David Ricardo (1772-1823) was an influential British economist. Some of his key ideas and contributions included:
- He developed theories of income distribution, value, and comparative advantage.
- He analyzed how total societal output is distributed among landlords, workers, and capitalists as rents, wages, and profits.
- He recognized limitations of the labor theory of value, noting that interest payments and varying land fertility impacted values.
- Ricardo's theory of rent distinguished between extensive and intensive margins as population and cultivation increased.
- He believed economic growth would ultimately stop as diminishing returns set in, making distribution of a steady-state output most important.
David Ricardo (1772-1823) was an influential British economist. He made several important contributions including:
1) He developed theories of income distribution, value, and comparative advantage.
2) He argued that wages would equal the subsistence level in the long run, and that rents and profits would be distributed residually after wages.
3) He showed how economic development leads to falling profits and rising rents, as less fertile land must be cultivated over time.
4) He believed that the central question in economics was how total output is distributed among classes in the stationary state, not how economies grow richer.
David Ricardo was an English political economist who built on Adam Smith's ideas. He developed theories of labor value, rent, wages, profits, and international trade. Ricardo argued that economic growth is constrained by diminishing agricultural returns, which cause food prices and the cost of subsistence wages to rise, eventually squeezing profits. He supported free trade and opposed the Corn Laws restricting food imports.
This document discusses international factor movements and includes several examples and calculations. It begins by introducing international flows of labor and capital between two countries producing a good using two factors of production. Several key relationships are then outlined, including real returns to labor equaling marginal product, and marginal products being equal across countries in equilibrium. The document then provides two examples analyzing the gains for capital owners and labor forces from capital and labor movement between countries. It also includes calculations for equilibrium wages and production outputs under different scenarios of factor mobility.
This document summarizes two presentations from a breakfast seminar. The first presentation discusses section 18 valuations in commercial leases, which assess the diminution in value of a landlord's reversion caused by a tenant's disrepair upon vacating. The second discusses challenges for landlords and tenants in negotiating commercial lease renewals in a difficult market with falling rents. The third presentation discusses schemes to avoid paying empty business rates by temporarily occupying empty properties in various ways and the risks of such schemes being seen as evasion.
This document summarizes key concepts from an intermediate macroeconomics textbook chapter on measuring the macroeconomy. It discusses how gross domestic product (GDP) and gross national product (GNP) are used to measure total economic output. It also describes how GDP is calculated using expenditure and income approaches and how nominal and real GDP are distinguished. Finally, it discusses how price indexes like the GDP deflator and consumer price index (CPI) are used to measure inflation and compares their methodologies.
L6_ Practice Problems Direct Regulation Externalities in Ma.docxDIPESH30
L6_ Practice Problems
Direct Regulation Externalities in Markets for goods, services or Inputs
Ruth Forsdyke
Regulating Negative Externalities:
1) This problem continues on from the L5 and L6 Practice Problem:
Note: Demand and Supply Curves are hypothetical but roughly intersect world demand and price
point.
QD(P) = 190 – P
QS (P) = 3P/2 – 60
The marginal external cost is: MCExternal = 25$/bbl (assumed low carbon tax of $50/tonne CO2e)
The quantity units are in millions bbl oil/day while the price units are in $US/bbl.
a) Find the marginal Pigouvian tax to regulate this market and plot on your graph. Illustrate how
this shifts the producer’s marginal cost curve.
b) Starting at the point in time immediately after the tax is imposed, explain the process by which
the market moves to the new equilibrium.
c) Use areas under curves to illustrate the following under the tax and indicate whether they rose
or fell:
i) total consumer surplus
ii) total producer surplus
iii) total external costs
iv) total social surplus
v) total tax revenue
d) Find the monetarily socially efficient crude oil quota and label on your graph.
e) Starting at the point in time immediately after the quota is imposed, explain the process by
which the market moves to the new equilibrium.
f) Use areas under curves to illustrate the changes in the following due to the quota:
i) total consumer surplus
ii) total producer surplus
iii) total external costs
iv) total social surplus
v) total quota rent (goes to firms if given away, goes to government if auctioned in
perfectly competitive market with no corruption, i.e. regulatory capture).
Variable vs Fixed External Costs:
2) Suppose that you take a return trip by Air from Halifax to Vancouver and back. The GHGs due
to combustion of the fuel used to power your trip are approximately 1 tonne of CO2e. Suppose the
price of carbon dioxide is $200/tonne CO2e. This is only part of your carbon footprint—by taking
the trip, you are also responsible for some very small fraction of the emission used during the air
plane’s product life cycle and also that of the air port. These get diluted out over many people and
so your airplane trip still has a carbon footprint of about 1 tonne. Like private costs, external costs
can be either fixed or variable. Identify some variable and fixed external costs of your trip.
Positive Externalities from Forests:
3) Consider the town of Thneedville. Their monetary marginal willingness to pay for a truffala
forest is: MWTP = 10 – Q/2 (in millions of $/hectare)
Suppose that the monetary marginal opportunity cost of the forest is cutting down the forest to
make thneeds is MCPrivate = 10Q (in millions of $/hectare)
Suppose that the forest stores 2000 tonnes of CO2e/ hectare and that it is estimated that the price of
carbon dioxide is $20,000/ tonne.
This problem is complicated in reality because it takes time to grow a forest during which c ...
David Ricardo (1772-1823) was an influential British economist. He made several important contributions including:
1) He developed theories of income distribution, value, and comparative advantage.
2) He argued that wages would equal the subsistence level in the long run, and that rents and profits would be distributed residually after wages.
3) He showed how economic development leads to falling profits and rising rents, as less fertile land must be cultivated over time.
4) He believed that the central question in economics was how total output is distributed among classes in the stationary state, not how economies grow richer.
David Ricardo was an English political economist who built on Adam Smith's ideas. He developed theories of labor value, rent, wages, profits, and international trade. Ricardo argued that economic growth is constrained by diminishing agricultural returns, which cause food prices and the cost of subsistence wages to rise, eventually squeezing profits. He supported free trade and opposed the Corn Laws restricting food imports.
