Supply & Demand

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Mid-Term Review Notes

Chuck Nugent
Economics 200
Fall 2005

The information below is a brief summary of important points in chapters 8 - 14 of the text entitled "Economics U$A". These are the chapters that will be covered on the closed book Mid-term exam this semester.

These notes are intended as my back up for tonight's Review session in the event students do not bring their own questions. These notes are not intended as a substitute for reading the book or viewing the videos and I reserve the right to ask questions on topics covered in the course but not covered in this review.

I. Chapter 8: Money and the Banking System

A. Money

1. Is a medium of exchange

2. Is standard of value (is unit in which values of other goods are defined)

3. Is store of value

B. Money Supply = coins, currency, demand deposits and other checkable (check like) deposits.

C. Fractional Reserve Banking

1. Legal reserve - amount of cash bank is legally required to keep on deposit

2. Excess reserve - cash in excess of legal reserve.

II. Chapter 9: The Federal Reserve and Monetary Policy

A. Monetary Policy is exercise of Central Bank control over quantity of money and interest rates

1. Used to promote objectives of national economic policy.

B. Open Market Transactions

1. Federal Reserve buys securities in the market

a. Seller gives Federal Reserve securities and Fed gives seller cash that is deposited in bank.

b. This results in increase of cash in bank causing their reserves to increase thereby making more money available to lend

c. Effect is to increase amount of money in circulation in the economy

When Fed sells securities in the market

a. Buyer withdraws money from bank and exchanges it for securities.

b. By pulling money out of banking system bank reserves are drawn down leaving less cash in bank.

c. Bank now has less money to lend thereby reducing amount of money in circulation in the economy.

C. Change in Legal Reserve Requirement

1. By increasing or decreasing percent of deposits that must be held in cash (rather than being loaned at interest to borrowers) Fed is able to increase or decrease amount of deposits that banks can lend.

2. This has effect of increasing or decreasing money in circulation.

D. Change in Discount Rate

1. Discount rate is rate Fed charges banks for loans from Fed

2. Banks borrow money from Fed at one rate and loan it out at a higher rate.

3. By increasing or decreasing rate Fed effectively increases or decreases cost of borrowing for banks and this has effect of increasing or decreasing amount banks lend (as banks increase the interest rate the cost [price] of borrowing increases and this reduces the quantity [number & dollar amount] of loans demanded by consumers).

III. Chapter 10: Stagflation and Anti-Inflationary Measures

A. Stagflation refers to situation during the 1970s in which economy encounters both inflation (rising price level) and stagnation (economy stops growing and output declines)

1. Caused by AS curve shifting upward and to the left

2. New AS curve intersected AD curve at equilibrium point where price level was higher and real output lower

3. Many economists attributed this situation to following events that occurred at same time:

a. Series of poor harvests that reduced food output and drove food prices higher.

b. Temporary shortages in many raw materials causing prices to rise and output to drop

c. OPEC (Organization of Petroleum Exporting Countries - many of them Arab states in Middle East but led by Venezuela and other non- Arab oil producers) raising of crude oil prices - oil not only critical for transportation but also used to generate energy used in many manufacturing processes.

B. Wage and Price Controls

1. Refers to attempts by governments to limit inflation by passing laws limiting how much wages
and prices can increase.

2. Failed because:

a. Distorted allocation of resources causing inefficiency and waste

b. Were expensive to administer which added to inefficiency

c. Difficult to enforce resulting in widespread evasion which further added to inefficiency and waste.

d. Strongly opposed by public which saw them as limitation of freedom.

IV. Chapter 11: Productivity, Growth and Technology Policy

A. Growth refers to increase in output relative to growth in population.

1. Per capita output = output / population

2. Growth defined as increase in per capita output over previous year

a. Growth means more to go around but no guaranty, in short run, that distribution of increased output will be equally distributed

B. Technological Change

1. Refers to new methods of producing existing products - assembly line that allows more cars to be produced in same amount of time & with same amount of workers

2. Also refers to new designs that result in new products such as TV, VCRs, etc.

3. Technological change usually results in economic growth

C. Productivity - refers to output per worker

1. Economic growth is the result of increasing productivity per worker.

2. Increased productivity means workers produce more with same amount of effort and time - OR - produce same amount with LESS time and effort.

D. Slowdown in Productivity in 1970s

1. U.S. productivity declined in 1970s

2. Reasons for decline

a. Changes in labor force - 1970s saw more first time workers (baby boomers on first job, housewives entering labor force, and influx of poor who had migrated from rural areas to urban areas)

b. Reduction in rate of growth of capital-labor ratio

(1) Investment in capital declined in this period resulting in less capital per worker

(2) Steiger Capital Gains tax cut in late 1970s encouraged investment in capital and reversed this trend setting stage for boom in 1980s

c. Increased government regulation - this added to workload of employees and increased costs but did nothing to increase output

(1) Spending one hour of every eight-hour day filling out forms for government reduces output of worker by 5 hours per week or by a factor of 12.5% (5 hours lost divided by 40-hour workweek)

V. Chapter 12: Deficits, Public Debt, and the Federal Budget

A. Deficit refers to excess of government expenditures over taxes collected

1. Deficit covered by short term borrowing (selling of government bonds)

2. Same as when individuals spend more than they earn and use a credit card to make up the difference.

3. Deficits for individuals or governments usually short term cash flow problems (i.e., individual has minor accident this month causing him/her to spend money on care and run short of cash for food so food charged on Visa. Next month expenses are down so individual pays off Visa ? government can work this way also)

B. Debt refers to long term accumulation of borrowing.

1. Government, business and individuals borrow for major investments such as highways (govt.), new factory (business) or house (individual) - then pay off in installments over long period.

a. Borrowing for major infrastructure/capital that lasts a long time makes sense economically

b. Borrowing long term for things consumed now (employees pay in case of govt. or business or vacation in case of individual) does not make sense as one is paying debt long after good/service has been consumed.

C. Federal Budget refers to government's planned spending for year and anticipated tax revenues for year

1. Budget Deficit means government is projecting (planning) that it will be spending more than it receives in taxes.

2. Budget Surplus means government is projecting that it will collect more in taxes than it will spend.

D. Effect of Budget Deficits

1. if deficit financed by printing new money (only Federal government can finance a deficit in this manner) then deficit will be inflationary.

2. if deficit financed by borrowing then government will be competing with business for limited pool of loanable funds and this will reduce economic growth.

E. National Debt

1. is total money owed by Federal Government

2. will harm economic growth if debt owned by foreigners (most U.S. public or government debt currently owned by Americans) since in the future we will have to tax American people and send money abroad to pay debt.

a. this will reduce economic growth in future

3. American debt owned by Americans

a. net effect on economy is minimal since got will tax people to get money to pay debt and then pay money back to same people it taxed

(1) same as a family if father loans money to son one week and gets it back next week out of son's allowance - total amount of money in family is unchanged, it is just redistributed among the
members.

b. can be a social problem if one group pays the taxes and another holds the debt - if brother borrows from sister and then sees his next allowance going to sister he may be mad (while conveniently forgetting fun he had last week with money she loaned him)

VI. Chapter 13: Monetary Policy, Interest Rates and Economic Activity

A. Demand for money

1. Transaction demand - people need money to carry out transactions

2. Precautionary demand - people and businesses also hold on to money because they don't know what their future needs will be and want some money to cover future contingencies.

VII. Chapter 14: Controversies over Stabilization Policy

A. Monetarists vs Keynesians - Keynesians stressed fiscal policy (taxes and spending) while Monetarists stressed monetary policy

B. Supply Side - focused on aggregate supply rather than aggregate demand.

C. New Classical School - three assumptions

1. markets cleared

2. people and firms have imperfect information

3. expectations of people and firms conform to theory of rational expectations

D. Rational Expectations

1. A person's expectations (or forecast) of a particular economic variable are rational if the person makes the best possible use of whatever information is available.

2. People make rational decisions and learn from mistakes - causing them to anticipate government policy moves and take countermeasures thereby blunting effect of policy.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Thought for Today:

Thanksgiving is a typically American holiday. In spite of its religious form (giving thanks to God for a good harvest), its essential, secular meaning is a celebration of successful production. It is a producers' holiday. The lavish meal is a symbol of the fact that abundant consumption is the result and reward of production. Abundance is (or was and ought to be) America's pride ...

Original Source: The Ayn Rand Letter, Vol. III, No. 23, "Cashing in on Hunger"
Web Source: Charlotte Capitalist Blog

This post originally appeared on an external website

Final Exam Overview - Chaps 22-28

Chuck Nugent
nugentwork@yahoo.com

Economics 200 - Telecourse

NOTE: The review session for the Final Exam has been changed and will now be held on Tuesday November 29th from 5:00 ? 6:00 p.m.

The information below is a brief summary of important points in chapters 22 - 28 of the text entitled "Economics U$A". These are the chapters that will be covered on the closed book Final exam this semester.

These notes are intended as my back up for the Review session (scheduled for Tuesday November 29 from 5:00 ? 6:00 at the Community Campus) in the event students do not bring their own questions. These notes are not intended as a substitute for reading the book or viewing the videos and I reserve the right to ask questions on topics covered in the course but not covered in this review.

