1 C L E M E N S L E C T U R E S E R I E S Why Do We Consume So Much? Lecture by Dr. Juliet B. Schor October 22, 2001 Saint John s University
2 Dr. Juliet B. Schor Labor economist Dr. Juliet B. Schor is currently Professor of Sociology at Boston College. Prior to joining Boston College, she taught economics at Harvard University for nine years. She has written extensively on work and consumption patterns of Americans. As one of the nation s best-known voices on the topic, she has received numerous honors. Her book The Overworked American: The Unexpected Decline of Leisure received honors from Princeton University, Business Week, The New York Times, The Boston Globe, and others. Her more recent book, The Overspent American: Upscaling, Downsifting and the New Consumer, received the George Orwell Award for Distinguished Contributions to Honesty and Clarity in Public Language, awarded from the National Council of Teachers of English. Dr. Schor holds a Ph.D. in economics from the University of Massachusetts and a B.A. in Economics from Wesleyan University.
3 Why Do We Consume So Much? by Dr. Juliet B. Schor Why do we consume so much? Observers of consumption have answered this question in many ways. Because it s our human nature. Because ads tell us to. Because we can t help ourselves. Because our economic system needs us to. Because we are trapped in a fruitless dynamic of desire, acquisition, and disappointment. Because he who dies with the most toys wins. Just because we can. These answers are inadequate. But I believe we can find more satisfying ones by a critical application of both economic and sociological theory, which will not only help to explain why we consume the way we do, but also how we might start to live differently. But before proceeding I need to clarify two points. Whom do I mean by we? And what do I mean by so much? The we is straightforward. I do not mean the global we. Indeed, the global we hardly consumes so much. Rather economic globalization, militarization, corruption, the monopolization of environmental resources, and the legacies of colonialism have meant that the global South doesn t consume enough at least not in terms of basics such as food, clothing, shelter. In 1999, per capita GDP in the Less Developed Countries (or global South ) was $3,410 (measured as purchasing power parity). By contrast the Developed Countries ( global North ) enjoyed average per capita GDP of $24,430, a gap of about eight times. One third of the population in the global South (1.2 billion) lives on less than $1 per day; 2.8 billion live on less than $2 per day. Together, this 4 billion comprises two-thirds of the world s population. The we also does not cover everyone in the US. As you are all aware, despite this nation s enormous wealth, there continue to be significant numbers of people whose incomes are below poverty, and who lack access to basic consumption needs, such as adequate and nutritious food, decent shelter, reasonable transportation, health care, education, and other basic needs. Although poverty 3
4 rates have declined, more than 30 million Americans have incomes below the poverty line, and probably twice that number do not have what most of would consider an adequate standard of living. Indeed, it is remarkable how little the long economic boom did to alleviate material deprivation. Thus, my we this evening stands for the majority of Americans those whose basic needs are met, who have discretionary income, the large middle classes whose standard of living have risen so dramatically over this century. And what about so much? By this phrase I intend to signal the material abundance of contemporary US consumption. Abundance in historical terms. In comparative terms. In ecological terms. And in absolute terms. Our lives are suffused with consuming of material objects, experiences, services, media. There is increasingly little that we do which is not a consumption experience. Material abundance has only intensified in recent years, with the booming economy of the 1990s, and early 21 st century. Indeed, it is hard to describe our current consumer patterns in terms other than excess. For example, the average US home has increased by more than 50% since the 1970s, rising more than 400 square feet, from 1,905 in 1987 to 2,322 in 1999 alone. (At the same time, there are an estimated 2 million homeless Americans, about 40% of whom are family groups.) The number of vehicles per person has increased; as has the size and luxuriousness of those vehicles. The culture of excess has yielded $20,000 outdoor grills; $17,000 birthday parties for teen girls at FAO Schwarz; diamond studded bras from Victoria s Secret; a proliferation of Jaguars, Porsches and other luxury cars; status competitions in stone walls; professional quality appliances for people who are never home to cook; designer clothes for six year olds; and bed sheets costing a thousand dollars apiece. If these examples seem extreme, consider the more mundane example of clothes. Even ordinary ones. Clothing used to be costly, both because of materials and labor. Now, because of the combination of foreign sweatshops that don t even pay workers enough to eat, and artificially cheap materials, clothes are so plentiful that you can find them sold like beans or rice by the pound. Charities are inundated with enormous amounts of superfluous clothing, for which there are no takers in our country. It s sent abroad in enormous quantities sometimes to the detriment of local economies. Americans spend more on cosmetics every year (in excess of $8 billion) than the extra expenditure needed to bring universal access to basic education for all children in the developing world. The US and Europe together spend $17 billion a year on pet foods, more than the $13 billion increment it would cost to ensure basic health and nutrition around the world. And so on. 4