This document discusses international factor movements and includes several examples and calculations. It begins by introducing international flows of labor and capital between two countries producing a good using two factors of production. Several key relationships are then outlined, including real returns to labor equaling marginal product, and marginal products being equal across countries in equilibrium. The document then provides two examples analyzing the gains for capital owners and labor forces from capital and labor movement between countries. It also includes calculations for equilibrium wages and production outputs under different scenarios of factor mobility.
This document summarizes two presentations from a breakfast seminar. The first presentation discusses section 18 valuations in commercial leases, which assess the diminution in value of a landlord's reversion caused by a tenant's disrepair upon vacating. The second discusses challenges for landlords and tenants in negotiating commercial lease renewals in a difficult market with falling rents. The third presentation discusses schemes to avoid paying empty business rates by temporarily occupying empty properties in various ways and the risks of such schemes being seen as evasion.
This document summarizes key concepts from an intermediate macroeconomics textbook chapter on measuring the macroeconomy. It discusses how gross domestic product (GDP) and gross national product (GNP) are used to measure total economic output. It also describes how GDP is calculated using expenditure and income approaches and how nominal and real GDP are distinguished. Finally, it discusses how price indexes like the GDP deflator and consumer price index (CPI) are used to measure inflation and compares their methodologies.
L6_ Practice Problems Direct Regulation Externalities in Ma.docxDIPESH30
L6_ Practice Problems
Direct Regulation Externalities in Markets for goods, services or Inputs
Ruth Forsdyke
Regulating Negative Externalities:
1) This problem continues on from the L5 and L6 Practice Problem:
Note: Demand and Supply Curves are hypothetical but roughly intersect world demand and price
point.
QD(P) = 190 – P
QS (P) = 3P/2 – 60
The marginal external cost is: MCExternal = 25$/bbl (assumed low carbon tax of $50/tonne CO2e)
The quantity units are in millions bbl oil/day while the price units are in $US/bbl.
a) Find the marginal Pigouvian tax to regulate this market and plot on your graph. Illustrate how
this shifts the producer’s marginal cost curve.
b) Starting at the point in time immediately after the tax is imposed, explain the process by which
the market moves to the new equilibrium.
c) Use areas under curves to illustrate the following under the tax and indicate whether they rose
or fell:
i) total consumer surplus
ii) total producer surplus
iii) total external costs
iv) total social surplus
v) total tax revenue
d) Find the monetarily socially efficient crude oil quota and label on your graph.
e) Starting at the point in time immediately after the quota is imposed, explain the process by
which the market moves to the new equilibrium.
f) Use areas under curves to illustrate the changes in the following due to the quota:
i) total consumer surplus
ii) total producer surplus
iii) total external costs
iv) total social surplus
v) total quota rent (goes to firms if given away, goes to government if auctioned in
perfectly competitive market with no corruption, i.e. regulatory capture).
Variable vs Fixed External Costs:
2) Suppose that you take a return trip by Air from Halifax to Vancouver and back. The GHGs due
to combustion of the fuel used to power your trip are approximately 1 tonne of CO2e. Suppose the
price of carbon dioxide is $200/tonne CO2e. This is only part of your carbon footprint—by taking
the trip, you are also responsible for some very small fraction of the emission used during the air
plane’s product life cycle and also that of the air port. These get diluted out over many people and
so your airplane trip still has a carbon footprint of about 1 tonne. Like private costs, external costs
can be either fixed or variable. Identify some variable and fixed external costs of your trip.
Positive Externalities from Forests:
3) Consider the town of Thneedville. Their monetary marginal willingness to pay for a truffala
forest is: MWTP = 10 – Q/2 (in millions of $/hectare)
Suppose that the monetary marginal opportunity cost of the forest is cutting down the forest to
make thneeds is MCPrivate = 10Q (in millions of $/hectare)
Suppose that the forest stores 2000 tonnes of CO2e/ hectare and that it is estimated that the price of
carbon dioxide is $20,000/ tonne.
This problem is complicated in reality because it takes time to grow a forest during which c ...
This presentation includes basic of PCOS their pathology and treatment and also Ayurveda correlation of PCOS and Ayurvedic line of treatment mentioned in classics.
LAND USE LAND COVER AND NDVI OF MIRZAPUR DISTRICT, UPRAHUL
This Dissertation explores the particular circumstances of Mirzapur, a region located in the
core of India. Mirzapur, with its varied terrains and abundant biodiversity, offers an optimal
environment for investigating the changes in vegetation cover dynamics. Our study utilizes
advanced technologies such as GIS (Geographic Information Systems) and Remote sensing to
analyze the transformations that have taken place over the course of a decade.
The complex relationship between human activities and the environment has been the focus
of extensive research and worry. As the global community grapples with swift urbanization,
population expansion, and economic progress, the effects on natural ecosystems are becoming
more evident. A crucial element of this impact is the alteration of vegetation cover, which plays a
significant role in maintaining the ecological equilibrium of our planet.Land serves as the foundation for all human activities and provides the necessary materials for
these activities. As the most crucial natural resource, its utilization by humans results in different
'Land uses,' which are determined by both human activities and the physical characteristics of the
land.
The utilization of land is impacted by human needs and environmental factors. In countries
like India, rapid population growth and the emphasis on extensive resource exploitation can lead
to significant land degradation, adversely affecting the region's land cover.
Therefore, human intervention has significantly influenced land use patterns over many
centuries, evolving its structure over time and space. In the present era, these changes have
accelerated due to factors such as agriculture and urbanization. Information regarding land use and
cover is essential for various planning and management tasks related to the Earth's surface,
providing crucial environmental data for scientific, resource management, policy purposes, and
diverse human activities.
Accurate understanding of land use and cover is imperative for the development planning
of any area. Consequently, a wide range of professionals, including earth system scientists, land
and water managers, and urban planners, are interested in obtaining data on land use and cover
changes, conversion trends, and other related patterns. The spatial dimensions of land use and
cover support policymakers and scientists in making well-informed decisions, as alterations in
these patterns indicate shifts in economic and social conditions. Monitoring such changes with the
help of Advanced technologies like Remote Sensing and Geographic Information Systems is
crucial for coordinated efforts across different administrative levels. Advanced technologies like
Remote Sensing and Geographic Information Systems
9
Changes in vegetation cover refer to variations in the distribution, composition, and overall
structure of plant communities across different temporal and spatial scales. These changes can
occur natural.