I. Chapter 22 - The Supply and Demand for Labor

A. labor refers to the human input in production

B. "price of labor" refers to compensation received for one's labor

1. "wages" is general term used to describe the price of labor or compensation received by labor

2. in economics parlance "wages" includes the "wages" received by hourly employees, "salaries" received by managers and "fees" received by professionals.

C. labor has a demand curve like any other product or resource.

1. is downward sloping and shows relationship between the price of labor and amount of labor utilized by firm

2. as price decreases the amount of labor demanded will increase.

3. profit maximizing firms will continue to hire labor up to point where marginal cost of labor equals marginal revenue produced by that labor.

a. so long a marginal revenue of labor is greater than marginal cost it is profitable to
continue hiring more labor.

D. Supply curve of labor shows relationship between price of labor (wages) and quantity of labor

1. quantity of labor can increase when either more workers enter market OR existing workers decide to work more hours.

2. higher wages induce both more workers to enter market (such as retirees re-entering l abor force or students deciding to work and continue school part time) AND existing workers to put in more hours or take a second job.

3. market supply curve for labor may be BACKWARD BENDING (see Figure 22.2 on page 487) indicating that at some point increases in wages may result in LESS rather than MORE labor being supplied.

a. this is due to fact that as workers get richer and have enough money to satisfy basic needs many tend to place a higher value on time and want to use time to enjoy "fruits" of their labor.

E. Intersection of supply and demand curves is equilibrium price of labor.

1. this is the wage rate

2. each type of labor (unskilled, skilled, engineers, ditch diggers, etc.) will have its own supply and demand curves and resulting equilibrium wage.

a. this is why wages of hamburger flippers at McDonald's, Burger King, etc. are very close but bear no relation to the wages of College Presidents which are a totally different
group.

3. Labor unions seek to restrict supply of labor and thereby shift supply curve to left increasing prices at each quantity.

a. this leaves some workers without opportunity to work

4. Unions may also try to shift demand for labor to right to increase wages without reducing quantity of labor.

a. can do this through work rules that require more workers than necessary (such as requiring a third pilot, whose job was to monitor the status of the engines on propeller driven aircraft, on jet aircraft which did not need the engines monitored.

b. can also do this through government mandated safety rules that often add little to worker safety but result in less output per worker (and the need to hire more workers to reach desired output)

(1) this is successful only when company is a monopoly or oligopoly and able to pass added cost on to consumers

(2) free trade tends to break up these monopoly/oligopoly situations by making
local market more competitive - this is why unions are usually opposed to free
trade.

II. Chapter 23 - Interest Rent and Profit

A. Interest rate is payment for use of money

1. "pure rate of interest" refers to market cost of money

2. since borrowers and conditions vary, most interest rates in market are a combination of pure rate of interest (i.e., cost of money) and insurance against loss (charge everyone higher than pure rate and use excess to recover losses due to deadbeats in the group who don't repay the loan).

3. rate of interest determined by intersection of supply and demand curve for loanable funds.

B. Profit is return to the entrepreneur

1. ACCOUNTING PROFIT - refers to excess of revenue over cost in a business.

2. ECONOMIC PROFIT - refers to profit in excess of amount needed to keep entrepreneur in business.

a. accounting profit is the compensation of the proprietor of partner in the business (this is their wages).

b. because accounting profit is in effect the wage of the proprietor (business owner) it is treated as an EXPENSE in calculating ECONOMIC PROFIT

(1) reason is that if business owner doesn't make at least as much from owning the
business as he/she could working for someone else then he/she would close
business and work for someone else.

(2) thus to be able to afford to stay in business the owner must make more than
he/she could make working for someone else so this accounting profit is then a
cost of doing business from the economist's point of view.

c. Economic Profit then becomes profit in EXCESS of what is needed to keep the owner from closing the business.

d. function of economic profit is to attract entrepreneurs to areas of business whose
product is in high demand. Entrepreneurs are ttracted by this excess profit. As more enter the price of the product falls (and quantity increases) resulting in economic profit going to zero. Others no longer have incentive to enter this market but existing owners still making more (accounting profit) than other lines of business so they stay.

III. Chapter 24 - Poverty, Income Inequality and Discrimination

A. People have different skills and talents

1. supply of skills and talents not equal and neither is the demand for various skills and talents.

2. Sports superstars are in short supply and demand for their talents great resulting in high salaries.

a. good philosophers also in short supply but demand is considerably less resulting in much lower salaries for these people.

B. See pages 523 through 525 in text for arguments pro and con concerning income inequality.

1. should note that government income statistics showing that X% of population consistently below poverty line are a reflection of a point in time.

2. even though percentage of people below poverty line may be the same each year for decades, the people themselves are not the same - many of those below poverty one year may have moved above the line in future years.

a. this is important from a policy perspective because policies designed under assumption that people in poverty one period are same in next will not work if the group is changing.

b. Lyndon Johnson's "War on Poverty" program (which is still in existence) designed to make the poor (who were view as a static group) more affluent - to date, the amount spent on this program, if used to purchase assets for those living below the officially designated poverty line, is greater than the amount needed to purchase all of the stock on the stock exchange and all physical assets (farms, factories, equipment, planes, ships, etc.).

(1) ironic fact is that despite this huge expenditure - the percentage of those
living below the poverty line is almost identical to the 1970's percentage.

C. Progressive and regressive taxes

1. tax is progressive if higher income people pay a higher proportion of their income than lower income people.

a. Federal and most state (including Arizona) income taxes are progressive.

b. under the progressive income tax system the rates on income in excess of certain amounts is greater than on lower incomes.

(1) example - the first $5,000 of income for everyone (from a homeless person to an Internet billionaire) is tax free. The tax on income from $5,000 to say $30,000 is say 15%. On income over $30,000 assume it rises to 40%.

(2) thus, a person making $5,000 or less pays no tax. A person, including the
billionaire, making between $5,000 and $30,000 pays 15% of the amount between $5,000 and $30,000. Finally, all income in excess of $30,000 is taxed at the 40% rate.

(3) under this system the rich not only pay more tax dollars (15% of a $10,000 income is less than 15% of a $29,000 income even though the rate is the same) but also pay a higher rate than lower income people.

2. a tax is Regressive if the poor pay a higher percentage of their income than the rich do in taxes.

a. rich will always pay more tax dollars under this system but it will be a lower percentage of their income.

b. a sales tax on food is the classic example.

(1) while rich will spend more dollars on food (buying somewhat more food and much higher quality) they can only eat so much so the percent of income spent on food decreases as income increases. The poor need as much food as the rich to live but with a lower income this will result in a higher percentage of income going for food.

(2) since a greater portion of a poor family's income goes for food, then a
sales tax on food will result in a poor family spending a greater portion on the
tax than the rich (even though, due to the fact that the rich spend more dollars
on food they will contribute more tax dollars to the program it will still be a
much small PERCENT of their income going to the tax.

D. Discrimination refers to denying access to jobs and opportunities for making money (and thereby denying access to the output of the economy) to identifiable groups in society.

1. discrimination is bad for the economy because, by locking sizable numbers of people out of the economy we are denying the economy the benefit of their production.

2. discrimination is also morally wrong under all recognized ethical systems.

3. human nature has a tendency toward discriminating against those we do not like.

4. but self-interest tends to offset this by forcing people to choose between satisfying economic wants and their desire to discriminate.

a. market forces people to come face to face with economic costs of discrimination.

5. like monopoly, discrimination can exist in long term only if backed up by government force.

a. early civil rights movement focused on eliminating laws that perpetuated
discrimination.

b. value individuals place on discrimination will vary and some are willing to pay a high price for satisfaction of discriminating ? but market will most people to decide it isn't
worth the cost.

c. social pressure also exists to force people to accept discrimination - but over time more and more people will try to cheat (just as members of a cartel try to cheat) and ignore social conventions favoring discrimination in order to satisfy a higher economic want.

IV. Chapter 25 - Economic Growth

A. two measures of economic growth

1. first is increase in real (i.e. adjusted for inflation) Gross Domestic Product (GDP) from year to year.

2. second, and better measure, is increase in PER CAPITA GDP from year to year.

a. an increase in population can result in an increase in real GDP but if percent increase in population is greater than percent increase in real GDP then per capita GDP will fall indicating a negative rate of economic growth.

B. Future growth requires present savings.

C. Thomas Malthus and population growth.

1. Malthus believed population grows at a geometric rate doubling every X number of years while supply of land constant

a. implication of his theory was that population growth would outstrip food production
resulting in mass starvation

b. because of Malthus' doom and gloom theory, economics acquired name of "the dismal science"

2. Validity of Malthus's Population Theory

a. theory has not worked in Western Europe and North America

(1) technology has resulted in agricultural productivity increasing much faster than
population.

(2) population in Europe in last 50 years has been decreasing (birth rates lower than
death rates) - without immigration U.S. would be the same

(3) over production of food and scarcity of labor (people) are major the problems
today - not over population and lack of food.

