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Leontief Lover's Song of the Week:
ARTIST:Ryan and Chad ft. MLB PLAYERS
SONG: I Don't Dance (MLB PLAYERS REMIX)
ALBUM: High School Musical 2
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| Zerge Zandueta
20 years old and counting, this dude loves sports and videogames. he hopes to contribute something good to society one day and make other people happy
"Humanity is the virtue of a woman, generosity that of a man." - Adam Smith
Kathryn Pua
this perky girl never fails to brighten up anyone's day. very friendly, approachable and outgoing, this person enjoys going out with her barkada, though an 'introvert' at heart
"And very often the influence exerted on a person's character by the amount of his income is hardly less, if it is less, than that exerted by the way in which it is earned." - Alfred Marshall
Bea Lim
they say silent water runs deep. this girl may seem quiet at first, but once you get to know her, you're in for loads of fun
"The friend of the present order of things condemns all political speculations in the gross." - Thomas Malthus
Raymond Lee
a 23 year old korean who makes all the girls go "ga-ga." 'nuff said. ;)
"Entrepreneurial profit is the expression of the value of what the entrepreneur contributes to production." - Joseph A. Schumpeter
Carlo Medina
hypnotic on the hardcourt, this basketball icon is not only good at putting 2 on the board but 3 on the report card
"In the long run we are all dead." - John Maynard Keynes
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| Learning Corner |
Eco Lesson of The Week : Determinants of Supply and Demand
The intersection of the supply (upward sloping) and demand (downward sloping) curves is called the equilibrium pt. This point represents the price at which goods are sold and purchased at the market. However,
this equilibrium point may change depending on a shift by the curves. The curves may shift one at a time or at the same time both either upwards or downwards. An upward
shift by either curve would raise the price, while a downward shift would lower it.
What we want to know this week is what causes these shifts in supply and demand, called their determinants.
The Determinants of Supply
1. Costs of production
2. Profitability of alternate goods in supply
3. Natural occurences
4. Expectations of future prices
5. Profitability of goods in joint supply
6. The number of sellers
The Determinants of Demand
1. Tastes, fashions, preferences
2. The number and price of related goods
3. Income
4. Expectation of future prices
5. Population
Reference: http://www.cr1.dircon.co.uk/pdffiles/determinants.pdf
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| Cartoon Corner |
By: Paul Combs (The Tampa Tribune)
By: Clay Bennet (The Christian Science Monitor, Boston)
By: Thomas Boldt (The Calgary Sun, Alberta, Canada)
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| Tuesday, October 9, 2007 |
| Change |
Change
by Kathryn Pua
Ceteris Paribus, let all things remain constant, is a quote in economics constantly mentioned in our lessons. It’s being used so that things won’t be complicated and situations can be understood better. But I guess that’s why things sometimes seems so messed up, since constancy is just a dream. Constant… how ironic! The truth is, in this world, change is the only thing that remains constant. Everyone and everything undergoes changes, either for the better or for the worse. So nothing is ever constant. We change our clothes, our minds, ourselves, etc. the world around us constantly changes as we speak. No matter how hard we wish for something to ‘stay like this forever’ or ‘stay the same’, it won’t. That’s the reality we have to live with.
Here and there, new inventions and discoveries are made. The price of goods changes as well. The Philippine economy keeps sinking. Terrorism can’t seem to stop rearing its ugly head. Our world is overrun by problems. What will stay the same in the world we live in? Can’t it stay as is?!? All this change is driving me crazy!!! It’s so hard to keep up with. It’s not as if things aren’t as complicated enough! There are times when these thoughts run through my head. I feel lost, confused, powerless and in despair. I want to do something but can’t. I find myself swept away by the tide of change. But hope and Faith wouldn’t abandon me so I slowly rise above them. I eventually defeat these feelings but I still can’t help wishing things were different. I indulge myself in reveries and get transported to the past. Sometimes I think it would be much better to live in the olden times. I’d be able to freely admire nature in all its beauty. Things would be simpler. There would be fewer technologies, less advancements, true… but, there would also be less greed, less conflicts and less evil. People were less consumed by riches, power and fame. The words family, love and concern actually meant something to them. These old values no longer have a place in the lives of the modern man, with his fast-paced life and success driven mind set. It’s simply the harsh, saddening and painful reality, whether or not we choose to face it and owe up to these flaws. Try as we might to deny such accusations, our actions would be enough to incriminate us. My only advice to the people of today: return to the basics, to the things that really matter. Maybe then we’d be able to live happier, more fulfilled and peaceful lives.
