By Gerald Stone
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Extra resources for Core Microeconomics
Model Building As you study economics this semester or quarter, you will encounter stylized approaches to a number of issues. By stylized, we mean that economists boil down facts to their basic relevant elements and use assumptions to develop a stylized (simple) model to analyze the issue. While there are always situations that lie outside these models, they are the exception. Economists generalize about economic behavior and reach generally applicable results. We begin with relatively simple models, then gradually build in more difficult issues.
Companies that are good to work for are also good investments. Fortune magazine’s top 100 firms to work for saw higher returns than a broad stock market index of all firms on the Nasdaq, New York Stock Exchange, and the American Stock Exchange. Sources: Research and development spending: The Economist, 11-20-2009. Automobile market shares: The Economist, 4-30-2009. Companies founded by immigrants: The Economist, 3-13-2009. ATM machines: Business Week, 9-2009. Value of a college degree: The Economist, 9-8-2009.
His health from an early age was never good. He suffered from a “shaking in the head”, was notoriously absentminded, had an unusual walk (wavy, worm-like). Rising early, he began his daily lectures at 7:30am and these lectures were well liked and well attended. After twelve years at Glasgow, Smith, who never married, began tutoring the son of a wealthy Scottish nobleman. This job provided him with a lifelong income, as well as the opportunity to spend several years touring the European continent with his young charge.
Core Microeconomics by Gerald Stone