(4) book on page 547 says his theory relevant today in third world less developed
countries - but recent events indicate that even in these areas technology &
industrialization is resulting in an increase in food production and decrease
in birth rates.

D. Capital Formation

1. refers to investment in plant and equipment

2. nation's rate of economic growth dependent upon rate of capital formation - need capital to grow.

3. capital-output ration refers to the number of dollars of investment (or extra capital goods) required to produce an extra dollar of output.

a. example: if capital-output ratio is 2 then $2 of investment is required to increase full-employment GDP by $1 (i.e., need to increase investment in capital today to produce extra $1 of output next period and succeeding future periods).

4. David Ricardo (19th century economist who did extensive work on capital formation theory) and book emphasize physical capital (plant and equipment).

a. physical capital formation still very important today but in new Internet economy
human capital (knowledge and skills of workforce) becoming increasingly important

b. thus, population rather than being a drag on economic growth as Malthus and his followers postulate, is a key ingredient in economic growth.

E. Technological Change

1. technological change refers to the creation of new methods of producing existing products; new designs that make it possible to produce goods with important new characteristics; and new techniques of organization, marketing, and management.

2. "innovation" is the application of knowledge to production - new knowledge does not help economic growth unless it is applied to production of more goods and services.

V. Chapter 26 - Public Goods and Role of Government

A. Income Redistribution

1. refers to helping less fortunate by re-distributing income from those doing productive work to those who cannot perform productive work

2. income redistribution schemes involve providing income to people who do not or cannot produce

3. welfare, food stamps, subsidized housing, public schools, etc. are forms of income redistribution

B. Public Goods

1. a public good is a good that can be consumed by one person without diminishing the amount that others can consume

a. my listening to music on a radio in no way reduces anyone else's ability to tune in a
listen to the same music.

2. once a public good is produced there is no way to prevent people who haven't paid for it from using it.

a. problem then becomes how do we get people to put up money to pay for production of public goods when each one knows that if they just wait they can get it for free when someone else produces it.

C. Externalities

1. can be external diseconomies or external economies

2. external diseconomies (also called negative externalities) are negative by products of the production process.

a. pollution is a classic example - no one deliberately produces pollution, it is rather
a by product of some other good or service.

b. the producer and consumer of the good do not pay for the externality - the effect falls largely on those not involved in the consumption of the good.

(1) example driving a car results in polluting emissions being put into the air - people along the route of the car are affected by the emissions (health
problems, added cleaning expense, etc.)

(2) this pollution is a cost of driving the car but the cost is borne not by the
consumer (owner of the car) but by the people along the car's route - they pay
but don't receive any of the transportation benefits of the car.

3. External economies (positive externalities) ? these are positive benefits that accrue as a result of production or consumption of a product and external benefit falls to people other than the producer or consumer.

a. if I own a house located between two shabby homes and I invest considerable time and money into fixing up and beautifying my home it will increase in value.

(1) houses on either side will also increase in value because they are located next to a good house so my neighbors will benefit from my efforts.

(2) but being located next to 2 shabby houses will detract from mine so my home will not increase by full value of my efforts because of negative effects of the shabby homes on either side.

D. Principles of taxation

1. Benefit Principle - states that people who receive more from a government service should pay more in taxes than those who do not benefit as much.

2. Ability to Pay Principle - holds that people should be taxed so as to result in a socially desirable redistribution of income - in practice this has meant that wealthy pay more.

VI. Chapter 27 - International Trade

A. Exports refer to goods produced in this country and sold (consumed) in another.

B. Imports refer to goods produced in another country and sold (consumed) in this country.

C. Nations trade because trade permits specialization and specialization increases output.

D. Absolute Advantage refers to one nation being able to produce a product at a lower opportunity cost than another.

1. Arizona has an absolute advantage over Canada in production of lemons - cost of growing a lemon in Canada is much greater than in Arizona.

2. therefore it is logical for Canada to trade a product (like fish) in which it has an absolute
advantage to Arizona for lemons.

E. Comparative advantage refers to situation where country A has an absolute advantage over country B in both goods.

1. in this situation trade is still beneficial since the opportunity cost of one of the products will be lower than that of the other so there will be more of both goods for each country if country A specializes in production of good with lowest opportunity cost and lets country B produce other good.

F. Tariff - tax on imports

1. tax raises price of imported good thereby reducing demand for good.

2. two types of tariffs:

a. Revenue tariff - low tax on imports designed to raise money for government - U.S. relied almost entirely on revenue tariffs for its funds until late in 19th century (then enacted income tax)

b. protective tariff - a high tax on imports designed not to raise revenue, but to increase price of import and reduce demand for it (thereby protecting the market for the locally produced competing product)

G. Quota - is a physical limit on quantity of a good that can be imported from abroad - designed to protect domestic market from competition from abroad.

VII. Chapter 28 Exchange Rates & Balance of payments

A. exchange rate refers to rate at which country A's currency can be exchanged for that of country B.

1. is the price of one currency in terms of another.

2. for example, if it takes 4 Mexican pesos to obtain 1 U.S. dollar then the exchange rate is:

a. 4 to 1 for Mexicans - U.S. dollars cost 4 Mexican pesos when going from pesos to
dollars.

b. .25 to 1 for Americans - Mexican pesos cost $.25 dollars when going from dollars to pesos.

B. Gold standard refers to denominating currencies in terms of gold.

1. each country's currency has a specific value in gold.

C. exchange rates change because when country A imports goods from country B it needs currency from country B to pay for goods.

1. if country A exports the same value of goods to country B then the problem is solved by a simple currency swap.

2. but if country A exports less to country B than it imports it will be short of country B's currency

a. in this case the supply of country B's currency in country A is reduced (they didn't
sell as much) resulting in a leftward shift in the supply curve for the currency and making country B's currency more expensive in terms of country A's currency

b. in the case of the U.S. and Mexico, if the exchange rate is 4 pesos to the dollar and
Mexico exports more to the U.S. than the U.S. exports to Mexico the supply of pesos available to the U.S. to pay for the Mexican imports will be less - the supply curve for pesos will shift to the left causing the value (price in $) of the peso to increase from say $.25 to $.33

(1) as a result of this Mexican goods will be more expensive for Americans (i.e. a
hotel in Mexico that goes for 100 pesos per night will now cost an American $33
rather than $25

(2) conversely, American goods will be cheaper for Mexicans as a $100 per night
hotel room in the U.S. will only cost a Mexican 330 pesos rather than 400 pesos
as previously.

D. Balance of payments

1. Balance of payments refers to the settlement of financial accounts between countries

2. Balance of payments is similar to a balance sheet for a country - on one side of the ledger are outflows of currencies and on the other are inflows.

a. for most countries trade is the major, if not the only, source of inflows and outflows.

b. for the U.S., Japan and a few other major economic powers there are other factors
besides trade

(1) foreign aid - money given by U.S. or other government to foreign governments

(2) costs of maintenance of military bases abroad - U.S. government pays rent (in
dollars) to foreign government for the base as well as spending by troops and
pay for local people who work on base.

(3) foreign private investment ? private companies invest in building factories,
mines, plantations, etc. in foreign country

(4) remittances abroad - refers to money sent by people living in America to family
living in other countries (a few years ago El Salvador received as many U.S.
dollars per year in form of remittances to family members as it did exporting
coffee (a major export) to U.S.

(5) Charity and disaster relief

(6) banking money in another country.

c. numbers 1 - 5 above are a major source of currency outflows for U.S. - we often have a positive trade balance (i.e., we export more than we import) but a negative balance of payments (i.e. more currency exits U.S. than comes in)

d. U.S. is major recipient of bank deposits from abroad - instability in other parts of the
world combined with the political stability, strong economy and strong dollar make it very attractive to convert money to U.S. dollars and deposit in a U.S. bank (or buy U.S. bonds)

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Economics 200
Homework Assignment 13
Assigned November 29, 2005
Due December 6, 2005

Read the articles entitled Supreme Court ruling has troubling implications for public healthcare by Steve Patten and A Victory for Freedom: The Canadian Supreme Court?s Ruling on Private Health Care by Jacques Chaoulli, M.D.

1 (3 points) According to the Patten article, what are the two reasons why Canada created their health care system as a single-payer public system rather than a multi-payer private or public/private system?

2 (3 points) According to the second article what are Dr. Chaoulli's reasons for opposing the Canadian government's ban on private health insurance?

3 (3 points) In its ruling the Supreme Court of Canada said that "Access to a waiting list is not access to health care". How does this relate to the economic concepts of scarcity, choice and allocation of scarce resources?

4 (3 points) The provision of healthcare, like the provision of other goods, is an economic issue. However, the main point of disagreement between the two articles (as well as between the Government of Quebec and Dr. Chaoulli in the Supreme Court of Canada case) is not on the economics of healthcare but the concepts of individual freedom vs the needs of society. What are these philosophical differences and what is the impact of the two different approaches to the provision of healthcare on each?

