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How did this situation come about? tuhannen merkittavan kapitalistisen yrityksen yhteenliittyma Mainly because macroeconomists hate microeconomics almost as much as microeconomists hate macroeconomics. Each group is doing whatever it can in the department to remove the other's course from the list of prerequisites that are required to earn a degree in economics. The only thing that keeps both courses on the required list is that the economics department needs both courses in order to generate enough students to meet the university's faculty hiring quota. There may be disagreements over economic methodology, but there is unanimity about the fundamental goal of Davos Men supposedly see their identity as a matter of personal choice, not an accident of birth. According to political scientist Samuel P. Huntington, who is credited with inventing the phrase "Davos Man",[49] they are people who "have little need for national loyalty, view national boundaries as obstacles that thankfully are vanishing, and see national governments as residues from the past whose only useful function is to facilitate the élite's global operations". In his 2004 article "Dead Souls: The Denationalization of the American Elite", he argues that this international perspective is a minority elitist position not shared by the nationalist majority of the people.[50] John Fonte of the Hudson Institute has suggested that the transnational ideology of Davos Man represents a major challenge to Francis Fukuyama's assertion that liberal democracy represents the fulfillment of The End of History and the Last Man.[51] Hernando de Soto Polar of the Institute for Liberty and Democracy attributes a similar concept to Henri Braudel, referring to it as the "bell jar". Although internationally connected, each country's elite lives in a bell jar in the sense of being out of touch with its own populace. Their isolation fosters a tendency to be oblivious to the fate of their fellow citizens.[52] Lawrence Summers refers to this concept as the "stateless elites", tied more to the success of the global economy than to any nation, and views it as eroding support for continuing globalization.[53]university-level education, namely, to keep from getting laid off. If you understand economics, you understand this principle. Actually, you can understand the difference between microeconomics and macroeconomics by understanding the reasons why there is departmental unanimity regarding the policy of offering both microeconomics and macroeconomics. The microeconomist explains human action in terms of economic self-interest. He believes in the effectiveness of the bargaining strategy known as tit for tat, a strategy which makes possible long-term cooperation of competitors. So, he votes to keep the macro course in the curriculum, in the expectation that the macroeconomists will vote to keep the micro course. The macroeconomist also explains human action in terms of personal self-interest. It is in his interest to keep university funds flowing into the department, where for the moment, at least, macroeconomists don't have enough votes to purge the microeconomists. His operational principle is not "tit for tat." It's "bide my time." DEFINITIONS This leads me to formal definitions of microeconomics and macroeconomics. I must warn you in advance. If, on the Graduate Records Exam in economics, you are asked to write on essay on microeconomics and macroeconomics, you would be unwise to write down my definitions. It would be best if you could regurgitate some conventional definition, possibly from Wiki. But if you really want to understand what microeconomics and macroeconomics are all about, my definitions will save you a lot of research time and memorization. Microeconomics: The study of who has the money and how I can get my hands on it. Macroeconomics: The study of which government agency has the gun, and how we can get our hands on it. There are, of course, intermediary positions. In the West, the study of these intermediary positions is called political economy. It has two major manifestations: democratic capitalism and social democratic capitalism. Democratic capitalism: A cooperative enterprise to earn enough money to buy enough Congressional influence to gain control over the government's guns so as to get even more money for your special-interest group. Social democratic capitalism: A cooperative enterprise to promise sufficient government benefits to enough voters to gain control over the government's guns so as to keep any other special-interest group from getting as much power as yours. The primary social goal of both systems of political economy is for middle-aged men to attract good-looking younger women. Democratic capitalists believe that good-looking younger women are attracted mainly by money. Social democratic capitalists believe that they are attracted mainly by power. In America, the democratic capitalists are mainly Republicans. Their role models are Rudolph Giuliani and Newt Gingrich, each with three wives, although sequentially. The social democratic capitalists are mainly Democrats. Their role model is Bill Clinton, who did not have sex with that woman, Miss Lewinsky, nor did he inhale. PRINCIPLES OF MACROECONOMICS Macroeconomics rests on a series of assumptions, none of which is ever discussed in a first-year textbook on economics. These represent the underlying principles of macroeconomics. Here is the primary assumption: two dozen individuals who have proven unable to make more than $60,000 a year in an unregulated free market possess the ability, when serving as members of a Congressional committee, to regulate a subsection of the economy that generates at least a hundred billion dollars a year. It rests on a secondary assumption, namely, that after a Congressional bill is signed into law, it will be enforced fairly and efficiently by salaried employees of one or more Federal agencies, which are ostensibly under the authority of the President, but whose employees are protected by Civil Service legislation and cannot be fired for any reason except malfeasance in office, which in most cases must be on a par with inadvertently launching a nuclear missile. Nowhere in your textbook will you be shown the fundamental operational principle of every