Executive Directors Chat Leveraging AI for Diversity, Equity, and InclusionTechSoup
Let’s explore the intersection of technology and equity in the final session of our DEI series. Discover how AI tools, like ChatGPT, can be used to support and enhance your nonprofit's DEI initiatives. Participants will gain insights into practical AI applications and get tips for leveraging technology to advance their DEI goals.
Walmart Business+ and Spark Good for Nonprofits.pdfTechSoup
"Learn about all the ways Walmart supports nonprofit organizations.
You will hear from Liz Willett, the Head of Nonprofits, and hear about what Walmart is doing to help nonprofits, including Walmart Business and Spark Good. Walmart Business+ is a new offer for nonprofits that offers discounts and also streamlines nonprofits order and expense tracking, saving time and money.
The webinar may also give some examples on how nonprofits can best leverage Walmart Business+.
The event will cover the following::
Walmart Business + (https://business.walmart.com/plus) is a new shopping experience for nonprofits, schools, and local business customers that connects an exclusive online shopping experience to stores. Benefits include free delivery and shipping, a 'Spend Analytics” feature, special discounts, deals and tax-exempt shopping.
Special TechSoup offer for a free 180 days membership, and up to $150 in discounts on eligible orders.
Spark Good (walmart.com/sparkgood) is a charitable platform that enables nonprofits to receive donations directly from customers and associates.
Answers about how you can do more with Walmart!"
it describes the bony anatomy including the femoral head , acetabulum, labrum . also discusses the capsule , ligaments . muscle that act on the hip joint and the range of motion are outlined. factors affecting hip joint stability and weight transmission through the joint are summarized.
2024 State of Marketing Report – by HubspotMarius Sescu
https://www.hubspot.com/state-of-marketing
· Scaling relationships and proving ROI
· Social media is the place for search, sales, and service
· Authentic influencer partnerships fuel brand growth
· The strongest connections happen via call, click, chat, and camera.
· Time saved with AI leads to more creative work
· Seeking: A single source of truth
· TLDR; Get on social, try AI, and align your systems.
· More human marketing, powered by robots
ChatGPT is a revolutionary addition to the world since its introduction in 2022. A big shift in the sector of information gathering and processing happened because of this chatbot. What is the story of ChatGPT? How is the bot responding to prompts and generating contents? Swipe through these slides prepared by Expeed Software, a web development company regarding the development and technical intricacies of ChatGPT!
This presentation includes basic of PCOS their pathology and treatment and also Ayurveda correlation of PCOS and Ayurvedic line of treatment mentioned in classics.
LAND USE LAND COVER AND NDVI OF MIRZAPUR DISTRICT, UPRAHUL
This Dissertation explores the particular circumstances of Mirzapur, a region located in the
core of India. Mirzapur, with its varied terrains and abundant biodiversity, offers an optimal
environment for investigating the changes in vegetation cover dynamics. Our study utilizes
advanced technologies such as GIS (Geographic Information Systems) and Remote sensing to
analyze the transformations that have taken place over the course of a decade.
The complex relationship between human activities and the environment has been the focus
of extensive research and worry. As the global community grapples with swift urbanization,
population expansion, and economic progress, the effects on natural ecosystems are becoming
more evident. A crucial element of this impact is the alteration of vegetation cover, which plays a
significant role in maintaining the ecological equilibrium of our planet.Land serves as the foundation for all human activities and provides the necessary materials for
these activities. As the most crucial natural resource, its utilization by humans results in different
'Land uses,' which are determined by both human activities and the physical characteristics of the
land.
The utilization of land is impacted by human needs and environmental factors. In countries
like India, rapid population growth and the emphasis on extensive resource exploitation can lead
to significant land degradation, adversely affecting the region's land cover.
Therefore, human intervention has significantly influenced land use patterns over many
centuries, evolving its structure over time and space. In the present era, these changes have
accelerated due to factors such as agriculture and urbanization. Information regarding land use and
cover is essential for various planning and management tasks related to the Earth's surface,
providing crucial environmental data for scientific, resource management, policy purposes, and
diverse human activities.
Accurate understanding of land use and cover is imperative for the development planning
of any area. Consequently, a wide range of professionals, including earth system scientists, land
and water managers, and urban planners, are interested in obtaining data on land use and cover
changes, conversion trends, and other related patterns. The spatial dimensions of land use and
cover support policymakers and scientists in making well-informed decisions, as alterations in
these patterns indicate shifts in economic and social conditions. Monitoring such changes with the
help of Advanced technologies like Remote Sensing and Geographic Information Systems is
crucial for coordinated efforts across different administrative levels. Advanced technologies like
Remote Sensing and Geographic Information Systems
9
Changes in vegetation cover refer to variations in the distribution, composition, and overall
structure of plant communities across different temporal and spatial scales. These changes can
occur natural.
Executive Directors Chat Leveraging AI for Diversity, Equity, and InclusionTechSoup
Let’s explore the intersection of technology and equity in the final session of our DEI series. Discover how AI tools, like ChatGPT, can be used to support and enhance your nonprofit's DEI initiatives. Participants will gain insights into practical AI applications and get tips for leveraging technology to advance their DEI goals.
Walmart Business+ and Spark Good for Nonprofits.pdfTechSoup
"Learn about all the ways Walmart supports nonprofit organizations.
You will hear from Liz Willett, the Head of Nonprofits, and hear about what Walmart is doing to help nonprofits, including Walmart Business and Spark Good. Walmart Business+ is a new offer for nonprofits that offers discounts and also streamlines nonprofits order and expense tracking, saving time and money.
The webinar may also give some examples on how nonprofits can best leverage Walmart Business+.
