{"content":{"sharePage":{"page":0,"digests":[{"id":"34863862","dateCreated":"1298661766","smartDate":"Feb 25, 2011","userCreated":{"username":"aerrigo11","url":"https:\/\/www.wikispaces.com\/user\/view\/aerrigo11","imageUrl":"https:\/\/ssl.wikicdn.com\/i\/user_none_lg.jpg"},"monitored":false,"locked":false,"links":{"self":"https:\/\/wrightslandofeconomics.wikispaces.com\/share\/view\/34863862"},"dateDigested":1532253234,"startDate":null,"sharedType":"discussion","title":"Economics in the News","description":"VInst=PROD&VType=PQD&RQT=309&VName=PQD&TS=1298660263&clientId=15232
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\nThis article covers the issue of immigrant workers in Germany. In the 1960s and 1970s immigrant workers, called Gastarbeiter, began flocking to Germany in great numbers. This swarm of immigrants caused an increase in one of Germany's factors of production, its labor sector, and allowed a large rise in the German economy. However, many Germans during this time were worried that the flood of immigrants, and the economic boom, would soon come to a halt. It wasn't until recent years that the German legislators realized that Germany had become an "immigration country" and they began to pass laws making it easier to gain German citizenship. Legislators have also organized commissions to research more efficient ways to integrate foreign workers into German society. While there is now a shortage of highly SKILLED workers, German business professionals are grateful for the boost in immigration because they understand that as a factor of production, labor is a key part of a successful economy.","replyPages":[{"page":0,"digests":[],"more":0}]},{"id":"34830274","dateCreated":"1298612006","smartDate":"Feb 24, 2011","userCreated":{"username":"tchari2","url":"https:\/\/www.wikispaces.com\/user\/view\/tchari2","imageUrl":"https:\/\/ssl.wikicdn.com\/i\/user_none_lg.jpg"},"monitored":false,"locked":false,"links":{"self":"https:\/\/wrightslandofeconomics.wikispaces.com\/share\/view\/34830274"},"dateDigested":1532253234,"startDate":null,"sharedType":"discussion","title":"Economics: The key to happy couples\u2019 division of labor","description":"http:\/\/www.independentngonline.com\/DailyIndependent\/Article.aspx?id=29381<\/a>
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\nAbstract: In Spousanomics by Paula Szuchman and Jenny Anderson, it is suggested that using economics for a relationship between a married couple will strenthen their relationship. The most prominent idea that is emphasized is comparative advantage. Who specializes in doing the laundry, the husband or wife? Who specializes in providing the food for the family? Since opportunity cost has many ties to comparative advantage, it is also introduced in spousanomics to emphasize who may have the comparative advantage over a certain chore or work.","replyPages":[{"page":0,"digests":[{"id":"34854520","body":"In such a case, I would make the individual husband and wife do what they're most efficient at doing. Say that in order to cook four dinners, Helga has to sacrifice the opportunity of building three sheds. Whereas Arnold can cook 3 dinners only by sacrificing the opportunity to build 1 shed. In both cases, Helga has the ultimate advantage, but it's really the comparative advantage that counts. Arnold Should specialize in in cooking dinners while Helga should specialize in building sheds.
\nWhen all is analized, it's the opportunity costs that make the difference!","dateCreated":"1298654949","smartDate":"Feb 25, 2011","userCreated":{"username":"dscharg2","url":"https:\/\/www.wikispaces.com\/user\/view\/dscharg2","imageUrl":"https:\/\/ssl.wikicdn.com\/i\/user_none_lg.jpg"}}],"more":0}]},{"id":"34824420","dateCreated":"1298602786","smartDate":"Feb 24, 2011","userCreated":{"username":"gwang11","url":"https:\/\/www.wikispaces.com\/user\/view\/gwang11","imageUrl":"https:\/\/ssl.wikicdn.com\/i\/user_none_lg.jpg"},"monitored":false,"locked":false,"links":{"self":"https:\/\/wrightslandofeconomics.wikispaces.com\/share\/view\/34824420"},"dateDigested":1532253234,"startDate":null,"sharedType":"discussion","title":"Tight corn supply even with record crop","description":"http:\/\/www.businessweek.com\/news\/2011-02-24\/u-s-says-corn-supply-to-be-tight-even-with-record-crop.html<\/a>
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\n*going to edit for summary*","replyPages":[{"page":0,"digests":[{"id":"34828716","body":"Well apparently you can't edit discussion posts.