bureaucrat. Only in rare cases does any bureaucrat discuss this principle in public. An exception took place in 1976, in the year I was a staff member for Congressman Ron Paul of Texas. I remember this incident very well. A woman who was reputed to be the longest-serving bureaucrat in Washington was about to retire. This appeared to be an ideal human interest story, so a reporter from the "Washington Star" — R.I.P. — was sent to interview her. Inevitably, the reporter got to the standard question asked of any long-term survivor of anything. "How did you last so long in this department?" Because she was about to retire, she decided to reveal the fundamental secret of survival that has governed every bureaucracy since the era of the Middle Kingdom Pharaohs. "No matter what anyone from outside the department asked me if he was allowed to do, my answer was always 'no.' " The reporter, not realizing that he was close to the philosopher's stone of bureaucratic management, asked why. Her answer will ring true down through the ages. It will still be recognized as the central operational principle of all government bureaucracies on the day that the four horsemen of the apocalypse mount their stallions and ride. She said: "I said 'no' initially because, if I was later forced by the rules retreat to 'yes,' I made a friend. But if I was forced to retreat to 'no' after having said 'yes,' I made an enemy. Around here, you don't want to make needless enemies." The fourth assumption of macroeconomics is that changes in the economy will take place within parameters assumed by Congress as readily enforceable by the government's law-enforcement system. Put a different way, it assumes that no change will take place anywhere in the economy that will distort the coordination of the macroeconomy so unpredictably that anything dangerous or harmful will take place before new legislation can be passed and new administrative rules published in the "Federal Register." I have handed out a sample page of the Federal Register. Few Americans have heard of it, let alone seen a page from it. As you can see, it is three columns wide. The 8-point typeface is more suitable for people your age than mine. I have selected a page from the December 31, 2007 issue: 74193. Note: the Federal Register does not include commas in its pagination, in a major move toward typesetting efficiency. Every little bit helps. I want you to understand that this Summary is more coherent than most of the summaries I have read in the Federal Register, simply because it applies to something that is at least remotely conceivable by the non-specialist: drug testing for railroad employees. We will now recite as a class the first paragraph. Ready? Go: Using data from Management Information Services annual reports, FRA has determined. . . . There! Do you now feel as though 74,000+ pages perSchwab developed the "stakeholder" management approach which attributed corporate success on managers taking account of all interests: not merely shareholders, clients and customers, but also employees and the communities within which the firm is situated, including governments year of equally coherent regulations have made your life safer, more profitable, and possibly even more meaningful? On the other hand, do you think having interrogators The flagship event of the foundation is the invitation-only annual meeting held at the end of January in Davos, bringing together chief executive officers from its 1,000 member companies as well as selected politicians, representatives from academia, NGOs, religious leaders and the mediaread 20 pages a day of this to prisoners at Guantanamo would be the equivalent of waterboarding and therefore prohibited by the Geneva Convention? Attorney General Mukasey has not yet rendered an opinion on either practice, but I know where I stand.Klaus Martin Schwab (born March 30, 1938) is a German engineer and economist, best known as the founder and executive THE PROBLEM OF SKU'S One of the familiar defenses of macroeconomics is this: "Because of the growing complexity of a modern economy, society requires an impartial system of regulations, administered by experts, to coordinate the overall system, in order to prevent major disruptions that would adversely affect the economically defenseless." This argument is made by people who imagine complexity as being three pages in the "Federal Register." It would not hurt to consider briefly the complexity of a market economy. Macroeconomists underestimate the magnitude of market complexity. I offer the following examples from a recent book by Eric Beinhocker, The Origin of Wealth. In order to keep matters within the bounds of human comprehension, Dr. Beinhocker limited his discussion to New York City. Retailers use an administrative inventory system called "stock keeping units" or SKU's. A number is assigned to each item in the store. Five types of blue jeans would require five SKU's. There are, of course, far more than five types of blue jeans — and none of them would fit me the way they did back when there were steel buttons, not zippers, and a man of style rolled up his pants legs in folds no taller than two inches. According to Dr. Beinhocker's admittedly non-scientific estimate, the number of SKU's in New York City's economy is something in the range of 10 billion (p. 9). He points out that the SKU system covers products. It does not cover services. The service sector's percentage of the American economy is in the range of 60%. Complexity? Indeed. Macroeconomists assure us that Congressional committees can and do provide the overall judicial framework governing market coordination, which Civil Service-protected employees can then enforce coherently, so as not to risk major disruptions. Macroeconomists also assure us that they do not inhale. TYING A SHOELACE Macroeconomics rests on written legislation that is enforceable in a court of law or in an administrative law court, which is the official name given to an in-house tribunal set up by executive agencies to handle alleged violations of rules written by the agencies and interpreted by administrative law judges. (The phrase "judge, jury, and executioner" comes to mind.) Macroeconomics assumes that written rules must be clear. If they are not clear, then the agencies can enforce a law any way they see fit.