The event will cover the following::
Walmart Business + (https://business.walmart.com/plus) is a new shopping experience for nonprofits, schools, and local business customers that connects an exclusive online shopping experience to stores. Benefits include free delivery and shipping, a 'Spend Analytics” feature, special discounts, deals and tax-exempt shopping.
Special TechSoup offer for a free 180 days membership, and up to $150 in discounts on eligible orders.
Spark Good (walmart.com/sparkgood) is a charitable platform that enables nonprofits to receive donations directly from customers and associates.
Answers about how you can do more with Walmart!"
it describes the bony anatomy including the femoral head , acetabulum, labrum . also discusses the capsule , ligaments . muscle that act on the hip joint and the range of motion are outlined. factors affecting hip joint stability and weight transmission through the joint are summarized.
2024 State of Marketing Report – by HubspotMarius Sescu
https://www.hubspot.com/state-of-marketing
· Scaling relationships and proving ROI
· Social media is the place for search, sales, and service
· Authentic influencer partnerships fuel brand growth
· The strongest connections happen via call, click, chat, and camera.
· Time saved with AI leads to more creative work
· Seeking: A single source of truth
· TLDR; Get on social, try AI, and align your systems.
· More human marketing, powered by robots
ChatGPT is a revolutionary addition to the world since its introduction in 2022. A big shift in the sector of information gathering and processing happened because of this chatbot. What is the story of ChatGPT? How is the bot responding to prompts and generating contents? Swipe through these slides prepared by Expeed Software, a web development company regarding the development and technical intricacies of ChatGPT!
Product Design Trends in 2024 | Teenage EngineeringsPixeldarts
The realm of product design is a constantly changing environment where technology and style intersect. Every year introduces fresh challenges and exciting trends that mold the future of this captivating art form. In this piece, we delve into the significant trends set to influence the look and functionality of product design in the year 2024.
How Race, Age and Gender Shape Attitudes Towards Mental HealthThinkNow
Mental health has been in the news quite a bit lately. Dozens of U.S. states are currently suing Meta for contributing to the youth mental health crisis by inserting addictive features into their products, while the U.S. Surgeon General is touring the nation to bring awareness to the growing epidemic of loneliness and isolation. The country has endured periods of low national morale, such as in the 1970s when high inflation and the energy crisis worsened public sentiment following the Vietnam War. The current mood, however, feels different. Gallup recently reported that national mental health is at an all-time low, with few bright spots to lift spirits.
To better understand how Americans are feeling and their attitudes towards mental health in general, ThinkNow conducted a nationally representative quantitative survey of 1,500 respondents and found some interesting differences among ethnic, age and gender groups.
Technology
For example, 52% agree that technology and social media have a negative impact on mental health, but when broken out by race, 61% of Whites felt technology had a negative effect, and only 48% of Hispanics thought it did.
While technology has helped us keep in touch with friends and family in faraway places, it appears to have degraded our ability to connect in person. Staying connected online is a double-edged sword since the same news feed that brings us pictures of the grandkids and fluffy kittens also feeds us news about the wars in Israel and Ukraine, the dysfunction in Washington, the latest mass shooting and the climate crisis.
Hispanics may have a built-in defense against the isolation technology breeds, owing to their large, multigenerational households, strong social support systems, and tendency to use social media to stay connected with relatives abroad.
Age and Gender
When asked how individuals rate their mental health, men rate it higher than women by 11 percentage points, and Baby Boomers rank it highest at 83%, saying it’s good or excellent vs. 57% of Gen Z saying the same.
Gen Z spends the most amount of time on social media, so the notion that social media negatively affects mental health appears to be correlated. Unfortunately, Gen Z is also the generation that’s least comfortable discussing mental health concerns with healthcare professionals. Only 40% of them state they’re comfortable discussing their issues with a professional compared to 60% of Millennials and 65% of Boomers.
Race Affects Attitudes
As seen in previous research conducted by ThinkNow, Asian Americans lag other groups when it comes to awareness of mental health issues. Twenty-four percent of Asian Americans believe that having a mental health issue is a sign of weakness compared to the 16% average for all groups. Asians are also considerably less likely to be aware of mental health services in their communities (42% vs. 55%) and most likely to seek out information on social media (51% vs. 35%).
AI Trends in Creative Operations 2024 by Artwork Flow.pdfmarketingartwork
Creative operations teams expect increased AI use in 2024. Currently, over half of tasks are not AI-enabled, but this is expected to decrease in the coming year. ChatGPT is the most popular AI tool currently. Business leaders are more actively exploring AI benefits than individual contributors. Most respondents do not believe AI will impact workforce size in 2024. However, some inhibitions still exist around AI accuracy and lack of understanding. Creatives primarily want to use AI to save time on mundane tasks and boost productivity.
Organizational culture includes values, norms, systems, symbols, language, assumptions, beliefs, and habits that influence employee behaviors and how people interpret those behaviors. It is important because culture can help or hinder a company's success. Some key aspects of Netflix's culture that help it achieve results include hiring smartly so every position has stars, focusing on attitude over just aptitude, and having a strict policy against peacocks, whiners, and jerks.
PEPSICO Presentation to CAGNY Conference Feb 2024Neil Kimberley
PepsiCo provided a safe harbor statement noting that any forward-looking statements are based on currently available information and are subject to risks and uncertainties. It also provided information on non-GAAP measures and directing readers to its website for disclosure and reconciliation. The document then discussed PepsiCo's business overview, including that it is a global beverage and convenient food company with iconic brands, $91 billion in net revenue in 2023, and nearly $14 billion in core operating profit. It operates through a divisional structure with a focus on local consumers.
Content Methodology: A Best Practices Report (Webinar)contently
This document provides an overview of content methodology best practices. It defines content methodology as establishing objectives, KPIs, and a culture of continuous learning and iteration. An effective methodology focuses on connecting with audiences, creating optimal content, and optimizing processes. It also discusses why a methodology is needed due to the competitive landscape, proliferation of channels, and opportunities for improvement. Components of an effective methodology include defining objectives and KPIs, audience analysis, identifying opportunities, and evaluating resources. The document concludes with recommendations around creating a content plan, testing and optimizing content over 90 days.