Change happens in people too. Sometimes the change is good and sometimes it’s bad. People can change form good top bad because of many factors in their environment. But what I know causes a person to change for the worst are vices. Gambling, drugs, alcohol, smoking, etc. have destroyed many people’s lives and are continuing to do so. No matter how much we educate people, they still end up in the clutches of such demons. The only weapon to truly defeat such evils is Faith. As cliché as it may sound, God is the only support we should turn to in times of dire need and distress. People become better by growing out of bad habits and constantly improving themselves. By developing their talents, working on their weaknesses and giving to society, they are serving their purpose on this planet. No matter how a person turns out, I still believe that goodness is innate in human beings. No matter how bad we get, we’ll always be able to return to that goodness within us for God will make it so. We can walk that path of repentance and somehow restore some of the beauty we’ve destroyed through evil. People do change; they can change. If we believe, believe hard enough, they can change for the better. Their beautiful souls will one day shine through and prevail…
 Change is like a double-edged sword. I’ve learned that all throughout my life. Although I know things can change for the worse, I’ll believe that they can change for the better as well. It’s a futile effort to try and stop things from changing. And like they say, change is inevitable. So we just have to learn how to live with it and make the most of things, come what may! The things that make them human, the things that make them who they are, hope, faith, and many other simple things without a price tag… surprisingly, these things are the ones that help them get through life, survive problems and get out in one piece… If there would be one thing I continually hope for that people would hold onto, it would be God and their principles. If they do hold tight, nothing will ever be able to keep them down, not even the harsh changes each day brings…nothing…
“We must adjust to changing times and still hold to unchanging principles.” –Jimmy Carter |
posted by Leontief Lovers @ 7:32 AM  |
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Yup, change is truly ironic. this entry was well-put. it made me realize that sometimes you really need to un-learn some of the things you've been so used to doing in order to move forward. it is better to hold on to something constant, to your faith, because, really, what else can we be so sure of?
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| About Me |
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Name: Leontief Lovers
Home: Manila, Philippines
About Me: people wonder why we are called leontief lovers. it's simple, in eco, there is a canonical form of utilty and production function called Leontief Preferences / Technologies. In a two good/input world, you always would need the other good/input in order to remain satisfied/have the ability to produce... in other words, you will never substitute one good for another, you need to consume/use both goods at a fixed proportion at the same time... LIKEWISE, in our blog, WE WILL NEVER TRADE NOR SUBSTITUTE ECO FOR ANOTHER!
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| Books
"The World is Flat" by Thomas Friedman
"Confessions of an Economic Hitman" by John Perkins
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"A Beautiful Mind"
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Calvin and Economics
Jokes
An economics professor and a student were strolling through the campus.
"Look," the student cried, "there's a $100 bill on the path!"
"No, you are mistaken," the wiser head replied. "That cannot be. If there were actually a $100 bill, someone would have picked it up."
Feudalism: You have two cows. Your lord takes some of the milk.
Socialism: You have two cows. State takes one and gives it to someone else.
Communism: You have two cows. State takes both of them and gives you as much milk as you need.
Bureaucratic Communism: You have two cows. State takes both of them and gives you as much milk as the regulations say you should need.
Bureaucracy: You have two cows. State regulates what you can feed them and when you can milk them. Then it pays you not to milk them. After that it takes both cows, shoots one, milks the other and pours the milk down the drain. Then it requires you to fill out forms accounting for the missing cows.
Fascism: You have two cows. State takes both of them and sells you milk.
Nazism: You have two cows. State takes both of them and shoots you.
Liberalism: You have two cows. State dosen't care whether you exist, let alone your cows.
Capitalism: You have two cows. You sell one and buy a bull.
PRICE IS IMPORTANT!
(disclaimer: may be a little off-color)
"My Dear, would you go to bed with me for a million dollars?"
"Well, yes, I guess I would."
"How about $100?"
"What kind of person do you think I am?"
"My Dear, we have already established that. We are merely haggling over the price!"
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Yup, change is truly ironic. this entry was well-put. it made me realize that sometimes you really need to un-learn some of the things you've been so used to doing in order to move forward. it is better to hold on to something constant, to your faith, because, really, what else can we be so sure of?