5 (5 points) Like the U.S. Supreme Court, the Supreme Court of Canada consists of a panel of judges (7 justices vs 9 for the U.S. Supreme Court) and this usually results in a split decision with the ruling issued by the majority and dissenting opinion issued by the minority (in this case 4 justices ruled in favor of Dr. Chaoulli and 3 dissented). The Chaoulli article describes a main argument of the dissenting justices saying:

"Although the dissenting justices acknowledged that some patients die as a result of the state monopoly, they went on to say that the state monopoly is necessary in order to avoid what they call an unfair situation, whereby those able to pay in a parallel private health care system would save their own life, while those unable to pay would have to wait in the public sector."

Do you agree or disagree with the premise behind the dissenting justices' argument (i.e., that it is acceptable to allow some people to die needlessly rather than have a system where some people cannot afford the escape hatch of private insurance)? Explain your reasons and, if you disagree explain why those who cannot afford private health insurance or healthcare would be better off with your decision.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Economics 200
Homework Assignment 14
Assigned December 6, 2005
Due December 13, 2005

1 (6points) Distinguish between absolute advantage and comparative advantage.

2 (6 points) "The optimal quantity of pollution is zero." Do you agree or disagree with this statement? WHY? (Explain your answer).

3 (5 points) What does it mean when the dollar appreciates? What does it mean when it depreciates?

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Today, December 6th, is St. Nicholas Day, the day designated by the Catholic Church in its Calendar of Saints to honor the man named Nicholas who was Bishop of Myra, which is now a part of Turkey and noted for his saintly life. His birth date is unknown, but December 6th is the generally agreed upon date of his death and it is this date that is celebrated in the Catholic and Orthodox Churches as well as a secular holiday in many countries.

While economics appears to be one of the few areas that lack a patron saint, Nicholas comes close to filling that role in that, among the numerous groups, professions and places claiming him as their patron are scholars, students, merchants and pawnbrokers. Of course, in his secular role as Santa Claus and promoter of holiday gift giving, he has a major impact holiday retail sales, a number followed closely by economists.

Nicholas lived in the fourth century and died in 342 A.D. He was the son of a wealthy family who became a monk in his teens and later a priest and Bishop. Following the death of his parent's he used his inheritance to help those in need. His acts of kindness and mercy were legendary and he became known throughout Christendom as a saintly man.

Nicholas was born into a wealthy family and inherited the family fortune when his parents died just as he reached adulthood. Nicholas is remembered for his devotion to God and to his fellow humans. He used his fortune to help those in need. Nicholas is an example of private charity which has been a part of Western civilization for three or four thousand years. Long before governments became involved in providing a social safety net, individuals and religious organizations were providing aid and comfort to those in need. This practice continues to this day as evidenced by the outpouring of help for victims of this year's many natural disasters.

Much criticism has been leveled at the government for mistakes made during hurricane Katrina. The basic problem with the government's aid efforts has to do with the fact that the government has to satisfy a number of different political constituencies and is not under any real pressure to justify its actions to the taxpayers who provided the money for the government's aid efforts. Whether the taxpayers approve or disapprove of how the government used their tax dollars there is very little they can do individually as they still have to pay taxes. With private charity the donor decides who, when, how and how much aid to provide. Donors, like Nicholas who identify and aid people directly are always in a position to decide who to provide aid to as well as the type and amount of aid to provide. People like Nicholas can also act quickly since they do not have to have anyone's approval to take action. Donors who simply contribute to a larger organization always have the option to not give whenever they feel the organization is not operating in a manner the donor expects. This puts direct financial pressure on aid organizations to stay focused and use contributions wisely.

St. Nicholas is an ideal role model and also an excellent example of what individuals can to make the world a better place.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

Peter Drucker, world renowned management guru, died this past Friday, November 11th, at the age of 95.

Born in Vienna in 1909, he received his doctorate in public and international law from Frankfurt University in 1931. In Frankfurt he worked as a financial reporter for the Frankfurter General Anzeiger newspaper. In 1933 he fled Hitler's Germany and moved to England where he worked as a securities analyst for an insurance company. In 1937 he came to the United States and accepted a teaching position at Sarah Lawrence University.

Drucker is best known for his books and articles on modern management. His writings were not only ahead of their time when published but remain relevant classics to this day.

I remember reading a piece by him in the Wall Street Journal in the 1970s in which he pointed out that Karl Marx's dream of worker ownership of the means of production had been realized in the United States of all places. This was achieved not through the nationalization of industry as in the then Soviet Union and other communist countries nor through utopian communities where all productive resources were owned in common with "each taking according to his needs, and each contributing according to his ability" as envisioned by Marx. Rather it was businesses competing for workers with a combination of pay and retirement pensions and funding the pensions with investments in corporate stocks. In this way the majority of stock, which represents ownership in corporations, in American corporations came to be owned by workers indirectly through their pension funds. Today, thanks to IRA's, 401(k)'s, 403(b)s and other worker directed retirement accounts the percent of corporations owned by the workers of America is probably greater than when Drucker described this in his article.

Drucker was also ahead of his time in stressing the importance of worker's training and knowledge in modern production. "Human capital" as we now describe it. Drucker himself was a part of the great wave of human capital that fled Nazi dominated Euope and flowed into America in the 1930s and 1940s. Hundreds of scientists, academics, artists, filmmakers, etc. fled to the U.S. to escape Hitler's wrath and the U.S. economy benefited greatly from this in migration of foreign knowledge and talent.

Drucker has left behind a couple of generations of managers trained in his innovative ideas and, through books and articles he has left behind, he will continue to influence future generations of managers. Despite his passing, the American economy will continue to employ his insights and ideas to continue its remarkable growth.

This post originally appeared on an external website

PimaCommunityCollege
Community Campus

ECN 200 Telecourse Syllabus

Course Information:
Course Prefix/Number: ECN 200
Course Title: Basic Principles of Economics
Semester: 200610 Spring 2006
CRN (Section Code): 28101
Credit Hours: 3
Prerequisites: None
Estimated Study Time: 120 hours/semester
Course Web Pages: Blog for Course
Instructor Home Page
Course Calendar

Instructor Information:
Name: Chuck Nugent
US Mail: Pima Community College
Community Campus
401 N. Bonita Ave.
Tucson AZ 85709
Voice Mail: (520) 206-6419
E-mail: nugentwork@yahoo.com
Availability: By Appointment
Instructional Materials:
Required Text: Mansfield and Behravesh: Economics U$A (7th Edition), W.W. Norton & Co., (ISBN 0-393-92605-2)
OPTIONAL Text: Sondgeroth, Telecourse Study Guide of Economics USA, W.W. Norton & Co (ISBN
0-393-92606-0)
Note: Textbooks are available at the West Campus Bookstore (2202 W. Anklam Rd.) in the telecourse section and
other academic bookstores in town. The PCC Bookstore can be accessed and books ordered via the Internet at www.Pima.bkstr.com. (See Instructor's Home Page or Blog for other on-line sources for purchasing the text).
Videotapes are available for viewing at any of the PCC campus libraries but may be checked out ONLY at the Community Campus Support Services Center. Bring your PCC picture ID.

First Broadcast: Week of January 23, 2006 (Late start-14 weeks-semester begins January 25, 2006)
Broadcast Schedule: Broadcast dates and times depend on your cable supplier and whether your TV is
cable ready or uses a conversion box. See PCC TV broadcast schedule for specific information

On Campus Sessions: Attendance at these sessions is strongly encouraged but not mandatory!
Introductory Session: Wed. January 25th 5:30-6:30pm, Community Campus
Review for Midterm Exam: Wed. March 22nd 5:30-6:30 pm, Community Campus
Review for Final Exam: Wed. April 26th 5:30-6:30pm, Community Campus

Please check lobby marquee for room assignment

Course Description: This course is designed to provide the student with an introduction to the ?ECONOMIC WAY OF THINKING?. The course will provide an overview of economic systems, microeconomics, macroeconomics and the international economy. Students will be exposed to how economics is used to analyze and predict the behavior of businesses, consumers and governments with regard to the allocation and use of society?s scarce resources. The ?old? industrial economy will be compared and contrasted with the ?new? information based economy that is emerging today. Finally, students will be made aware of how economic factors influence their lives as consumers, producers, employees, employers, taxpayers and citizens.