How to Prepare For a Successful Job Search for 2024Albert Qian
The document provides guidance on preparing a job search for 2024. It discusses the state of the job market, focusing on growth in AI and healthcare but also continued layoffs. It recommends figuring out what you want to do by researching interests and skills, then conducting informational interviews. The job search should involve building a personal brand on LinkedIn, actively applying to jobs, tailoring resumes and interviews, maintaining job hunting as a habit, and continuing self-improvement. Once hired, the document advises setting new goals and keeping skills and networking active in case of future opportunities.
A report by thenetworkone and Kurio.
The contributing experts and agencies are (in an alphabetical order): Sylwia Rytel, Social Media Supervisor, 180heartbeats + JUNG v MATT (PL), Sharlene Jenner, Vice President - Director of Engagement Strategy, Abelson Taylor (USA), Alex Casanovas, Digital Director, Atrevia (ES), Dora Beilin, Senior Social Strategist, Barrett Hoffher (USA), Min Seo, Campaign Director, Brand New Agency (KR), Deshé M. Gully, Associate Strategist, Day One Agency (USA), Francesca Trevisan, Strategist, Different (IT), Trevor Crossman, CX and Digital Transformation Director; Olivia Hussey, Strategic Planner; Simi Srinarula, Social Media Manager, The Hallway (AUS), James Hebbert, Managing Director, Hylink (CN / UK), Mundy Álvarez, Planning Director; Pedro Rojas, Social Media Manager; Pancho González, CCO, Inbrax (CH), Oana Oprea, Head of Digital Planning, Jam Session Agency (RO), Amy Bottrill, Social Account Director, Launch (UK), Gaby Arriaga, Founder, Leonardo1452 (MX), Shantesh S Row, Creative Director, Liwa (UAE), Rajesh Mehta, Chief Strategy Officer; Dhruv Gaur, Digital Planning Lead; Leonie Mergulhao, Account Supervisor - Social Media & PR, Medulla (IN), Aurelija Plioplytė, Head of Digital & Social, Not Perfect (LI), Daiana Khaidargaliyeva, Account Manager, Osaka Labs (UK / USA), Stefanie Söhnchen, Vice President Digital, PIABO Communications (DE), Elisabeth Winiartati, Managing Consultant, Head of Global Integrated Communications; Lydia Aprina, Account Manager, Integrated Marketing and Communications; Nita Prabowo, Account Manager, Integrated Marketing and Communications; Okhi, Web Developer, PNTR Group (ID), Kei Obusan, Insights Director; Daffi Ranandi, Insights Manager, Radarr (SG), Gautam Reghunath, Co-founder & CEO, Talented (IN), Donagh Humphreys, Head of Social and Digital Innovation, THINKHOUSE (IRE), Sarah Yim, Strategy Director, Zulu Alpha Kilo (CA).
Trends In Paid Search: Navigating The Digital Landscape In 2024Search Engine Journal
The search marketing landscape is evolving rapidly with new technologies, and professionals, like you, rely on innovative paid search strategies to meet changing demands.
It’s important that you’re ready to implement new strategies in 2024.
Check this out and learn the top trends in paid search advertising that are expected to gain traction, so you can drive higher ROI more efficiently in 2024.
You’ll learn:
- The latest trends in AI and automation, and what this means for an evolving paid search ecosystem.
- New developments in privacy and data regulation.
- Emerging ad formats that are expected to make an impact next year.
Watch Sreekant Lanka from iQuanti and Irina Klein from OneMain Financial as they dive into the future of paid search and explore the trends, strategies, and technologies that will shape the search marketing landscape.
If you’re looking to assess your paid search strategy and design an industry-aligned plan for 2024, then this webinar is for you.
5 Public speaking tips from TED - Visualized summarySpeakerHub
From their humble beginnings in 1984, TED has grown into the world’s most powerful amplifier for speakers and thought-leaders to share their ideas. They have over 2,400 filmed talks (not including the 30,000+ TEDx videos) freely available online, and have hosted over 17,500 events around the world.
With over one billion views in a year, it’s no wonder that so many speakers are looking to TED for ideas on how to share their message more effectively.
The article “5 Public-Speaking Tips TED Gives Its Speakers”, by Carmine Gallo for Forbes, gives speakers five practical ways to connect with their audience, and effectively share their ideas on stage.
Whether you are gearing up to get on a TED stage yourself, or just want to master the skills that so many of their speakers possess, these tips and quotes from Chris Anderson, the TED Talks Curator, will encourage you to make the most impactful impression on your audience.
See the full article and more summaries like this on SpeakerHub here: https://speakerhub.com/blog/5-presentation-tips-ted-gives-its-speakers
See the original article on Forbes here:
http://www.forbes.com/forbes/welcome/?toURL=http://www.forbes.com/sites/carminegallo/2016/05/06/5-public-speaking-tips-ted-gives-its-speakers/&refURL=&referrer=#5c07a8221d9b
ChatGPT and the Future of Work - Clark Boyd Clark Boyd
Everyone is in agreement that ChatGPT (and other generative AI tools) will shape the future of work. Yet there is little consensus on exactly how, when, and to what extent this technology will change our world.
Businesses that extract maximum value from ChatGPT will use it as a collaborative tool for everything from brainstorming to technical maintenance.
For individuals, now is the time to pinpoint the skills the future professional will need to thrive in the AI age.
Check out this presentation to understand what ChatGPT is, how it will shape the future of work, and how you can prepare to take advantage.
The document provides career advice for getting into the tech field, including:
- Doing projects and internships in college to build a portfolio.
- Learning about different roles and technologies through industry research.
- Contributing to open source projects to build experience and network.
- Developing a personal brand through a website and social media presence.
- Networking through events, communities, and finding a mentor.
- Practicing interviews through mock interviews and whiteboarding coding questions.
Google's Just Not That Into You: Understanding Core Updates & Search IntentLily Ray
1. Core updates from Google periodically change how its algorithms assess and rank websites and pages. This can impact rankings through shifts in user intent, site quality issues being caught up to, world events influencing queries, and overhauls to search like the E-A-T framework.