\nThe USDA recently released numbers on the US crop production from 2010...
\nFarmers will harvest a record 13.73 billion bushels of corn this year, up from 12.447 billion last year."
\n"Cotton production will rise to 19.5 million bales from 18.32 million"
\n"Soybean output in the U.S., the world\u2019s largest grower and exporter of the oilseed, will rise to 3.345 billion bushels this year from 3.329 billion in 2010"
\nClearly, our ability to output staple crops is not being hindered, so why is the average price of these crops going up? The article pegs the unusual increase in demand on the current unrest in the Middle East. I drew this as a simplified graphical representation of the corn market
\nhttp:\/\/i.imgur.com\/AMkVA.png<\/a>
\nWhile supply has indeed increased, the demand from the troubled Middle Eastern countries as well as normal growth make demand outstrip supply.
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\nWhere there is political unrest, there is decreased economic production. To mitigate their production problems, "Egypt ordered 120,000 tons of soft-red winter wheat from the U.S. on Feb. 22." With crop prices and production near all time highs, so are farmer's revenues. This is certainly beneficial towards the US economy in the short run, our crop reserves will drop, for corn, 600 million bushels will be lost, \u201cleaving ending stockpiles at 1.1 billion bushels [from] 1.7 billion bushels in 2010\u201d This is a significant percentage drop in the number of reserve corn bushels; and while our country isn\u2019t near economic collapse, reserves are always good to have.","dateCreated":"1298608550","smartDate":"Feb 24, 2011","userCreated":{"username":"gwang11","url":"https:\/\/www.wikispaces.com\/user\/view\/gwang11","imageUrl":"https:\/\/ssl.wikicdn.com\/i\/user_none_lg.jpg"}},{"id":"34853886","body":"I fear over how the growing world population would bring up prices continuously throughout the next 40 years when the world population is about 9 billion. The higher production may rise the supply which in most limited situations would create a surplus, but with more and more hungry people out there, it will be ridiculously difficult to keep ourselves out of a continuous world shortage of food. The only sanitary, humanistic way to stop these problems is to emphasize 'family planning' to the world's governments. But even then, it will be very hard to regulate and\/ or enforce such a rule. So for now, the only realistic goal is to save as much stock in corn as we can.","dateCreated":"1298654466","smartDate":"Feb 25, 2011","userCreated":{"username":"dscharg2","url":"https:\/\/www.wikispaces.com\/user\/view\/dscharg2","imageUrl":"https:\/\/ssl.wikicdn.com\/i\/user_none_lg.jpg"}}],"more":0}]},{"id":"34805272","dateCreated":"1298585687","smartDate":"Feb 24, 2011","userCreated":{"username":"dscharg2","url":"https:\/\/www.wikispaces.com\/user\/view\/dscharg2","imageUrl":"https:\/\/ssl.wikicdn.com\/i\/user_none_lg.jpg"},"monitored":false,"locked":false,"links":{"self":"https:\/\/wrightslandofeconomics.wikispaces.com\/share\/view\/34805272"},"dateDigested":1532253234,"startDate":null,"sharedType":"discussion","title":"Consumer Confidence Index Surges to 3 year high","description":"http:\/\/money.cnn.com\/2011\/02\/22\/news\/economy\/consumer_confidence\/index.htm<\/a>
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\nI wonder if this means that demand will rise. Over the last four years, our economy has been in recession and in debt, and consumers have seemed iffy on whether or not to buy. I can imagine this is especially true with investment. I think the key to getting out of this recession is more investment and less saving. I understand it can be difficult to get a loan these days, but we have to face the challenge in order to overcome it.","replyPages":[{"page":0,"digests":[],"more":0}]},{"id":"34768870","dateCreated":"1298555986","smartDate":"Feb 24, 2011","userCreated":{"username":"dscharg2","url":"https:\/\/www.wikispaces.com\/user\/view\/dscharg2","imageUrl":"https:\/\/ssl.wikicdn.com\/i\/user_none_lg.jpg"},"monitored":false,"locked":false,"links":{"self":"https:\/\/wrightslandofeconomics.wikispaces.com\/share\/view\/34768870"},"dateDigested":1532253234,"startDate":null,"sharedType":"discussion","title":"Recent Economic Issues in the News.","description":"One of the vast array of recent events that have influenced our economic system: http:\/\/money.cnn.com\/2011\/02\/23\/news\/international\/libya_oil_production\/index.htm<\/a>