5 You can see from the direction of my examples that there is a sense in which I am also getting at the claim that so much is too much. Indeed, that will be the core of my argument this evening. I mean this not merely in a semantic or an analytic sense, but in a critical one. For I believe that the culture of consumption excess which now pervades this country is wreaking havoc in many important ways. It is ecologically unsustainable, and those impacts are reaching crisis levels, with global warming, species depletion, deforestation, depletion of water supplies, and a variety of other pressing ecological effects. It has become socially unsustainable, as Americans work ever longer hours to support the dizzying rise in consumer norms which has characterized the last decade. It is financially unsustainable for many households, as consumption patterns are maintained by depleting savings and taking on debt. And finally, I believe that the culture of excess is partly responsible for a rising culture of social exclusion two decades of increasing income and wealth inequality have yielded a society in which Americans are more likely to join gated communities, to tolerate poverty in their midst, to disavow responsibility for others and to abdicate a sense of community responsibility or common purpose. The events of Sept 11 have called attention to our growing callousness, and we are experiencing a surge of community feeling at the moment. But whether that remains durable, we will have to see. These are strong claims. And they go very much against the conventional wisdom, both in economics, and throughout the culture more generally. What is that conventional wisdom? First, that consumption is good. That new and improved products really are improvements. That we consume because we love to. And that consuming has made our lives richer, fuller, more enjoyable, and better, in meaningful and important ways. Second, that more is always better. (After all, economics argues, if it weren t one could always ignore the extra consumption and be at least as well off as one was without it.) This superiority of more implies that sufficiency (or what some in the emergent simplicity movement like to call enoughness ) is never attained in toto. (We may easily reach satiation with particular commodities, but not for consumption as a whole.) And third, the conventional wisdom argues that the consumer market is best left relatively unattended by public policy, with the exception of some special cases (e.g., dangerous products). The consumer is sovereign and knows what he or she likes far better than the government. Attempts to improve social welfare by steering consumption in particular directions will only backfire. Now these are not conclusions that follow logically from economic theory. Rather, they represent the consensus view from the discipline, consumer eco- 5
6 nomics and history as it has been practiced. As I shall argue shortly, I believe that much of this consensus is based on faulty assumptions about how and why we consume. Assumptions that, if altered, can lead to some very different conclusions. On the other side, there is also a conventional wisdom among the critics of consumer culture. They begin with the view that while consumption may at one time have contributed significantly to human welfare, once basic needs have been satisfied, it is far less capable of doing so. New Coke is no better than Old Coke (and in some cases, such as this particular one, may even be worse). Besides, the critics say, we drink too much Coke anyway, and it s not good for us. Far better to drink water. So why are we paying scarce dollars for a can of sugar water that rots our teeth? Answers range from the observation that it s addictive, to the fact that it s everywhere (through monopolistic practices, such as exclusive contracts in schools.) And most importantly, in the critics accounts, we re seduced into consuming by powerful advertising images, which equate the product with being cool, young, vital, sexy, or becoming an object of desire. The theme of many critiques of contemporary consumption is that consuming is a false god our new religion and that it takes us away from the true and durable satisfactions life has to offer. Consuming provides only temporary pleasures, is excessively hedonistic and seductive, and speaks not to the best in us, but often the worst. Most of these critiques center on the role of advertising, marketing, and the media, to account for how we get trapped into unsatisfying consumerist lifestyles. I have sketched the two ends of the spectrum of belief about consumer society. While each contains important truths, I believe both are flawed. I accept the proposition that consuming is generally a good to the individual the idea that people persistently act in ways which are so detrimental to their wellbeing is hard for an economist to swallow. (I say generally because there is plenty of empirical validation for cases in which consumption is out of control at the individual level.) But I agree with the critics that, as a society, we have too much of it. Instead of focusing on advertising and marketing, I argue that there are structural features in the operation of the economic system that have led us down a path of excessive consumerism. What are those structural features and how do they operate? The Cycle of Work and Spend The first is what I have called the cycle of work and spend. In the standard economic story, the level of consumption is set mainly by people s choices about 6
7 how much to work, and therefore how much income to earn. (Unearned income is another matter, which I abstract from here.) The individual chooses between hours at work (which yield income) and leisure (a good in itself, but a costly one because it entails foregoing income). The income earned then determines the level of consumption. (When that income gets spent now or later has been a major preoccupation of economists but is not particularly relevant to my argument here.) Thus, individual workers/consumers choose the level of working hours and the quantity of consumption. In this story, there is no possibility of too much or too little consumption. Those terms make no sense. Here, it is individuals preferences that determine the quantity of consuming and free time. And whatever quantity is chosen must be optimal. Now consider a situation in which individuals are not free to choose their hours of work, because employers set work norms and schedules, and those are tied to jobs. The individual has the ability to choose whether to work or not. But having taken a job, the hours are