Course Objectives: Upon completion of the course, the student will be able to:
1.Define scarcity, microeconomics and macroeconomics, economic theory and economic policy, factors of production, production possibilities model, and opportunity cost.
2.Explain a market and the Invisible Hand Doctrine. Understand Mises Concept of ?Human Action?; Compare and contrast market economy with government-planned economy.
3.State and illustrate the law of demand, law of supply; equilibrium price and quantity, shift variables for demand and supply; price elasticity of demand and supply: circular flow model.
4.Discuss sources and uses of household income, legal forms of business ownership, and how maximizing economic well-being is similar and different for households and businesses.
5.Explain two approaches for determining profit maximization, accounting and economic profit, and positive and negative externalities.
6.Give examples of production functions, short and long run as applied to economics, fixed and variable costs, average and marginal costs, and economies and diseconomies of scale.
7.Compare and contrast four basic market structures (competition, monopolistic competition, oligopoly, and monopoly): basic characteristics, long run profitability, efficiency, impact on the consumer, and determination of the profit-maximizing level of output.
8.Discuss the goals and problems of the macroeconomy, including measurement and types of unemployment, measurement of Gross Domestic Product, and the measurement and winners and losers from inflation.
9.Describe the business cycle, total spending and economic equilibrium, effects of leakages and injections into the spending stream, and the multiplier effect.
10.Identify the largest categories of government expenditures and receipts, fiscal policy tools, automatic stabilizers, federal budgets, and the size and effects of the national debt.
11.Describe the functions of money, the components of money supply, the functions of the Federal Reserve, and the role of financial depository institutions.
12.Explain the process by which financial institutions expand (or contract) the nation?s money supply, monetary policy tools, the money multiplier, and the relationship between the economy?s money supply and the level of economic activity.
Course Outline:
Part I: Introduction to Economics
Part II: National Income and Output
Part III: Money Banking and Stabilization Policy
Part IV: Economic Decision Making ? The Firm, The Consumer, Society
Part V: The Distribution of Income
Part VI: Growth, Government and International Economics

Course Requirements: To complete the course successfully, students must do the following:
1. Complete and submit six assignments found on course web page
2. Complete and submit three unit take-home exams found on course web page
3. Take midterm exam at Test Center
4. Take final exam at Test Center
Important Phone Numbers
For questions concerning subject matter: 206-6419
For questions involving schedules, testing, etc.: 206-6454
For questions concerning TV broadcast errors: 206-6410
Attendance: Since this is a distance delivery class, you are required to come to campus only to take scheduled exams. Students are strongly encouraged to attend the live introductory class session and review sessions scheduled before each exam.

Academic Integrity: Students are expected to abide by the Student Code of Conduct and the Scholastic Code of Conduct found in the Pima Community College Student Handbook. Copies are available at PCC campus libraries and at http://www.pima.edu/studentserv/studentrights/

ADA Compliance: Pima County Community College District strives to comply with the provisions of the Americans with Disabilities Act and Section 504 of the Rehabilitation Act. Students with disabilities requiring special accommodations must notify the instructor of this need or directly contact the Disabled Student Resources Office on your campus at the beginning of the semester.

Course Feedback: In order to increase interaction between instructor and students, students are encouraged (but not required) to submit written work via e-mail. Assignments may be submitted as part of body of e-mail text itself or as an ASCII or Ms-Word email attachment. Using e-mail for this purpose will increase the speed at which your instructor can return assignments with grades and comments. Students are also encouraged to contact instructor with questions concerning the course. To encourage dialog, instructor may share answers with the rest of the class by posting them to the web blog (http://nugent-economics.blogspot.com/) and/or a course listserve (inclusion on the listserve is optional and all student email addresses are kept confidential by being sent from the listserve as "Bcc" or blind copies).

Exams: Students must come to the Community Campus Support Service Center (401 N. Bonita Ave.) to take midterm and final exams. Please bring your PCC picture ID. This is the only ID that will be accepted. The Testing Center has specific rules, a copy of which is included in the packet you received at the beginning of the semester. Seating capacity is limited and on a first-come, first served basis.

Review Sessions: Immediately before each scheduled exam, you will have an opportunity to attend a live review session during which you may ask any questions that you have regarding the course material. See class schedule (page 1) for specific times and locations.

Problems: If you have problems with the course, make arrangements to see me or call me through voicemail. Do not wait to ask for help.

Submissions: Please clearly mark all assignments with the following: NUGENT:ECN200. Include full name on both e-mail and regular submissions. Submissions other than via e-mail are to be typed.

Withdrawals: Students may withdraw from class any time during the first 2/3 of the semester (through April 6, 2005) without instructor permission and without incurring any grade penalty. Students not active after this date will receive an "F" grade at the end of the semester. Please be sure to withdraw yourself by April 6, 2005, if you do not expect to complete the course.

Grade Reviews: Students may request a review of their course grade. The request for review must be made within 90 days from the end of the course session; no requests will be considered after 90 days.

Final Grades:
Students will NOT receive a semester grade report from the college. Students who wish to check grades may call MAX 2000 at 206-4880 or access BannerOnline via the Pima College web site. For privacy and security reasons, instructors may not post grades and are advised not to give grades over the telephone.

Note: To help your instructor to improve this course, a variety of classroom assessment techniques may be used to determine if this course is meeting its stated objectives. Such techniques may include but are not limited to, short answers regarding comprehension of the material presented, pre- and post-tests, student interviews, self-evaluations, portfolio, journal and/or capstone experience.

Because this course fulfills a general education requirement, you will also be assessed on whether student skills have improved in any of the following areas: oral and written communication, critical inquiry, cultural diversity, and global awareness.

Students? grades will be based upon scores received on exams and assignments. Exams and assignments together total 1,000 points. The student?s final grade for the course will be based upon the total points earned and curved as follows:

920 to 1000 points A
820 to 919 points B
720 to 819 points C
620 to 719 points D
Below 600 points F

Point values for assignments and exams:

Assignment 1 50 points
Unit 1 Exam (Chapters 1 & 2) 125 points
Assignment 2 50 points
Unit 2 Exam (Chapters 3 ? 7) 125 points
Assignment 3 50 points
Mid-term Exam (Chapters 8 - 14) 150 points
Assignment 4 50 points
Unit 4 Exam (Chapters 15 ? 21) 125 points
Assignment 5 50 points
Assignment 6 50 points
Final Exam (Chapters 22 - 28) 150 points
?On time? Completion Credit 25 points
_________
Total 1,000 points

Note: Students who complete all exams and assignments by Friday May 12th, will receive the 25 completion points. Students who, for any reason, fail to complete all tests and assignments on time will not receive the 25 completions points. Students taking an ?I? (incomplete) grade will NOT receive the 25 completion points.

Incomplete (I) grade:
If you find that you cannot complete the course during the regular semester, you must request an ?I? (incomplete grade) in writing. This must be done before the final review session. You must state your reasons for the request. In order to be considered for an ?I? grade, you must have successfully completed three-quarters of the course. YOU MUST THEN COMPLETE THE MISSING WORK WITHIN THE TIME AGREED UPON WITH THE INSTRUCTOR. AT THE END OF THE AGREED UPON TIME, THE INSTRUCTOR WILL CHANGE THE ?I? GRADE TO THE LETTER GRADE EARNED FOR THE COURSE AT THAT POINT WHETHER YOU HAVE COMPLETED THE WORK OR NOT.

Special Withdrawal (Y) grade:
Students desiring to withdraw from the class must do so prior to Apr 10, 2006, which is the last day allowed for withdrawals. THE INSTRUCTOR WILL NOT ISSUE ?Y? GRADES.

Midterm and Final Exams
You must come to the Community Campus Testing Center to take these exams. Information on the Testing Center is included in your packet. Notice that generally you will need to make an appointment to take your exam.
Students in Nogales and Sells may arrange with the instructor to take these exams at Pima College sites in these cities.
You may NOT use books, notes or other material as an aid.
Each exam covers specific material: Midterm Exam: Chapters 8 through Chapter 14 of text
Final Exam: Chapters 22 through Chapter 28 of text

Other Assignments and Exams:
All assignments and exams other than the mid-term and final will be done by the students at their homes. Books, notes and videos may be used as aids to complete these exams and assignments which are available on the course web page located at http://www.nofreelunch.bravehost.com

Caveats:
Your instructor will make every attempt to follow the above procedures and schedules, but they may be changed in the
event of extenuating circumstances.

Students submitting assignments through the mail or email are advised to make copies for their own protection.

Please note that the TV broadcast schedule does not observe PCC holidays.

Because so much of our contact with you is through the U.S. Postal Service, it is vital that we have your correct address. If you change your address during the semester, fill out a change of address form at any campus registration office and call our office at 206-6454 to keep our staff up to date.

Any tapes checked out by students are covered by strict copyright restrictions and must be returned at the end of the semester. Grades and transcripts will be encumbered and students not allowed to register for future PCC courses if tapes are not returned.

ECN 200 Telecourse Class Schedule/ Calendar

Week Week of Topic Description

Jan 16 MARTIN LUTHER KING, Jr. HOLIDAY -COLLEGE CLOSED (Telecourses are aired).

1 Jan 23 1. Program 1: Resources & Scarcity: What is Economics All About?
& 2 Jan 30 2. Program 2: Markets & Prices: Do They Meet Our Needs?
3. Program 3: U.S. Economic Growth: What is the Gross Domestic Product?
4. Program 4: Booms & Busts: What Causes the Business Cycle?

5. Program 5: John Maynard Keynes: What Did We Learn From the Great Depression
3 Feb 6 6. Program 6: Fiscal Policy: Can We Control the Economy
& 4 Feb 13 7. Program 7: Inflation: How Did the Spiral Begin?
8. Program 8: The Banking System: Why Must It Be Protected?