2. There are many possible user intents beyond just transactional, navigational and informational. Identifying intent shifts is important during core updates. Sites may need to optimize for new intents through different content types and sections.
3. Responding effectively to core updates requires analyzing "before and after" data to understand changes, identifying new intents or page types, and ensuring content matches appropriate intents across video, images, knowledge graphs and more.
A brief introduction to DataScience with explaining of the concepts, algorithms, machine learning, supervised and unsupervised learning, clustering, statistics, data preprocessing, real-world applications etc.
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2. David Ricardo (1772-1823)
• The Ordinary Business of Life by Roger Backhouse, pages 137-
141
• The Worldly Philosophers by Robert Heilbroner, Chapter IV
(The Gloomy Presentiments of Parson Malthus and David
Ricardo)
• New Ideas from Dead Economists by Todd Buchholz, Chapter
IV (David Ricardo and the Cry for Free Trade)
DAVID RICARDO
3. David Ricardo (1772-1823)
• Important sources:
– On the Principles of Political Economy and Taxation
(1817)
– Wikipedia
– EconLib
DAVID RICARDO
4. DAVID RICARDO
David Ricardo (1772-1823)
• Important topics:
– Income Distribution
– Theory of Value
– Law of Comparative Advantage
– Ricardian Equivalence
– Deductive Analysis
5. Functional Distribution of Income
• Ricardo considered a world with
– three factors of production
• land,
• labor, and
• capital goods (such as shovels)
– and three classes of people:
• landlords,
• workers, and
• capitalists.
• Ricardo focused on income distribution among the three
classes
DAVID RICARDO
6. Functional Distribution of Income
• Landlords earn rent,
• workers earn wages, and
• capitalists earn profits.
• Ricardo wanted to show how the total output of a society is
distributed among wages, rent, and profits.
DAVID RICARDO
7. Production Technology
Table 1: Increases in output of corn, in pounds per week (in plots of land of decreasing quality)
No. of workers (each with one shovel) A B C D E F
1 100 90 80 70 60 50
2 90 80 70 60 50 40
3 80 70 60 50 40 30
4 70 60 50 40 30 20
5 60 50 40 30 20 10
6 50 40 30 20 10 0
DAVID RICARDO
8. DAVID RICARDO
Diminishing Returns
• Following Turgot and others, Ricardo assumed that the
increase in output from each additional worker decreases as
the number of workers increases.
– This is the assumption of diminishing returns
9. DAVID RICARDO
Wages
• Ricardo used the Iron Law of Wages
– This idea argued that the wage would in the long run equal the
subsistence wage, which is the bare minimum necessary for survival.
– This assumption was also made by Cantillon, Smith and Malthus
• I will assume the subsistence wage per worker is 25 pounds of corn per week.
10. DAVID RICARDO
Rents
• Rent as Residual: Ricardo assumed that each landlord hires
labor and capital—at the prevailing market-wide prices of
these two resources—and keeps as rent whatever output is
left.
– Recall that Adam Smith too thought of rent as a residual
11. Case 1: One Worker
• Suppose there is only one worker and one shovel in the
economy.
• The worker’s wage is 25 pounds of corn per week, the
subsistence wage.
• What is the profit earned by the shovel’s owner?
– The profit earned by each shovel is 65
– Why?
– For prices between 65.01 and 75, the quantity of shovels demanded will
be one, which is also the quantity of shovels supplied in this case
– We assume that the lowest of these equilibrium prices, 65.01, will prevail
– So, the shovel’s owner earns profit = 65.01
DAVID RICARDO
Table 1: Increases in
output
workers A B C
1 100 90 80
2 90 80 70
3 80 70 60
12. Case 1: One Worker
• The profit earned by each shovel is 65
– Note that at this profit rate, one shovel-and-worker combo is demanded
and supplied
• The owner of Plot A will employ the worker and the shovel.
• All other plots of land will remain uncultivated.
• Total output = 100.
• After paying wages = 25 and profit = 65, the residual rent = 10.
DAVID RICARDO
Table 1: Increases in
output
workers A B C
1 100 90 80
2 90 80 70
3 80 70 60
Note that Ricardo has
precisely determined the
level of output and its
distribution.
13. DAVID RICARDO
Zero-Rent Land
• The best available land that is not earning rent for its owner is
defined as zero-rent land.
– In the one-worker case (Case 1), Plot B is the zero-rent land.
– Note that in Case 1, output of one worker and one shovel in zero-
rent land = 90
– Note also that the rent earned by the owner of Plot A is the extra
output of that land compared to zero-rent land = 100 – 90 = 10
14. Profits
• We have already seen that profit per shovel = 65
• There’s another way of calculating profit per shovel
• Profit per shovel =
output producible on zero-rent land by one worker and one
shovel
minus
the worker’s subsistence wage.
– In Case 1, profits per shovel = 90 – 25 = 65
DAVID RICARDO
15. Profits
• Profits are the main source of capital accumulation.
• If the current rate of profit
is higher than
the minimum rate of profit that is acceptable to capitalists,
then more capital will be accumulated.
DAVID RICARDO
16. Income distribution
• Total wage income =
subsistence wage per worker number of workers
• Total profit income = profit per shovel number of shovels
• Total rent income =
residual or left-over output =
total output – total wage income – total profit income
DAVID RICARDO
17. DAVID RICARDO
Extensive Margin Rent
• When the rent earned by a landlord is due solely to superior fertility of the land,
that rent is called rent on the extensive margin.
• More precisely, this rent is the output that could be produced with one worker and
one shovel on this landlord’s land minus what one worker and one shovel could
produce on zero-rent land.
• In the one-worker case (Case 1), zero-rent land is Plot B. Therefore, extensive-
margin rent on Plot A = 100 – 90 = 10.
• Therefore, in this case, all of rent is extensive margin rent.
– In this way, Ricardo ended up with the same theory of rent that James Anderson had earlier
proposed.
18. Case 2: Three Workers
• Suppose now that there are 3 workers and 3 shovels.