relatively inflexible. Furthermore, imagine that employers have a bias against allowing part-time or what I have called short hour jobs. Why is this? Because benefits are paid per person, not per hour; because employers prefer to hire fewer people; and because employees who work longer hours are more financially dependent on the firm. So the option of working less and earning less is not fully available. To see the point, consider that where employees do have the option to work short hours, they must pay large penalties in the form of fewer or no benefits, and a significant reduction in upward career mobility. There is also a dynamic aspect to this configuration: when productivity growth occurs, employers do not offer their employees the option of using it to reduce hours of work, but pass it on as income. And that turns into consumption. (There are a variety of technical and empirical aspects of this model which I gloss over here, such as the role of preferences, why innovative employers don t come along and offer short hours jobs, and indeed why there is an incomplete market to begin with.) If there is not a freely functioning market in hours, and employers inhibit hours reductions, then there is no sense in which one can describe the quantity of consumption as optimal. Rather, we get too much income and not enough leisure. It is not advertising, or marketing, or addictive commodities which create this too much. It is the fact that more leisured, less consumerist lifestyles are structurally blocked in the labor market. Having been offered only the long hours, high-income choice, it s hardly surprising that people choose to do lots 7
8 of consuming. After working so hard, they feel deserving of their consumer comforts and luxuries. Indeed, consumption is the major form of reward for long hours and a harried pace of work. And consumer expenditures have become one means by which people with frenetic lives keep it all going whether it s stress-busters like vacations, massages, or restaurant meals; the contracting out of household services; or the purchase of time-saving commodities. (Now why people don t work hard for a while, save up lots of money and leave the labor market is another question, which I will come to in a few minutes. And, as working hours have risen, there are plenty of people trying to do that.) The too much work, not enough leisure story is more than theoretically possible. Average annual hours per capita have risen by 178 since Although some of the rise in hours of paid work has been accounted for by a shift from women s unpaid household production into employment, the picture from a household basis is unambiguous. The average household is devoting hundreds of additional hours to paid work in order to maintain its standard of living. According to the Council of Economic Advisers, between 1969 and 1999, annual hours of work for married-couple households rose 18% (497 hours) and 28% in single-parent households (297 hours). This has led to a widespread sense of time-squeeze. The fraction of Americans reporting that they almost never have time on their hands rose from 41% in 1982 to 56% in In the National Survey of the Changing Workforce done by the Families and Work Institute, between a quarter and a third of all employees reported fairly serious and frequent problems of inadequate time for family, being in a bad mood or being too tired%. A third of parents and a quarter of non-parents reported that often or very often they do not have the energy to do things with their families or other important people in their lives. The growth of work effort and time stress has resulted in increased desires for more time off the job. The National Survey of the Changing Workforce found that 63% of all employees said they worked more hours than they wished to, with median overwork at 11 hours per week. This represents a large increase to support my contention of a cycle of work and spend. The Ecological Bias The second structural feature that creates too much consumption is the overuse of natural capital (i.e., the ecological resources of the earth). This is a well-known argument within economics about particular kinds of pollution. If 8
9 air is a free resource, corporations will pollute it too much because they do not have to pay for their pollution. In practice, ecological resources are treated as externalities or free goods after-thoughts in a world where production is created by capital and labor. The discipline of economics, and society more generally, has failed to consider the overall effects of treating natural capital so cavalierly. One result is that we consume too much, in toto. If we correctly accounted for the costs of ecological resources, or committed to using them sustainably (so that they would renew, rather than degrade over time), we would likely be producing less overall (and taking more leisure). Why? Because consumption would become more costly relative to free time. What we consume would also shift, toward less ecologically damaging (and costly) products and services. Fewer SUVs and airplane trips. More organic farming. Fewer plastics and chemicals. Smaller but more durable wardrobes, cotton grown with fewer or no pesticides. (10% of the world s pesticide use is for cotton.) Less meat, more grain. Shade grown coffee. Solar and wind power. Instead of rising, as it has in the last decade, residential energy use would fall, as people economized on space and shifted toward energy-efficient practice. Ditto paper use, which incredibly enough given the introduction of computers, is rising in the United States Is the ecological bias a serious one? Ecological models suggest yes, that the rates at which resource use, pollution and ecological degradation are occurring far exceed the earth s absorption capacity. Meadows and Meadows W3 model, using reasonable assumptions for economic output, population and consumption, consistently produces its worst outcome of overshoot and collapse. One reason is that we have already undermined a significant amount of the earth s absorption capacity, so that some regenerative mechanisms are no longer able to reverse the overshoot. Downward spirals begin to dominate positive feedback loops. The model s effects can be seen in the concrete problems of: Global warming Warmer climate is associated with toxic algal blooms, increased flooding and droughts, thawing of the permafrost, increased weather uncertainty, deforestation through insect damage, and increased transmission of vector-borne infections. The United States, with 5% of the world s population, 9
