Tag Archives: Economics

Economics Advice From A Farm

Andy Griffin writes a great post from the experience of a farmer. If you haven’t visited The Ladybug Letter, you should…

“What’s your ‘Plan B’?” a radio reporter asked business school students the other day. One young woman’s answer caught my ear.

“If things get bad enough,” she said, “my friends and I are thinking of getting a farm together.”

I’m not going to argue. I graduated in ‘81 with a degree in Philosophy and I’ve been “down on the farm” ever since. Society didn’t need youngsters lecturing on Nietzsche and Schopenhauer back then any more than it needs more business majors now. Now I’m fifty. I farm 60 acres of organic vegetables and I live at the end of a road with olive and lemon trees in my yard, plenty of firewood at hand, an array of pole-mounted solar panels in the pasture, two wells, a gun, and a diversified portfolio of stocks that range from goats, sheep and cattle to a single, colossal Gloucestershire Old Spot pig. If worse comes to worse I’m as ready as most people are. Have I learned all there is to know about farming? No, but my education in philosophy gives me the skills to act like I do, and my experience in the field has taught me lessons I won’t forget. So, going out to the young woman in the radio interview who almost has an MBA, and to all her friends, here are my ten cents about going back to the land.

via Apocalypse Deferred at The Ladybug Letter.

As this economic crisis continues, I am more and more aware that my contemporaries who moved back to the land in the 70’s and the 80’s have a hell of a head start should the “recovery” not work or take longer than anyone anticipates. Andy lays out some sensible advice in his post.

It seems I am hearing and reading a lot of the same kind of things that were being spoken and written thirty plus years ago…The only difference between then and now is my energy level. So let me add a word of advice to what Andy has to say…If you think you may want to try the “new agriculture” lifestyle, don’t wait till you hit middle age. Do it now, do it while so many other options are being shut off. Really, just do it…

Paul Krugman Wins Economics Nobel

Paul Krugman, a professor at Princeton University and an Op-Ed columnist for The New York Times, was awarded the Nobel Memorial Prize in Economic Sciences on Monday.

“It’s been an extremely weird day, but weird in a positive way,” Mr. Krugman said in an interview on his way to a Washington meeting for the Group of Thirty, an international body from the public and private sectors that discusses international economics. He said he was mostly “preoccupied with the hassles” of trying to make all his scheduled meetings today and answer a constantly-ringing cell phone.

Paul Krugman Wins Economics Nobel – Economix Blog – NYTimes.com.

Yesterday morning as I was watching Paul Krugman on This Week I made the comment to my wife to the effect that I would never have thought 10-15 years ago that I would be reading the writings of an economist on a daily basis. But Paul has made economics interesting. The only time I wasn’t reading his column was in the days the Times put him behind their subscription lock…

To find that Prof. Krugman has now been awarded the Economics Nobel makes it even beter…Congratilations Sir…

Here is a GoogleTalk from 2007…

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Nothing Good To Say…

Corporate Croesus – New York Times
It’s hard to square the conceit that chief executives are rewarded for improving companies’ performance with the fact that chiefs at 10 financial-services firms in the study made $320 million last year, even as their banks reported mortgage-related losses of $55 billion.

Meanwhile, the average earnings of typical workers have failed to keep up with inflation in four of the past five years. According to the economists Emmanuel Saez of the University of California, Berkeley, and Thomas Piketty of the Paris School of Economics, average incomes in the highest-earning 1 percent of the United States grew 11 percent year-over-year between 2002 and 2006. Incomes in the bottom 99 percent grew by 0.9 percent annually over the period. This year looks bad, too.

This polarization is producing a pattern of income distribution rarely seen outside Africa or Latin America, and unheard of in the United States, at least since the gilded age. In 2006, the 15,000 families in the top 0.01 percent of the income distribution — earning at least $10.7 million apiece — pocketed 3.48 percent of the nation’s total income, double their share in 1993.

So…I’ll say nothing.