• Wage is 25 per worker, as before.
• Profit per shovel is 55 (or, slightly more, say, 55.01)
– Why?
– This will ensure that the landlords will demand exactly 3 workers and 3
shovels, as is required for equilibrium.
– Plot A will employ 2 workers and 2 shovels and Plot B will employ 1
worker and 1 shovel.
– Plot C will be uncultivated, zero-rent land.
DAVID RICARDO
Table 1: Increases in output
workers A B C
1 100 90 80
2 90 80 70
3 80 70 60
19. Case 2: Three Workers
• The owner of Plot B will produce 90 and, after
paying 25 as wage and 55 as profit, will collect
a residual rent of 10.
– This is also Plot B’s rent on extensive margin.
DAVID RICARDO
Table 1: Increases in output
workers A B C
1 100 90 80
2 90 80 70
3 80 70 60
20. Case 2: Three Workers
• The owner of Plot A will produce 190 and,
after paying 50 as wage and 110 as profit, will
collect a residual rent of 30.
– Of this, only 20 is rent on extensive margin.
– The remaining rent, 10, is called rent on the
intensive margin.
DAVID RICARDO
Table 1: Increases in output
workers A B C
1 100 90 80
2 90 80 70
3 80 70 60
21. DAVID RICARDO
Intensive Margin Rent
• Rent earned from the intensive use of land is called rent on the
intensive margin.
• Using this concept, Ricardo is able to explain why rent would be paid
even when all land is of the same quality, as long as the amount of
available land is not infinite.
• This follows from the application of Turgot’s idea of diminishing returns
to shovel-equipped labor on a fixed amount of land.
22. Case 3: Six Workers
• Suppose now that there are 6 workers and 6 shovels.
• Wage is 25 per worker as before.
• Profit per shovel is 45
– This will ensure that the landlords will demand exactly 6 workers and 6
shovels, as is required for equilibrium.
• Plot A will employ 3 workers and 3 shovels,
• Plot B will employ 2 workers and 2 shovels, and
• Plot C will employ 1 worker and 1 shovel.
• Plot D will be zero-rent land.
DAVID RICARDO
Table 1: Increases in output
workers A B C D
1 100 90 80 70
2 90 80 70 60
3 80 70 60 50
23. Summary of all 3 cases
Table 2 1 worker 3 workers 6 workers
Output, total 100 280 520
Output, per worker 100 93.33 86.67
Rent, total 10 (10%) 40 (14.3%) 100 (19.23%)
Rent, extensive margin 10 30 60
Rent, intensive margin 0 10 40
Wages, total 25 (25%) 75 (26%) 150 (28.85%)
Wages, per worker 25 25 25
Profit, total 65 (65%) 165 (58.9%) 270 (52%)
Profit, per shovel 65 55 45
Note: Amounts as a percentage of total output are in parenthesis.
DAVID RICARDO
24. DAVID RICARDO
Functional Distribution of Income
• As shown in this example, Ricardo was able to work out how a
society’s total output is distributed to the different classes.
25. DAVID RICARDO
Falling Rate of Profit
• An important conclusion is that as an economy develops, only landlords
benefit.
• As population increases, less and less fertile land is gradually brought
into cultivation. This enables landlords to collect more rent on both the
extensive and intensive margins.
• The workers do not gain; they continue to receive the subsistence wage.
• As the zero-rent land gets worse and worse, the output producible on it
with one worker and one shovel decreases. But wages remain
unchanged. Therefore, less is left as profit for the owner of the shovel.
26. DAVID RICARDO
Steady State
• The falling rate of profit leads to a slowdown in capital
accumulation.
• Ultimately growth stops altogether; a steady state is reached.
– Ricardo assumed that only the profit income of the capitalists is used
for the accumulation of new capital goods.
– The landlords are parasites who blow their rent earnings on
consumer goods.
• Adam Smith had a similar view of landlords
27. DAVID RICARDO
Main Issue in Economics
• The inevitability of the steady state is why Ricardo came to the
conclusion that it was a waste of time to worry about long-run
economic growth.
• More important was the issue of how the steady state output is
distributed among the different classes.
• Ricardo’s belief that total output will ultimately stop growing convinced
him that the main issue in economics was not to figure out how
economies grow richer but to figure out how the limited output in the
economy’s stationary state is distributed or shared among the various
sectors of the economy.
28. DAVID RICARDO
Main Issue in Economics
• “Political Economy, you think, is an enquiry into the nature and causes
of wealth -- I think it should rather be called an enquiry into the laws
which determine the division of produce of industry amongst the
classes that concur in its formation. No law can be laid down respecting
quantity, but a tolerably correct one can be laid down respecting
proportions. Every day I am more satisfied that the former enquiry is
vain and delusive, and the latter the only true object of the science.”
– David Ricardo, “Letter to T. R. Malthus, October 9, 1820”, in Collected Works,
Vol. VIII: p.278-9.
29. DAVID RICARDO
Theory of Value
• The theory of value used by Ricardo was the same as Adam
Smith’s theory of value in the sense that they both held that
price is equal to per unit cost.
• However, Ricardo was able to explain why the Labor Theory of
Value (LTV) was not fully satisfactory.
30. DAVID RICARDO
Labor Theory of Value
• For simple economic activities such as hunting and fishing, the
Labor Theory of Value was perfectly fine, according to Ricardo
– Smith had the same view
• This is an illustration of the classical idea that in the long run
demand has no influence on (relative) prices.
31. Labor Theory of Value
• But now consider a case where production takes time.
• Consider a ton of wheat and a ton of rice, both available for sale today.
• Suppose both require five hours of labor to produce.
• However, suppose wheat takes two years to mature after cultivation whereas rice is produced
instantaneously.
– In this case, the rice purchased today was made today whereas the wheat purchased today was made two
years ago.
• So whereas the rice farmer would simply have to pay for five hours of labor upon the sale of the rice,
the wheat farmer would have to pay for five hours of labor plus two years’ interest to the workers
whom he has kept waiting for two years.
• As a result, the wheat would cost more than the rice even though both wheat and rice require the
same amount of labor to produce.