10 is responsible for 24% of global carbon dioxide emissions. Species extinction Among birds and mammals, species are now going extinct at rates that are estimated to be 100 to 1,000 times the natural rate of extinction. One in eight known plant species is threatened with extinction. Ecosystem depletion. Since 1970, freshwater ecosystems have declined by 50%, marine ecosystems have declined by 30%, and world forests have declined by 10%. This rate of depletion is unprecedented in human history. Indeed, current rates of environmental resource use dwarf human usage in all of human history. (A comprehensive analysis of world ecosystem indicators by the World Resources Institute, the World Bank, the United Nations Development Programme, and the United Nations Environment Programme finds that in virtually all types of ecosystems around the world, quality is deteriorating.) Water shortages. Approximately 1/3 of the world s population now lives in areas with moderate to heavy stress on water supplies, and if current trends continue, that number is expected to be 2/3 in 30 years. Already, 28% of the world s population lacks access to safe drinking water, and 5 million people die each year from inadequate access to water. Deforestation and soil erosion. Some researchers believe that humans have now reduced the earth s original forest cover by up to 50%. The World Resources Institute estimates that we are losing 9 million hectares a year and rates of deforestation in tropical forests have accelerated, not declined in the 1990s, compared to the 1980s. It is now estimated that two-thirds of agricultural land has been degraded in the past 50 years, and 40% has been strongly or very strongly degraded. The disequilibrium between pollution sources and sinks has been caused by the rapid increases in economic output over the last fifty years, made possible by advances in production technology. World industrial production has been accelerating at an exponential rate. Global consumption has tripled between 1980 and At the current rate of growth of the world economy, output doubles every 21 years. A mere one percent increase, to 4%, leads to doubling every 15 years. Yet, we are already well beyond a sustainable relationship with the earth. And when we consider the ongoing worldwide replication of US lifestyles, the prognosis is even grimmer. Ecological footprint analysis (which 10
11 looks at the global impact of any given consumer lifestyle) suggests that for the rest of the world to live as Americans do, we will need four additional planets to provide the necessary natural resources. Unless we act soon, the planet is facing ecological collapse. Consumption Competitions I come now to my third argument, which is that we consume too much in part because consumption has become a social competition, something we engage in for the esteem, recognition, status, and even envy it confers. We consume conspicuously, and excessively, because consumer lifestyles have become such an important part of how we are defined and how we fit into socially differentiated communities. Veblen made this point most famously a hundred years ago. His analysis was based mainly on the wealthy and the would-be wealthy, for whom attaining and displaying visible wealth had become the sine qua non of social standing. But the phenomenon is far broader today, with the large majority of the population participating. Today it is less insidious in some ways, because it s not only offensive (I get the big diamond because my best friend doesn t have one), but has become defensive. (I get the big diamond because my best friend does have one.) In The Overspent American, I discussed the ways in which this process has changed. Fifty years ago it was a comparison among peers. Keeping up with the Joneses the colloquial description of consumption competitions, occurred mainly within a neighborhood setting. Because neighborhoods are relatively homogeneous in terms of the social status and economic resources of their members, the folks keeping up with the Joneses tended to be their equals. They did aspire, but rarely more than to increase their consumer expenditures by 10-20%. Smiths wanted the Joneses Chevy and nifty fridge, not the Rockefellers mansions and art collections. That has changed. The reference groups (to use the sociological term) that Americans now use to calibrate their consumer aspirations have become more vertical and less horizontal (vertical in terms of economic and social standing). Now Rockefeller, rather Bill Gates, has become an important aspirational target for millions of Americans, especially young ones. And even more importantly, the upper twenty percent of the population (roughly those making $100,000 a year or more) have become an aspirational target throughout society. A decent or comfortable standard of living once a widespread goal is no longer enough. Now the dominant goal is for status products, and luxury. There is 11
12 plenty of survey evidence, some of which I discussed in my book, which shows the increasing importance of earning a lot of money, earning more than others, getting rich, and acquiring the trappings of upper middle class or truly wealthy lifestyles second homes, swimming pools, foreign travel, expensive wardrobes, etc. Perhaps most telling is the fact that getting rich is now the number one aspiration of American youth, more important than being a famous athlete or celebrity, or being really smart. How this happened is an interesting story, but I believe one of the major factors has been the decline of community and sociability, especially on a neighborhood level, and the growing importance of media, and especially television, in purveying information about consumption. We are now less likely to go into our neighbors living room to see how they spend their money than we are to get into Frazier s. We find out about new consumer trends from movies and TV, print