(OPTIONAL) INTRODUCTORY CLASS SESSION
Wednesday January 25th 5:30-6:30pm, Community Campus

9. Program 9: The Federal Reserve: Does Money Matter?
5 Feb 20 10. Program 10: Stagflation: Why Couldn?t We Beat It?
& 6 Feb 27 11.Program 11: Productivity: Can We Get More For Less?
12. Program 12: Federal Deficits: Can We Live With Them?

Feb 23-24 RODEO DAYS HOLIDAY-COLLEGE CLOSED (Telecourses are aired).

13. Program 13: Monetary Policy: How Well Does It Work?
7 Mar 6 14. Program 14: Stabilization Policy: Are We Still In Control?
& 8 Mar 13 15. Program 15: The Firm: How Can It Keeps Costs Down?
16. Program 16: Supply And Demand: What Sets The Demand?

Mar 13-19 SPRING BREAK-NO CLASSES (Telecourse are aired)

17. Program 17: Perfect Competition and Inelastic Demand: Can The Farmer Make a Profit?
9 Mar 20 18. Program 18: Economic Efficiency: What Price Controls
& 10 Mar 27 19. Program 19: Monopoly: Who?s in Control?
20. Program 20: Oligopolies: Whatever Happened to Price Competition?

(OPTIONAL) REVIEW SESSION FOR MIDTERM EXAM
Wednesday March 22nd 5:30-6:30pm, Community Campus
Midterm must be taken by 4 p.m., Friday May 12, 2006

21. Program 21: Pollution: How Much is a Clean Environment Worth?
11 Apr 3 22. Program 22: Labor and Management: How Do They Come To Terms?
& 12 Apr 10 23. Program 23: Profits and Interest: Where is the Best Return?
24. Program 24: Economic Growth: Can We Keep Pace?

Apr 10 LAST DAY FOR STUDENT INITIATED WITHDRAWALS

25. Program 25: Economic Growth: Can We Keep Up the Pace?
13 Apr 17 26. Program 26: Public Goods and Responsibilities: How Far Should We Go?
& 14 Apr 24 27. Program 27: International Trade: For Whose Benefit
28. Program 28: Exchange Rates: What in the World is a Dollar Worth?

15 May 1 Repeat of Final Broadcast
& 16 May 8

OPTIONAL REVIEW SESSION FOR FINAL EXAM
Wednesday April 26th 5:30-6:30pm, Community Campus
Final exam must be taken by 4:00 pm, Friday May 12, 2006

ECN 200 Telecourse Syllabus
Syllabus Acknowledgment Form

ECN 200 ? Basic Principles of Economics (Telecourse) ? CRN 28101

Please sign and return the following acknowledgment to me at the following address:

Chuck Nugent
Pima Community College
Community Campus
401 North Bonita Ave.
Tucson, Arizona 85709

Name:

Student Number:

Email Address (optional):

Please add me to the Class E-Mail list. I understand that this will involve broadcasting any course content questions that I submit along with the instructor?s answer to all other class members on the list.

Separate signature required.__________________________________________

____I hereby acknowledge that I have read and understand the ECN 200 (Basic Economics Principles) course syllabus
which includes objectives, policies and class schedule.

____I have no objection to receiving an occasional call from the instructor at the number given with my
registration materials.

____I prefer that the instructor not call or contact me by phone anytime during the semester.

____I would like to be contacted by the instructor regarding the following concerns:

My Cable provider is: ____Comcast ____People?s Choice ____Cox

Signature ___________________________________ Phone #_____________________________

Date ___________________________________ Student ID#_________________________

This post originally appeared on an external website

Upon signing on to my account at USAA.Com this morning, I was greeted with an announcement that today, December 13th, is the 369th anniversary of the founding of the National Guard.

KC-97 Tanker at Pima Air Museum in Tucson Arizona - This is the type of plane that I flew

With a quick Google search I was able to learn that on December 13, 1636, the Massachusetts Bay Colony organized three regiments of militia to defend the colony against the growing attacks by the neighboring Pequot Indians. The order by the government of the colony required that all males between 16 and 60 years of age own a gun and be ready to defend the community against attacks.

The Pequot War that followed had its origins in the tensions that arose between the Pequots and the colonists as the Pequots found themselves increasingly squeezed as the English colonists of Massachusetts to the east expanded west and the Dutch colonists in New York on their west expanded east. A minor incident between a white trader and a small band of Pequots flared into a major territorial war. Failing to get other tribes to join them, the vastly outnumbered Pequots were soon vanquished and the tribe as an entity disappeared.

Thus began the American tradition of local militia. Nearly a century and a half later, our Founding Fathers maintained the tradition of a dual state and federal military for defense by making provision in the Constitution for the states to continue to maintain their militias. Up until the American Revolution, it was the local militias that defended the frontier against attack and it was the local militia that fought alongside the British army against the French during the French and Indian Wars. George Washington gained fame as a military leader while commanding the Virginia militia in the battle against Ft. Duquesne (site of modern Pittsburgh, Pennsylvania). During the American Revolution it was the militia of the various colonies that provided the bulk of the troops that fought with the Congressionally created Continental Army commanded by George Washington in our fight for Independence from Great Britain. Following the American Revolution the armed forces of the U.S. were small most of the time and on state militia or, nowadays National Guard whenever we were forced to defend our freedom.

So, why did this notice interest me? Well, the reason USAA had the notice of the 369th anniversary of the birth of the National Guard on its website is its members are all current or former military personnel or their families. I joined USAA thirty some years ago when I was a newly minted second lieutenant attending the USAF Institute of Air Navigation at Mather, AFB in Sacramento, California. I had both a federal commission in the Air Force Reserve from Congress and a state commission from the state of Wisconsin in the Wisconsin Air National Guard.

I had been a cadet in the AFROTC during my senior year of college and was supposed to complete my ROTC training in graduate school. But when I accepted a teaching assistantship at the University of Wisconsin in Milwaukee which had Army but not Air Force ROTC I was forced to leave the ROTC program which immediately exposed me to the draft (the Vietnam War was in full force when I graduated in 1969).

I had been in the pilot training program in ROTC and when a fellow graduate student, who had recently left active duty as a navigator with the rank of captain and was then flying with the Air National Guard in Milwaukee, told me that, while they had a waiting list of people for enlisted, officer and pilot positions, the Air National Guard in Milwaukee short on navigators.

Pilots were the elite in the Air Force and they looked down upon navigators as mere map readers (we, of course, considered navigators to be the brains of the crew and the pilots mere monkeys who steered the plan in the direction we told them ? but it was all in fun as we worked as a team in the air). Not being interested in a career in either aviation or the military and considering that my alternatives consisted of either spending the next couple of years navigating part time for the Air National Guard or finding myself ankle deep in mud as an infantryman in Vietnam, I chose to become a navigator.

I did my required military service with the 128th Air Refueling Group of the Wisconsin Air National Guard based at Mitchell Field (the Milwaukee Airport) in Milwaukee, Wisconsin. I had a good time and made a number of training flights to Florida and Germany navigating a Korean War vintage KC-97 tanker doing air refueling for fighter jets. I was fortunate to serve stateside and in Europe and my only encounter with the "enemy" occurred over international waters enroute to Iceland from Germany when we came out of a cloud bank at 30,000 feet flying in a northwest direction toward Keflavik AFB in Iceland. At the same time two Russian bear class bombers, enroute from Havana to Murmansk, came out of the same cloud bank heading northeast toward their base in Murmansk. Fortunately, they were about 500 feet below us so we avoided a collision. This was during the Cold War so neither of us bothered to tell the other where we planned to fly in international airspace. I am sure they were as surprised as we were but probably not as mad as we were. We were both being tracked by the nearby ground control at Keflavik which did not bother to alert us to the presence of the Russian bombers. After berating the person manning the tracking radar at Keflavik, from both the air and later on the ground, with language I will not print here, our pilot was given the lame excuse that the controller knew we were on a horizontal collision course but assumed we were separated vertically by a few thousand rather than a few hundred feet.

That is my link to the tradition and organization (like the Air Force which evolved out of the Army, the Air National Guard evolved from the Army National Guard) that is celebrating its 369th birthday today. My nephew, Sergeant James Nugent,who returned from a year's tour of duty in Iraq with the Wisconsin Army National Guard last month, is also a part of this tradition going back to 1636.

This post originally appeared on an external website

Advent E-cards
St. Nicholas E-Cards
Christmas E-Cards

Fate is a funny thing. A person can focus on the big things only to see those achievements largely forgotten as people remember them for something that, at the time it was accomplished, seemed small and inconsequential. Other times fate will strike a person who possesses only modest goals and catapult that person's creation to greatness.

Take Rudolph the Red-Nosed Reindeer. Mention his name at Christmas time and practically everyone in the world knows his story. But, where did Rudolph come from?

Rudolph's story begins sometime in 1939. The nation was still in the midst of the Great Depression but that didn't prevent people from celebrating and enjoying the good times of life. Times may have been difficult but that just meant that people had to be more careful with their money.

Some time during that summer at the Chicago headquarters of department store giant, Montgomery Ward, executives were making plans for the coming Christmas season.