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\nIt's quite intriguing how the recent Middle Eastern protests have affected the supply of oil so much. In Egypt, protesters set fire to a major oil pipeline, and now Libya, one of our largest suppliers is in chaos. Now that the destruction of oil fields has caused a shortage of oil, "Oil prices surged Wednesday, passing $100 a barrel, after a report in the Financial Times said half of Libya's production has been suspended. " HALF of Libya's production? Whoa, and to add insult to Injury, that mad "Libyan leader Moammar Gadhafi was reported to have ordered his security services to sabotage oil facilities, according to Time Magazine wednesday." Consumer and supplier expectations may also shift with the volatile politics there: "Several of the major oil companies, including ExxonMobil (XOM, Fortune 500) and BP (BP), have recently signed leases in Libya but are still in the exploration stages and are not yet producing any oil in the country. Those leases, worth billions, may be in jeopardy if the Libyan government collapses. "
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\nOverall, I wonder: Why haven't prices risen more than just $100? I wouldn't be surprised if we'll be paying 8 or 9 dollars a gallon at the pump...","replyPages":[{"page":0,"digests":[{"id":"34823992","body":"The concern with Egypt was mostly with the Suez Canal, if that were shut down, then I would be extremely surprised if crude prices didn't clear 150$ that day(given no gov't stops on trading).","dateCreated":"1298602276","smartDate":"Feb 24, 2011","userCreated":{"username":"gwang11","url":"https:\/\/www.wikispaces.com\/user\/view\/gwang11","imageUrl":"https:\/\/ssl.wikicdn.com\/i\/user_none_lg.jpg"}},{"id":"34852878","body":"I see what you mean. After all, the Strait of Hormuz is the most important Oil supplier in the world, and it sends scores of boats daily through the Suez Channel in their round trips to Europe. I heard that in order to quell the supply shock caused by Libya's failure, Saudi Arabia has been picking up its production in oil.","dateCreated":"1298653723","smartDate":"Feb 25, 2011","userCreated":{"username":"dscharg2","url":"https:\/\/www.wikispaces.com\/user\/view\/dscharg2","imageUrl":"https:\/\/ssl.wikicdn.com\/i\/user_none_lg.jpg"}},{"id":"34854640","body":"It will be interesting to see if there will be further protests in the Middle East. If it hits Saudi Arabia and there is political instability, I wonder if the oil will reach $7. If middle east protests continue, I wonder if the US will have to have a rationing program like in the 70's.","dateCreated":"1298655022","smartDate":"Feb 25, 2011","userCreated":{"username":"bozmera2","url":"https:\/\/www.wikispaces.com\/user\/view\/bozmera2","imageUrl":"https:\/\/ssl.wikicdn.com\/i\/user_none_lg.jpg"}},{"id":"34891312","body":"If the rioting continues to spread to other countries like Saudi Arabia I would say there is a good chance that the U.S. will have to do a rationing program like you mentioned. After all, most oil-producing countries (with the exception of Saudi Arabia) cannot produce a much greater amount of oil than they already are in a short amount of time. Saudi Arabia mainly exports to Europe, but nonetheless if the rioting spreads there or to other oil producing countries then I would say that there is a very good chance that the US will have to have a rationing program again.","dateCreated":"1298697255","smartDate":"Feb 25, 2011","userCreated":{"username":"acolema11","url":"https:\/\/www.wikispaces.com\/user\/view\/acolema11","imageUrl":"https:\/\/ssl.wikicdn.com\/i\/user_none_lg.jpg"}}],"more":0}]}],"more":false},"comments":[]},"http":{"code":200,"status":"OK"},"redirectUrl":null,"javascript":null,"notices":{"warning":[],"error":[],"info":[],"success":[]}}