media both newspapers and magazines, and also the Internet. Our new friends are the ones we find on TV. One consequence of this up scaling of desire is that consumer norms have risen faster and higher than in a world with more moderate consumer aspirations. This is partly because the target that everyone is chasing has become so prosperous in addition to large increases in the level of income and wealth garnered by the top 20%, they have also increased their share dramatically. Between 1983 and 1998, the top 20% increased their share of income from 51.9% to 56.2%; their share of financial wealth rose from 81.3% to 83.4%. (So much for people s capitalism. The share of total financial wealth held by the top 1% stands at a stunning 47.3%, up from 42.9% in The bottom 60% holds no financial wealth at all, on average.) Unlike previous economic booms, this one did not yield a more equitable distribution of income and wealth. The problem with consumption competitions such as the one we find ourselves in, is that they are difficult for individuals to resist. If everyone else is buying that SUV, we tend to want one too. And if we hold out for a while, avoiding the seductive message that the SUV will get us back to nature, and the simpler, slower, more meaningful life we crave. (Never mind the hypocrisy there: it s more likely we ll be working longer to meet the car payments and ignoring the contribution the SUV makes to global warming.) Then practical considerations start to weigh in. Everyone else has one, I m no longer safe in a small vehicle. I can t see past all those behemoths; better elevate myself as well. Similarly with the up scaling to cell phones, or computers, or the kinds of lessons and cultural enhancements our children need to achieve in today s competitive world, or the kind of kitchen we have, and so on. We might all be happier driving slightly older 12
13 cars, having fewer gizmos and gadgets, with a fashion style that didn t change quite so frequently, and maybe even with slightly smaller homes. In return we d get with less debt and more financial security, more time outside of work, less anxiety about keeping up, and a healthier environment. But in a consumption competition none of us can do it alone. Without a coordinating influence (be it the government, the church, the community, any social institution will do ) each of us is trapped in what I once called the upward creep of desire. (Except that in recent years it has turned into a gallop.) So collectively we are in what game theorists call a Prisoner s Dilemma, where we could all benefit from a slowing down. It s like a ballgame when people start standing to get a better view. The first few do succeed. (Those are the early adopters of new consumer trends, the Joneses we re all following.) But as everyone starts to stand, the quality of the view goes back to what it was, and everyone s legs get tired. Those who sit down on their own are drastically worse off. And the collective good can only be reached through the announcer s call: Baseball fans, please sit down. I think that s where we ve been in the last half-decade or so. Conclusion These then are my three arguments about why we consume too much: we are locked into a cycle of work and spend, we have failed to value the earth s capital, and consuming has become a means to social esteem and belonging. In the process, we are undermining our quality of life. We fail to take enough leisure, and live excessively busy and stressful lives. We are poisoning the planet. And we find ourselves needing to earn too much money or going into debt, or getting stressed out by the rapid rise in consumer norms. Community, security, and the peace of mind that comes from having reached a state of sufficiency are increasingly elusive. The standard economic analysis sees precious little of this. More is always better. Individuals will act in their interest to avoid these traps. Collective action failures or externalities are rarely more than small problems. Similarly, the consumer critics have failed to understand the structural dynamics that make consuming a rational choice for the individual, even if it is irrational one for society as a whole. They take an excessively dim view of people s abilities to act well for themselves. And they underestimate how important consumption can be in a society organized around it. But they are certainly right, that excessive consumption has become a serious problem from the standpoint of our daily lives, our ethical obligations to others around the world, from the standpoint of 13
14 the earth and its sacred bounty. In recent years, increasing numbers of Americans have come to these and similar conclusions. They are individually escaping the cycle of work and spend, by downshifting (working less and spending less). They are joining the emerging voluntary simplicity movement, living modestly, volunteering their time, spending their days doing the things they are passionate about. They are joining study groups in their workplace and churches. Some are even organizing an anti-consumerist movement, participating in Buy-Nothing Day (the Friday after Thanksgiving) or designing sub-vertising (anti-ads which turn the tools of advertising and marketing against itself). They are protesting corporate globalization of the economy. They are joining organic farms and drinking shade grown coffee. They are riding bicycles. And they are opposing the corporate co-optation of their lifestyles, as the Gap, Honda, Starbucks and Time-Warner try to make money selling simplicity as the latest hip consumer trend. But they (we) need more Americans to join. The domination of the consumer culture remains impressive, and as patriotic appeals to consume have become common in the weeks since Sept 11, we should resist the temptation to run to the mall. Instead, let us take this very painful but special time to step back and ask some fundamental questions. We do we consume so much? What are the effects of that consumption? And how can we create a community that respects 14
You re One in Seven Billion! We ve all heard the expression, You re one in a million!. With the ever-growing number of people on the planet, it might be more accurate to say, You re one in seven billion!