In those days cities were more compact and commerce was centered in the downtown. Scattered amongst the big banks and office buildings were the large, multi-storied department stores. During the Christmas season shoppers would flock to the downtown and these stores competed fiercely for these people's shopping dollars. To attract customers the stores put up lavish decorations and, in their toy departments, they would create elaborate Christmas kingdom displays with Santa Claus enthroned in the middle. The highlight of the Christmas shopping season for children was a trip downtown with Mom and Dad to visit Santa Claus. They would stand in line and, when their turn came, would sit on Santa's lap. After assuring Santa that they had been good, or had at least were trying hard to be good, they would tell Santa what they wanted for Christmas. Santa would then assure them that he would do his best to give them the toy they most desired and then, after making their requests and got up to leave, Santa would reach into the big sack next to his chair and, reminding them to be good, give them a little parting gift.

For many years Montgomery Ward had filled their Santa's sack with a Christmas coloring book that they had specially printed each year. But this year the Montgomery Ward executives wanted something new and different. They also wanted to save money. So, instead of calling upon an outside firm to create the new item, as they had done in the past, they decided to have their own advertising department create the new giveaway.

Thus it happened that Robert L. May, a 34 year copywriter for Montgomery Ward, found himself charged with coming up with a new gift for their Santa to give to the little children. May went to work developing a Christmas story for children. As a child, May had always been small for his age and this had brought forth taunts and ridicule from the other children. Drawing upon his experiences of being somewhat different and an outcast, May set about creating a character with similar problems who, in the end, rises above his problems and is transformed.

The year 1939 was a difficult time in the life of Robert May. In addition to the worries of losing his job in the Depression that had engulfed the economy, his wife lay dying of cancer and he also had to help his four year old daughter, Barbara deal with the trauma of seeing her Mother die. But, little Barbara, in her own way helped her Dad with the creation of Rudolph. Robert worked on the project in the office and then came home and tested out themes and story lines on Barbara. Work and home life converged in a way that both allowed father and daughter to come closer together as well as providing a diversion from the troubles that surrounded them. Some even credit Barbara with the naming of Rudolph, claiming that May tested different names on Barbara and Rudolph was the one that she enjoyed the most.

Robert May's creation was not the Rudolph the Red Nosed Reindeer song that everyone now knows so well and it was not the popular cartoon that is now shown on TV each Christmas. No, May's creation was a short story written in rhyming verse. It was the story of a little reindeer who was different due to a physical deformity ? a bright red nose. Unlike the Rudolph we now know from the song and cartoon, May's original Rudolph lived an ordinary life with his parents in the woods. He did not live at the North Pole and his parents were not part of Santa's reindeer team. Oh, Rudolph had to deal with the taunts of the other little reindeer who shunned him because he was different. Like May as a child, Rudolph was lonely and had few friends. But, rather than dwelling on his problems, Rudolph had a positive outlook on life and did not let his deformity hold him back in life.

In the original story, Rudolph's big moment came when Santa landed his sleigh at Rudolph's home to deliver gifts to him and the other good little reindeer in the neighborhood. As Santa landed a fog started to roll in. By the time Santa had finished delivering presents to the little reindeer in the area the fog had become dense, making it impossible for Santa to take off safely. With children all over the world expecting him to visit and leave presents, Santa had a dilemma ? he couldn't see to take off in the fog but if he did not take off he would disappoint children all over the world. At that moment Santa noticed Rudolph with his shiny red nose and asked him to lead his sleigh. Rudolph agreed and Santa was able to make his deliveries. Following Santa's successful Christmas Eve journey with Rudolph in the lead, the story ends with Santa saying to Rudolph, "By YOU last night's journey was actually bossed. Without you, I'm certain we'd all have been lost!" This is a little different from the song and cartoon which end with the other reindeer praising Rudolph by saying he will go down in history.

The booklet given out by the Montgomery Ward Santas was an immediate hit with children and their parents with Montgomery Ward distributing 2.4 million copies the first year. The popularity of the story continued in the years immediately following 1939 but, because of war time paper shortages, Montgomery Ward was only able to produce and distribute 6 million copies between 1939 and 1946. Because the booklets were simple giveaways for children printed on newspaper stock very few of those original 6 million booklets produced by Montgomery Ward survive to this day.

Despite the immediate success of his creation, things did not go well for Robert May. His wife died about the time the Rudolph story first came out. The medical expenses of her illness left May deeply in debt. Further, even though May of the author of an immensely popular work he did not benefit financially from it. First of all, it was a give away and did not produce any revenue directly (but Montgomery Ward profited indirectly as planned as the people who thronged to its stores with their children to get the booklets, tended to stay and do their Christmas shopping at Montgomery Ward). But, more importantly, while May was the author of Rudolph the Red Nosed Reindeer, Montgomery Ward was the owner of the work since the story was produced as a part of his job at Montgomery Ward (as lawyers would say it was a "work for hire").

In late 1946, the financially strapped May approached Sewell Avery, President of Montgomery Ward and asked for the rights to publish the story commercially. Avery granted his request and in January 1947 the copyright to Rudolph the Red Nosed Reindeer was given to May by his employer. May then published the story commercially as a book in 1947 and also authorized the production and release of a nine minute cartoon version of the story for showing in theaters (in those pre-TV days theaters usually preceded the feature show with newsreels and/or cartoons). May then teamed up with his brother-in-law, songwriter Johnny Marks to turn May's story-poem into a song. In writing the lyrics, Marks changed the story slightly from May's original to the story we know today in the song.

May and Marks originally had some difficulty finding a singer for the song as many were reluctant to do something that changed the image of Santa and his reindeer as set down by Clement Moore a century earlier in his popular It Was the Night Before Christmas. But finally Gene Autry, the singer and actor best known for his role in westerns agreed to record the song. Rudolph the Red Nosed Reindeer was first sung commercially by Gene Autry in 1949 and instantly became a smash hit and had its place assured in the cannon of traditional Christmas music.

From 1947 on, May enjoyed the benefits of his 1939 creation. He left Montgomery Ward and devoted his time to managing his creation until his retirement in 1971. In 1976 May died but his story about Rudolph lives on adding joy to the lives of new generations of children just as it brought joy to his four year old daughter Barbara during that difficult Christmas season in 1939 as she faced the holidays as her mother was dying.

Click Here to see the lyrics and listen to the song.

Copyright ? 2005 by Charles J. Nugent Jr.

This post originally appeared on an external website

by Clement Clarke Moore

'Twas the night before Christmas, when all through the house

Not a creature was stirring, not even a mouse;

The stockings were hung by the chimney with care,

In hopes that St. Nicholas soon would be there;

The children were nestled all snug in their beds,

While visions of sugar-plums danced in their heads;

And mamma in her 'kerchief, and I in my cap,

Had just settled down for a long winter's nap,

When out on the lawn there arose such a clatter,

I sprang from the bed to see what was the matter.

Away to the window I flew like a flash,

Tore open the shutters and threw up the sash.

The moon on the breast of the new-fallen snow

Gave the lustre of mid-day to objects below,

When, what to my wondering eyes should appear,

But a miniature sleigh, and eight tiny reindeer,

With a little old driver, so lively and quick,

I knew in a moment it must be St. Nick.

More rapid than eagles his coursers they came,

And he whistled, and shouted, and called them by name;

"Now, Dasher! now, Dancer! now, Prancer and Vixen!

On, Comet! on Cupid! on, Donder and Blitzen!

To the top of the porch! to the top of the wall!

Now dash away! dash away! dash away all!"

As dry leaves that before the wild hurricane fly,

When they meet with an obstacle, mount to the sky,

So up to the house-top the coursers they flew,

With the sleigh full of toys, and St. Nicholas too.

And then, in a twinkling, I heard on the roof

The prancing and pawing of each little hoof.

As I drew in my hand, and was turning around,

Down the chimney St. Nicholas came with a bound.

He was dressed all in fur, from his head to his foot,

And his clothes were all tarnished with ashes and soot;

A bundle of toys he had flung on his back,

And he looked like a peddler just opening his pack.

His eyes -- how they twinkled! his dimples how merry!

His cheeks were like roses, his nose like a cherry!

His droll little mouth was drawn up like a bow,

And the beard of his chin was as white as the snow;

The stump of a pipe he held tight in his teeth,

And the smoke it encircled his head like a wreath;

He had a broad face and a little round belly,

That shook, when he laughed like a bowlful of jelly.

He was chubby and plump, a right jolly old elf,

And I laughed when I saw him, in spite of myself;

A wink of his eye and a twist of his head,

Soon gave me to know I had nothing to dread;

He spoke not a word, but went straight to his work,

And filled all the stockings; then turned with a jerk,

And laying his finger aside of his nose,

And giving a nod, up the chimney he rose;

He sprang to his sleigh, to his team gave a whistle,

And away they all flew like the down of a thistle.

But I heard him exclaim, ere he drove out of sight,

"Happy Christmas to all, and to all a good-night."