• This is another way of saying that for complex cases the Labor Theory of Value is not valid.
DAVID RICARDO
32. DAVID RICARDO
Labor Theory of Value
• Ricardo was also aware that even if wheat and rice took the same
amount of time to be produced, the LTV would still be in trouble if the
fertility of land varied from one place to another.
• When fertility varied from one plot of land to another, the amount of
labor needed to produce a ton of wheat (or rice) would not be fixed but
would instead depend on the fertility of the land being used.
• As a result the LTV could not be readily applied.
33. DAVID RICARDO
Labor Theory of Value
• Suppose a ton of rice grown on less fertile Type B land requires 4 hours
of labor whereas a ton of rice grown on more fertile Type A land
requires 2 hours of labor.
• Would we then say that the price of the first ton of rice would be twice
the price of the second ton of rice?
• Clearly such an application of the Labor Theory of Value would make no
sense because the price of a ton of rice must necessarily be the same
irrespective of what type of land it was produced on.
34. Labor Theory of Value
• To restore the applicability of the LTV, Ricardo assumed that there would always be
some zero-rent land—land that farmers could use without paying any rent.
– How come?
– Suppose we have land of different types, from the most fertile land to desert-type land on which
nothing can grow.
– Then there would always be some types of land that would remain unused.
– Clearly, such land would not earn its owner any rent.
– Now consider the worst type of land that is currently in use. What would be the rent on this type
of land?
– Since land that is even the slightest bit less fertile would earn no rent, the rent on this land must
also be zero or very close to zero.
– Therefore, it is a good enough approximation to say that the least fertile land under cultivation
must earn zero rent for its owner.
• Continued on next slide
DAVID RICARDO
35. Labor Theory of Value
• The cost—and, therefore, the price—of a ton of rice on such
zero-rent land would be only the wages for the labor needed
to make a ton of rice on zero-rent land.
• Therefore, one could say if a ton of wheat grown on zero-rent
land required twice as much labor as a ton of rice grown on
zero-rent land, then the price of a ton of wheat would be twice
the price of a ton of rice.
DAVID RICARDO
36. DAVID RICARDO
Labor Theory of Value
• Thus the LTV could be applied even when the fertility of land
varies from plot to plot provided it is understood that what
mattered was the labor needed for production of a good on
zero-rent land.
37. DAVID RICARDO
Labor Theory of Value
• What if agriculture requires workers and shovels?
• No problem. Simply calculate the labor needed to make shovels,
measure the labor needed to make a ton of rice on zero-rent land as the
sum of farm labor plus the labor needed to make the shovels and then
apply the LTV as before.
– Of course, I am using ‘shovels’ as a stand-in for all capital goods.
38. DAVID RICARDO
Trade: Law of Comparative Advantage
• Ricardo’s Law of Comparative Advantage improved upon the earlier
Law of Absolute Advantage. How?
• If A (Advancedland) is more productive than B (Backwardland) in every
productive activity, would both countries benefit from trade?
• The law of absolute advantage has no answer to this question.
• Ricardo's law of comparative advantage showed that the answer is yes.
39. Comparative Advantage
Hours needed to make 1 unit of … Opportunity Cost of producing 1 unit of …
Food Clothes Food Clothes
Alex 1 2 1/2 2
Betty 10 10 1 1
DAVID RICARDO
• Let’s say that Alex is currently making all of his own Food and Clothes.
• If so, Betty can offer 1.5 units of Food to Alex in return for 1 unit of Clothes and Alex
will gladly accept.
• This deal will clearly benefit both Alex and Betty even though Alex is advanced and
Betty is backward.
40. DAVID RICARDO
Comparative Advantage
• Ricardo’s disagreement with Thomas Malthus on the import
tariffs embedded in the Corn Laws was rooted in his theory of
trade.
– Ricardo was against the tariffs, of course
41. DAVID RICARDO
Public Finance: Ricardian Equivalence
• This idea says that, under certain conditions, it does not matter
whether a government pays for its expenditures through taxes
or through debt.
– This idea of Ricardo on public finance has, under the name of
Ricardian Equivalence, become an important player even in
contemporary debates on how governments should pay for their
expenditures.
42. DAVID RICARDO
Tax-Financed Government Spending
• Suppose the government spends one dollar this year and
charges Ms. Citizen a tax of one dollar to pay for the spending.
• The dollar leaves Ms. Citizen’s purse, never to return.
• Saving decreases.
43. DAVID RICARDO
Debt-Financed Government Spending
• The government pays for its expenditures by borrowing one dollar.
• Ms. Citizen breathes a sigh of relief at not having to pay taxes.
• But she quickly realizes that next year the government will have to pay the borrowed money back
with interest.
• As the interest rate is 10%, the government will need $1.10 next year.
– As it can’t keep incurring new debts to repay old debts, there will come a time when the government will have to raise
taxes to repay its debts.
• Let’s say the government will be forced to raise taxes by $1.10 to repay the debt it incurred this year.
• Ms. Citizen sees the tax coming. She puts one dollar in her bank account today. That way she will
have $1.10 in her account a year later, and that will be just enough to pay next year’s anticipated
tax.
• Ms. Citizen’s initial relief at having escaped the tax this year is, therefore, replaced with the
realization that even in this case a dollar has left her purse, never to return.
• Saving decreases.
44. DAVID RICARDO
Ricardian Equivalence
• Equivalence: Tax-financed government spending therefore has
the same effect on Ms. Citizen as debt-financed government
spending.
• Therefore, both the government and Ms. Citizen behave the
same in the two regimes and the economic outcome is
identical.
45. DAVID RICARDO
Deductive Analysis
• Ricardo’s analytical style was deductive.
• In deductive analysis, one first imagines a model economy (as it is usually much
simpler to think about than an actual economy) and then figures out how that
model economy would behave under alternative economic policies.
• If the model economy is essentially similar to actual economies, policies that are
effective in the model economy will also be effective in actual economies.
• Ricardo’s analytical style is very modern in the sense that it is similar to the way an
economic theorist today may think through a problem.