Stanford's Entrepreneurship Corner: David Rothkopf Part 3

The Powerful Alignment of Interests: More info HERE to download click HERE
Sheer brainpower, strength in numbers, and good old fashioned networking is how the nature of world influence is established. Skewed and disproportionate, modern power structures that regulate global problems happen only when the elite meet, says author David Rothkopf. And decisions made based on these meetings often do not adequately represent the people or the interests that they are meant to serve.

Stanford's Entrepreneurship Corner: David Rothkopf Part 2

The Rise of the Superclass: More info HERE to download click HERE
We can't legislate against historical trends in the global age, but we can look more closely at the well-networked superclass - those who have broad influence across international borders on a regular basis. The Superclass has money, power, and influence - but it's woefully short on ethics in the global interest. Author David Rothkopf describes this influential core of the global power structure and stresses that economic prosperity can't be the only metric of a civilization's success.

Stanford's Entrepreneurship Corner: David Rothkopf Part 1

80/20 Rule: More info HERE To Download Click HERE
Just twenty percent of the members in any group or social system own eighty percent of the assets, indicative that scale indicates a growing concentration of power. The top 2,000 companies employ and influences a million people in the modern world, says author David Rothkopf. With cross-ownership and networking in all circles - business, military, religion, and the Internet among them - a few succeed, but the majority of participants within any given system are marginal.

MicroEcon Power Point Chapter 1

microeconomic theory, ch 01, by walter nicholson(lecture slide) - Upload a Document to Scribd

Unit information sheets

We provide unit information sheets to help you choose which units to study. The sheets include key information such as the syllabus, on which you’ll be examined; the unit aims and objectives; learning outcomes; an essential reading list; prerequisite and exclusion information; and method of assessment.

My theory & speculation on what will be on the test based on the Info Sheet:

General Equilibrium - the IS-LM model.
Prices, Inflation, & Unemployment - Aggregate Demand (AD) in the price output plane, the problems with deriving Aggregate Supply (AS); the Keynsian & the classical AS.
The Phillips Curve
Macro - Aggregation

Read the rest of the Info sheet, a very big clue on at least which graphs, math formulas to remember :)

02 Intro to Econ Information Guide - Upload a Document to Scribd

Supplement for 02 Intro to Econ for 2008/2009

To download, click HERE I guess this means the theme of the test may change next year

Please use the following info:

ID: uolexternalstudent
p/w: lseexternal

Supplement - Upload a Document to Scribd

Micro & Macro Econ Resource

2 texts from Mankiw

To download the Macro ebook click HERE
Micro click HERE

To download, you need a ID & P/W
ID: uolexternalstudent
p/w: lseexternal

To view:

Here's the Macro

Macroeconomics 5th Edition Mankiw - Upload a Document to Scribd

Here's the Micro

Principles of Microeconomics - Mankiw - Upload a Document to Scribd

Syllabus for October

OK guys, I admit it, I'm guilty of procrastinating on this particular subject :( I should have started last month but I've been good in the sense that I've been listening to the mp3 lectures of Macro & Micro Econ from UC Berkeley

To listen to or watch the streaming video of the lectures click on the class below: You have the option of either downloading the mp3 or watch the video streaming.

Micro Econ
Macro Econ

Now to the fun part, the syllabus :) I will refer to the Main Text as MT and the Study Guide as SG and if there are more than 1 MT readings, I will list by author or if you have alternative books, I will say either Macro, Micro or just Econ to represent the plain Economics text :)

*NOTE: According to the new SG supplement, Blake's A Short Course of Economics is no longer necessary :) WOO HOO!!!

Oct 6 to Oct 8
SG Intro & Technical preface (if you know this already, go ahead & skip, but I have to reacquaint myself, I don't think I'm the only one).

Oct 9 to 12
MT: LC Ch 1 to 2, & BFD: Ch 1 to 2 (Economics Books)
or McTaggarts Econ (ISBN 9780733973253) click HERE for details, Ch 1 to 2

SG: ppg 31 to 44 (until end of section 2)

Oct 13 to 15:
SG ppg 44 to 56
Homework: Do all the activities & questions

Oct 16 to 20:
Discuss MT questions & problems and SG questions & problems.
Go ahead and start reading Chap 2 of the SG (just skim & get somewhat familar with it)

Oct 21 to 22:
SG ppg 57 to 61
MT (SG pg 57): LC: Ch 5, Ch 3, pp 38-44 & Ch 4, pp 65-74 & 76-85.
BFD: Ch 5, Ch 3, pp 40-42 & Ch 4, pp 55-68
EL (Micro): Ch 2, pp 13-24 & 23- 40 and Chp 3

For those of you re-sitting Econ, here's the breakdown of the Chapters:
LC: Chapter 5 = Consumer Choice: Indifference Theory
Chapter 3, pg 38 to 44: Demand (stocks & flow and weather matters)
Chapter 4: pg 65 - 74: Elaticity of D & S
pg 76 - 85: Elaticity matters

BFD: Ch 5 = Consumer choice & demand decisions
Ch 3, pp 40-42 = What, how & for whom?
Ch 4, pp 55-68 = Elaticities of S & D

EL (Micro): Ch 2, pp 13-24 = The basic theory of consumer choice (& an algebraic solution)
pp 32 - 40 = The demand curve (summary & problems)
Ch 3 = Money income & real income
or McTaggart Chapt 8 (Household choices)
Mankiw, pg 94 - 104 Demand Elasticity
141 - 147 Consumers & Demand Curve

I will post the UC Berekely streaming video lectures & download mp3 lectures that work in conjunction with these reading materials.

Oct 23 to 24:
SG 62 - 78 (use the weekend to catch up if you have to)
Reading for page 62, according to the supplement changed to the following:
BFD - Ch 5, pp 77-82 Market Deamnd Curve, Complement & Substitution, Transfer in Kind, Summary & Review
LC - Ch 5, pp 92 - 96 - Consumer optimization w/o measurable utility

I will post more later, this supplement is killing me!! It will be the same page, but I will edit and add more

Margin Concept

Margin also mean edge, think of yourself as sitting on the fence, on deciding what to do. Should I do this or should I do that, then we ask ourselves what is the cost to benefit ratio if I do one or the other (marginal cost vs. marginal benefit), this is what thinking at the margin means.

Before we talk about margin, we have to discuss trade-off and opportunity costs.

Trade-Off - Very simple concept, it's giving up one thing to get something else.
For example: Instead of drinking with friends tonight, I hit the gym or I study.
Instead of buying a new book, I buy a previous edition of a used book.

Opportunity Cost - What you lose (value-wise) in the trade off.
Example: I cut my hours at work to pursue my education.
I lose potential income, so the opportunity cost is the lost potential income to pursue my studies.

Marginal benefit, then would be the positives we get from giving up something and choosing the other.
Example: Although I lose earnings potential for three years, the degree will give me a higher earnings potential.
Example 2: If I study 3 days a week and get a 60% on my test and by choosing to study a fourth day, I get a 70%, then my marginal benefit is 10%

Marginal Cost - The cost of what you give up (think of as cost vs. benefit ratio).
That means if the marginal benefit outweighs the marginal cost, you do it.
If the marginal cost outweighs the benefit, you don't do it.

Example: To upgrade my RAM on my computer only gives me a 5% performance boost, it is not worth me paying the money for a RAM upgrade for such a small performance boost.