This sample chapter is for review purposes only. Copyright The Goodheart-Willcox Co., Inc. All rights reserved. 1Planning Your Financial Future: It Begins Here Terms Financial plan Financial goals Needs
Agriculture, Food Security and Climate Change A Triple Win? Dr. Andrew Steer Special Envoy for Climate Change The World Bank Group Your Royal Highnesses, Excellencies, Ladies and Gentlemen, Let me begin
Financial Freedom: Three Steps to Creating and Enjoying the Wealth You Deserve What does financial freedom mean to you? Does it mean freedom from having to work, yet still being able to enjoy life without
12 Is China Catching Up with the US? Kenneth Lieberthal Opinion Kenneth Lieberthal Is China Catching Up with the US? While China has emerged as a key player in global affairs, significant challenges to
Overview The Salvation Army is running projects all over the world, helping provide people with access to small loans or grants, skills training and more to help them get on their feet and work their own
Writing Topics Topics in the following list may appear in your actual test. You should become familiar with this list before you take the computer-based TOEFL test. Remember that when you take the test
c01_1 09/18/2008 1 CHAPTER 1 Attitude Is Everything in a Down Market COPYRIGHTED MATERIAL c01_1 09/18/2008 2 c01_1 09/18/2008 3 Whether you think you can or you think you can t, you are right. Henry Ford
2012 HOUSEHOLD FINANCIAL PLANNING SURVEY A Summary of Key Findings July 23, 2012 Prepared for: Certified Financial Planner Board of Standards, Inc. and the Consumer Federation of America Prepared by: Princeton
Rainforest Concern Module 2 Why do we need rainforests? Rainforest Concern Module 2: Why do we need Rainforest? Before we go any further, there are some words you may not understand, and these words and
Personal Trainer Program A Unique & Proven Business Plan for Personal Trainers That WORKS Learn how you could earn a five-figure per month income, effectively manage hundreds of clients, while increasing
Moving on If you re still reading this, congratulations, you re likely to be in the minority of traders who act based on facts, not emotions. Countless others would have simply denied the facts, and moved
CASE STUDY UNIT 3 The Case of the New Power Plant Teaching Instructions Overview In this case study, students analyze the trade-offs involved in developing new sources of electricity, discovering in the
Life Reference: Matthew 6:24-34 Focus Verse: But seek ye first the kingdom of God, and his righteousness: and all these things shall be added unto you (Matthew 6:33). Stuff! Wonderful stuff everywhere!
september 2012 173 APPENDIX H Independent Analysis of Economic Forecasts and Sales Tax Revenue The following reports were prepared independent of the Wake County Transit Plan, but are included here for
Money and the Single Parent Apprisen 800.355.2227 www.apprisen.com Money and the Single Parent Being a single parent is not easy. As a matter of fact, it is really hard. Single parents are stretched in
Statement by Dean Baker, Co-Director of the Center for Economic and Policy Research (www.cepr.net) Before the U.S.-China Economic and Security Review Commission, hearing on China and the Future of Globalization.
Excerpt from Introduction to Auto Repair iii Preview The following is a sample excerpt from a study unit converted into the Adobe Acrobat format. A sample online exam is available for this excerpt. The
Joint Knowledge Event on Managing Natural Capital to Ensure Food, Energy, and Water Security Nay Pyi Taw, Myanmar 25 March 2014 Opening remarks by Javed H. Mir, Director of Environment, Natural Resources,
Bookmark this book or save it to your files. Credit is destroying the working men and women from all corners of the world. The credit schemes created by the banks have two purposes. To help the rich get
FACTS ABOUT CLIMATE CHANGE 1. What is climate change? Climate change is a long-term shift in the climate of a specific location, region or planet. The shift is measured by changes in features associated
Whatever s special about your family life, make sure you protect it Your family is special, so make sure you protect it When something awful happens, it feels like normal life stops. But, even for a family
Chapter 1 Options Trading and Investing In This Chapter Developing an appreciation for options Using option analysis with any market approach Focusing on limiting risk Capitalizing on advanced techniques
ECONOMIC INDICATORS measure economic well-being and wealth- Money is the only measure of well-being recognized by conventional economies - the price of something is a measure of its value When countries
So You Want To Go Solar (!) by Gary Beckwith a.k.a. The Solar Bus Guy Introduction Twenty years ago I was working for a solar company, designing solar energy systems for people who want to live off the
IN 2000, 189 COUNTRIES OF THE WORLD CAME TOGETHER TO FACE THE FUTURE. And what they saw was daunting. Famines. Drought. Wars. Plagues. Poverty. The perennial problems of the world. Not just in some faraway
Chapter 5 MEASURING GDP AND ECONOMIC GROWTH* Key Concepts Gross Domestic Product Gross domestic product, GDP, is the market value of all the final goods and services produced within in a country in a given
The President s Agenda for Tax Relief These are the basic ideas that guide my tax policy: lower income taxes for all, with the greatest help for those most in need. Everyone who pays income taxes benefits
Learning to Delegate Overview Tips for managers on how to delegate Why is delegation necessary? Why do many managers have a hard time delegating? What to delegate What not to delegate How to delegate Give
Sundsvall Statement on Supportive Environments for Health Third International Conference on Health Promotion, Sundsvall, Sweden, 9-15 June 1991 The Third International Conference on Health Promotion: Supportive
IELTS Speaking Part Three- Typical Questions and Answers Take turns asking your partner questions from below for three or four minutes, discussing each answer more if you want to. Are people in your country
S11-S156_Krugman2e_PS_Ch1.qxp 9/16/8 9:21 PM Page S-11 The Rational Consumer chapter: 1 1. For each of the following situations, decide whether Al has increasing, constant, or diminishing marginal utility.
