sheet over their head, they are getting a jolly rancher from me. Creativity, originality and funniness all are contributing factors for those of you still trying to find a costume.
       Arguably the most important intangible is the planning of your route ahead of time.  Efficiency is key.  It is crucial not to waste time deciding whether to make a right or a left at a fork in the road while trick-or-treating. Mapping out the route can eliminate this risk easily, leading to more time for the candy income. Move quickly, and bring a hat, gloves, and a water bottle so there's no need to stop at home for anything.
       Of course, I will be passing this information onto my little brother. He will be sharing with me, he just doesn't know it yet.

Kobe Bryant is an Economist

The NBA season is getting ready to tip off, which marks my favorite time of the year. The holidays are right around the corner and the basketball season will be in full swing within the next 30 days.  One of my favorite players, Kobe Bryant, is in the process of rehabilitating his achilles tedon, which he tore in the playoffs last May. Some said his career was over, and most thought he would not be back for a while, possibly missing all of this upcoming season.  But noone expected Kobe to be where he is now.  He is probably still at least two and a half months away from playing in an official game, but Bryant has amazed everyone with how quickly he is recovering. Time and time again Kobe has proved that he is the league's toughest player, but he must have been doubting himself big-time in the training room this past May.  The regular season wasn't ideal. The Los Angeles Lakers did not live up to expectations, and they were lucky to make the playoffs. Kobe knew the diagnosis as soon as the injury occurred. He knew that he was done playing basketball for a while.  But instead of being helped off the court, he actually slid the tendon back into place for the time being and shot his free throws before walking off the court under his own power.  That right there is enough to show why he is the toughest player in the NBA. After the game, Mr. Bryant had some decisions to make.  He realizes his age is climbing. What does he value more? His health or basketball? For a lot of people, the easy decision would be to retire.  Surely Kobe has more than enough money to support his family for generations to come. But I am willing to bet that the easy decision for Kobe would be to rehab his ankle and do everything in his power to make a comeback.  After all, the only things Bryant has known are loyalty, toughness, and winning.  In more ways than one did Kobe have to think like an economist.  Would he retire or attempt to come back? This decision was probably easy.  His values are very clear. It has always been about basketball.  aHow would he go about his rehab? There are probably more ways than one to go about a torn achilles tendon.  Did one way have a higher marginal benefit than another? What about the opportunity cost of the process? Would he have to sacrifice some time of the regular season for a full recovery? Or maybe one way was more risky but allowed him to return sooner. Kobe had no other choice but to act like an economist the day everything went wrong last May.  I just can't wait to see my favorite player return, hopefully sooner rather than later.

Is GDP a Good Indicator of how the Economy is Doing?

I don't believe that GDP is a good indicator of how the economy is doing.  GDP does not take into account anything that is sold on the black market.  Although it may be illegal and I personally do not approve of it, selling things in the black market provides jobs for some that are not qualified or are not in a position to get a job that counts towards the GDP.  No matter how hard the government tries to eliminate the transactions that happen illegally, they will always happen.  The black market provides jobs and keeps money flowing, but does not count towards GDP.  It's almost impossible to count the black market, so GDP cannot count it accurately. Therefore, GDP cannot accurately measure the economy's success.