Essential revision: How was the earth created? In book of Genesis, says that God created the world in 6 days on 7 th, he rested Each day, God created something new: Day 1 light Day 2 Sky Day 3 land, sea
THIRD EDITION ECONOMICS and MICROECONOMICS Paul Krugman Robin Wells Chapter 10 The Rational Consumer WHAT YOU WILL LEARN IN THIS CHAPTER How consumers choose to spend their income on goods and services
Doing Business, Small & Medium Enterprise Support and Information Access Vietnam, a nation of 92 million people, aspires to be more fully integrated into the global economy and community and an industrialized
What is, and how can you achieve happiness? The Seven Most Commonly Asked Questions About Happiness and Answers from Dr. Happy. A special report from 2 Copyright This report is copyright (Timothy J Sharp
Keeping below 2 degrees Avoiding dangerous climate change It is widely recognised that if the worst impacts of climate change are to be avoided then the average rise in the surface temperature of the Earth
CHAPTER 7 EQUILIBRIUM NATIONAL INCOME Chapter in a Nutshell Two very different groups of people are always at work making decisions concerning spending, saving, and investment that affect each other. The
Teacher notes Using your Wants and Needs cards These cards will introduce children and young people to their rights by helping them to consider the difference between a WANT and a NEED. The basic needs
What is our role in creating change? Margaret Wheatley 2008 Note: This is a new conversation starter for Turning To One Another, 2 nd edition. January 2009, Berrett-Koehler Publishers Inc. Proceed until
What does student success mean to you? Student success to me means to graduate with a B average with no failing grades. Ferris is ridicules tuition rates don t affect me since I was fortunate enough to
Summary Can You Afford to Take Investment Risks? Last update: October 13. 2011 There are several important reasons why you should take significantly less investment risk during retirement than before retirement.
Sustainable mobility as a cultural challenge John Urry Director, Centre for Mobilities Research, Lancaster University (This file should be fully cited as per ususal academic conventions if reference is
A Guide to Woodland Carbon for Business Contents: 1. Investing in Woodland Carbon: an overview 2. Why Woodland Carbon? 3. How much does it cost? 4. Woodland Carbon Code 5. Woodland Carbon compliance 6.
Integrated Skills in English ISE II Reading & Writing exam Sample paper 1 Your full name: (BLOCK CAPITALS) Candidate number: Centre: Time allowed: 2 hours Instructions to candidates 1. Write your name,
USA Innovation Accelerating Strong Driver for Growth Two Key Areas of Innovation Energy and Transportation June 2014 by Rob Lutts, Cabot Wealth Management In our research work we are impressed with the
Your Complete Resource for Spa and Hotel Development What s A Massage Therapist Worth? By Skip Williams Did you see this article by Anitra Brown on Spas.About.com? After sending last weeks email I thought
The keys to optimizing email send frequency Email send frequency requires a delicate balance. Send too little and you miss out on sales opportunities and end up leaving money on the table. Send too much
The Retirement Income Equation Understanding how to arrive at a target replacement rate By Marlena I. Lee, PhD Vice President Dimensional Fund Advisors June 2013 THE RETIREMENT INCOME EQUATION 1 INTRODUCTION
FACT SHEET June 27, 2011 The Triple Bottom Line in Buffalo: Standards for Economic, Social, and Ecological Success Jeffrey Baker The Triple Bottom Line is defined as the financial, social, and environmental
6. A framework to plan monitoring and evaluation Key ideas Monitoring and evaluation should be an integral part of (and therefore affect) all stages of the project cycle. As mentioned earlier, you need
Morgan State University The Office of Residence Life & Housing 1700 East Cold Spring Lane Harper-Tubman Hall 443-885-3217 www.morgan.edu OCH101 International HQ: 1-800-862-9874 email@example.com www.msuoch101.com
9.5 Secrets to Building a Successful Prospecting Plan We all know prospecting is like doing our worst chore. But you can t succeed at sales with out being a great at prospecting. When prospecting you need
Chapter 2 Production Possibilities Frontier, Economic Growth, and Gains from Trade A simple but powerful model of the economy is the production possibilities frontier (PPF) model. Economic growth and the
The High Value Advertising Formula If you want to attract the type of customer who is sophisticated enough to understand that a higher price can be well worth it if they get genuine value, you must use
STATE UNIVERSITY OF NEW YORK COLLEGE OF TECHNOLOGY CANTON, NEW YORK COURSE OUTLINE ESCI 101 - INTRODUCTION TO ENVIRONMENTAL SCIENCE Prepared By: Rajiv Narula, Ph.D. SCHOOL OF SCIENCE, HEALTH, AND CRIMINAL
RIO+20 AFRICAN DEVELOPMENT BANK How can an Ecological Footprint Contribute to Green Economy in Africa? Introduction Fundamentally we all depend on nature, the ecological infrastructure of the planet that
Chapter 8 Production Technology and Costs 8.1 Economic Costs and Economic Profit 1) Accountants include costs as part of a firm's costs, while economists include costs. A) explicit; no explicit B) implicit;
Graphics Designer 101 Learn The Basics To Becoming A Graphics Designer! Contents Introduction Chapter 1 The Role of the Graphics Designer Chapter 2 Qualifications in Order to Become a Graphics Designer
The 10 Most Costly Mistakes You Can Make When Selling Your Home When you are getting ready to put your property on the market, there is a myriad of things to think about, to prepare for and to organize.
Facts on biodiversity What is biodiversity? Biological diversity (biodiversity) comprises diversity of species and habitats as well as the genetic diversity within the individual species of fauna and flora.
Is Connectivity A Human Right? For almost ten years, Facebook has been on a mission to make the world more open and connected. For us, that means the entire world not just the richest, most developed countries.
Graphic Design for Beginners Presented By MasterResaleRights.com Table of Contents Introduction 3 Chapter 1 The Role of the Graphic Designer 5 Chapter 2 Qualifications in Order to Become a Graphic Designer
How Psychology Needs to Change Lois Holzman, Talk given at Vygotsky Today Symposium, Faculty of Philosophy, University of Banja Luka, Bosnia-Herzegovina, November 2004. I am a psychologist and I am proud
Strategic Equity Investments Wojciech Grabowski, Assistant Professor, Department of Economics, University of Warsaw I take a closer look at recent investment results of two major corporations in the technology
Lesson Description The lead article in the spring 2010 issue of Inside the Vault discusses the redistribution of wealth through taxation. In this lesson, students use different household scenarios to examine
NFIB SMALL BUSINESS ECONOMIC TRENDS William C. Dunkelberg Holly Wade December 21 Based on a Survey of Small and Independent Business Owners SMALL BUSINESS OPTIMISM INDEX COMPONENTS Seasonally Change From
What you need to know before selling your home SOLD Irene Szabo Royal LePage Royal City Realty 519-824-9050 firstname.lastname@example.org THE HOME SELLING PROCESS I believe my best seller is an educated seller.
FOOD SECURITY AND GOVERNMENT INTERVENTION Samarendu Mohanty Assistant Professor, Department of Agricultural and Applied Economics, Texas Tech University, Lubbock, Texas, USA E. Department of Agricultural
Life is Hard Sometimes What are Your Favorite Lies? West Chester, PA Ari@TuckmanPsych.com Little lies make life easier at least in the moment. They enable us to avoid pain in the moment and hopefully in
September 2006, Issue 33 To Have and to Hold: An Analysis of Young Adult Debt Ngina S. Chiteji Today's young adults often have been characterized as a generation of borrowers. But are they any different
Real Life Financial Planning An Easy to Understand System to Organize Your Financial Plan and Prioritize Financial Decisions Todd D. Bramson, CFP If you are a C-Level executive or partner interested in
Sun Life Canadian UnretirementTM Index 2013 Canadian Unretirement Index Report Life s brighter under the sun Table of contents Five years of the Canadian Unretirement Index 2 Section 1: A late retirement
Point-of-View Compliance Training: Check the box or buckle up? The following is based on actual events. Names and locations have been omitted to protect the parties involved A nurse sits at her computer
EXECUTIVE FORUM EMPLOYEE ENGAGEMENT: BEYOND THE FAD AND INTO THE EXECUTIVE SUITE Theresa M. Welbourne When you hear the word engagement, you might think of long-term commitment, marriage, diamonds, family,
Name: Date: 1. GDP is all of the following except the total: A) expenditure of everyone in the economy. B) income of everyone in the economy. C) expenditure on the economy's output of goods and services.
Chapter 3 EXPENDITURE MULTIPLIERS: THE KEYNESIAN MODEL* Key Concepts Fixed Prices and Expenditure Plans In the very short run, firms do not change their prices and they sell the amount that is demanded.
FACTS NEVADA A M E R I C A N S E C U R I T Y P R O J E C T Pay Now, Pay Later: Nevada Two million people in Nevada depend on Lake Mead for daily water consumption. There is a 50% chance that it will be
autorevo.com 2013 Guide #03 How to brand your dealership. a dealership branding guide by AutoRevo. Take a good look at your dealership... How do customers see your dealership? Do you have an obvious identity,
January 2010 Frontier Economics 1 The economic contribution of sport to Australia This note summarises the findings of the longer Frontier Economics report Why is it important to understand the economic
20 ways to 20% ----Energy saving manual In the Eleventh Five-year-Plan, the Chinese government has set a target to reduce its per GDP energy consumption by 20%. Please take a look at the 20 tips in this
The Business of Healthy Employees: A Survey of Workplace Health Priorities 2013 1 Introduction A healthy workforce plays a role in maintaining a healthy business. As demonstrated by the organization response
March 2012 In this newsletter, we focus on the U.S. job market. The economic recovery post-2008 is often referred to as a "jobless recovery" given the persistently high unemployment rate. In this paper
Whiplash 1 Matthew 16:21-28 (NRSV) From that time on, Jesus began to show his disciples that he must go to Jerusalem and undergo great suffering at the hands of the elders and chief priests and scribes,
2 Comparing Levels of Development Countries are unequally endowed with natural capital. For example, some benefit from fertile agricultural soils, while others have to put a lot of effort into artificial
: Exploratory Data Analysis: Applying Visualization Tools Introduction Economic boom, though inspiring, is always connected with unsustainable development. Because of this, people tend to view economic