This post originally appeared on an external website

Christmas E-Cards

The following is the account of the birth of Jesus as recorded in Chapter 2, versus 1 - 20 of the Gospel of St. Luke. (Source: "The New American Bible, Thomas Nelson Publishers, 1983, pages 1109-1110)

Birth of Jesus. In those days Caesar Augustus published a decree ordering a census of the whole world. This first census took place while Quirinius was governor of Syria. Everyone went to register, each to his own town. And so Joseph went from the town of Nazareth in Galilee to Judea, to David's town of Bethlehm ? because he was of the house and lineage of David ? to register with Mary, his espoused wife, who was with child.

While they were there the days of her confinement were completed. She gave birth to her first-born son and wrapped him in swaddling clothes and laid him in a manger, because there was no room for them in the place travelers lodged.

The Shepherds. There were shepherds in that region, living in the fields and keeping night watch by turns over their flocks. The angel of the Lord appeared to them as the glory of the Lord shone around them, and they were very much afraid. The angel said to them: "You have nothing to fear! I come to proclaim good news to your ? tidings of great joy to be shared by the whole people. This day in David's city a savior has been born to you. The Messiah and Lord. Let this be a sign to you: in a manger you will find an infant wrapped in swaddling clothes." Suddenly, there was with the angel a multitude of the heavenly host, praising God and saying,

"Glory to God in high heaven,
peace on earth to those on whom
his favor rests."

When the angels had returned to heaven, the shepherds said to one another, "Let us go over to Bethlehem and see this event which the Lord has made known to us." They went in haste and found Mary and Joseph, and the baby lying in the manger; once they saw, they understood what had been told them concerning this child. All who heard of it were astonished at the report given them by the shepherds.

Mary treasured all these things and reflected on them in her heart. The shepherds returned, glorifying and praising God for a ll they had heard and seen, in accord with what had been told them.

This post originally appeared on an external website

Northeast Learning Center

Economics 201 Syllabus

Course Information:
Course Prefix/Number: ECN 201 Course Title: Microeconomic Principles
Semester: 200620 (Spring 2006) CRN (Section Code): 26575
Prerequisites: MAT 092 Estimated Study Time: 120 hours/semester
Day/Time: M 5:30-7:00 p.m Location: NELC
Teaching Format: Self Pace All Work & Tests due by: Monday May 8, 2006
Course Web Pages:
http://nugent-economics.blogspot.com/ (Blog for Course)
http://www.nofreelunch.bravehost.com (Instructor's Web Site)
http://pub23.bravenet.com/calendar/show.php?usernum=1971912999 (Calendar)

Instructor Information:
Name: Chuck Nugent
U.S. Mail: Pima Community College
Northeast Community Learning Center
Catalina Village Shopping Center
7816 E. Wrightstown Rd.
Tucson, AZ 85709-5800
Phone/Voice Mail: (520) 544-4870
E-mail: nugentwork@yahoo.com
Availability: M 5:30 ? 7:00 p.m. or by appointment

Instructional Materials:
Required Text: Arnold, Roger A., Microeconomics (7th Edition)
Assignment Packet: Available from Instructor at first Class.
Note: Textbooks are available at the East Campus Bookstore (ask for Northeast Learning Center books) and other academic bookstores in town. The PCC Bookstore can be accessed and books ordered via the Internet at www.Pima.bkstr.com.

Course Description: Economic theory as applied to individual decision-making units. Includes economic decision making, economic systems, consumer demand, producer supply, price determination, elasticity, cost-benefit analysis, and utility and profit maximization. Also includes production functions and costs, competition and market structures, government in the market economy, labor markets, and income distribution.

Course Objectives: Upon completion of the course, the student will be able to do the following:
1. Define scarcity, microeconomics and macroeconomics, economic theory and economic policy, factors of production, production possibilities model, and opportunity cost.
2. Explain a market and the Invisible Hand Doctrine, society?s basic economic decisions, the market economy as compared and contrasted with the planned economy, and the circular flow model.
3. State and illustrate the law of demand, law of supply, equilibrium price and quantity, shift variables for demand and supply, and price elasticity of demand and supply.
4. Discuss the economic objectives of households and businesses and maximization of utility and profit.
5. Describe two approaches for determining profit maximization, explicit and implicit costs, as well as accounting and economic profit.
6. Explain cost-benefit analysis as it applies to households and to businesses, and to society including its relationship to externalities.
7. Give examples of production functions, short and long run as applied to economics, fixed and variable costs, average and marginal costs, and economies and diseconomies of scale.
8. Compare and contrast the four basic market structures (competition, monopolistic competition, oligopoly, and monopoly): basic characteristics, long run profitability, efficiency, impact on the consumer, and determination of profit-maximizing level of output.
9. Explain why and how government intervenes in the market economy with particular reference to antitrust laws and governmental regulatory agencies.
10. Discuss wage rate changes, income distribution, and poverty as defined and addressed by the government.

Course Outline:

I Introduction

A. What is Economics about
B. Economic Activities: Producing and Trading
C. Supply and Demand: Theory
D. Supply and Demand: Practice

II Microeconmic Fundamentals

A. Elasticity
B Consumer Choice: Maximizing Utility and Behavioral Economics
C The Firm
D Production and Costs

III Product Markets and Policies

A. Perfect Competition
B. Monopoly
C Monopolistic Competition, Oligopoly, and Game Theory
D Government and Product Markets: Antitrust and Regulation

IV Factor Markets and Related Issues

A. Factor Markets with emphasis on the Labor Market
B Wages, Unions, and Labor
C The Distribution of Income and Poverty
D. Interest, Rent and Profit

V Market Failure and Public Choice

A. Market Failure: Externalities, Public Goods, and Asymmetric Information
B. Public Choice: Economic Theory Applied to Politics

VI International Economic: Theory and Policy

A International Trade
B International Finance

Course Requirements: To complete the course successfully, students must do the following:

1. Complete and submit the five (6) assignments (one for each unit)
2. Complete and submit take home tests for units 1, 2, 4 and 5
3. Take midterm exam at Test Center (closed book)
4. Take final exam at Test Center (closed book)

Attendance: This course is self paced and students are only required to attend the first class. The instructor will be available during scheduled class times for assistance and to collect written assignments from students.

Academic Integrity: All work done for this class must be your own. While you may discuss assignments with other class members, all work MUST be your own. You may use work from books and other materials if it is properly cited. Copying from a book or other print or electronic media without proper reference will result in a zero (0) score for the assignment. Submitting work done by another person/entity (published or unpublished) as your own will result in an F for the course. Students are expected to abide by the Student Code of Conduct and the Scholastic Code of Conduct found in the Pima Community College Student Handbook. Copies are available at PCC campus libraries and at http://www.pima.edu/studentserv/studentrights/

ADA Compliance: Pima County Community College District strives to comply with the provisions of the Americans with Disabilities Act and Section 504 of the Rehabilitation Act. Students with disabilities requiring special accommodations must notify the instructor of this need or directly contact the Disabled Student Resources Office on your campus at the beginning of the semester.

Course Feedback: In order to increase interaction between instructor and students, students are encouraged (but not required) to submit written work via e-mail. Assignments may be submitted as part of body of e-mail text itself or as an ASCII or Ms-Word (version 2003 or lower) email attachment. Using e-mail for this purpose will increase the speed at which your instructor can return assignments with grades and comments. (NOTE: current East Campus policy forbids instructor from sending grade information via email ? work may be submitted via email but the graded assignment/test must be picked up from the NELC by the student). Students are also encouraged to submit questions about course content via e-mail to the instructor. Students may also submit assignments via the U.S. Postal Service (see address on first page) or deliver it to NELC in person.

Exams: One exam will be given for each of the six units (see outline above or the "Brief Contents" on page iii of your book). The exams for units 1, 2, 4 and 5 will be open book take home exams. The exams for units 3 and 6 will be closed book, proctored exams taken at the college.

Problems: If you have problems with the course, make arrangements to see me or call me through voicemail. Do not wait to ask for help.

Submissions: Please clearly mark all assignments with the following: NUGENT:ECN201. Include full name on both e-mail and regular submissions. Submissions other than via e-mail are to be typed.

Withdrawals: Students may withdraw from class any time during the first 2/3 of the semester (through April 6, 2006) without instructor permission and without incurring any grade penalty. Students not active after this date will receive an "F" grade at the end of the semester. Please be sure to withdraw yourself by April 6, 2006, if you do not expect to complete the course.

Caveats:
Your instructor will make every attempt to follow the above procedures and schedules, but they may be changed in the event of extenuating circumstances.

Students submitting assignments through the mail are advised to make copies for their own protection.

Because so much of our contact with you is through the U.S. Postal Service, it is vital that we have your correct address. If you change your address during the semester, fill out a change of address form at any campus registration office and call our office at 206-6454 to keep our staff up to date.

ECN 201 Grading Policies

Students? grades will be based upon scores received on exams and assignments. Exams and assignments together total 1,050 points. The student?s final grade for the course will be based upon the total points earned divided by 1,000 and curved as follows:

920 to 1000 points A
820 to 919 points B
740 to 819 points C
650 to 739 points D
Below 650 points F

Point values for assignments and exams:

Unit 1 Assignment 50 points
Unit 1 Take Home Exam (Chaps 1 ? 4) 125 points
Unit 2 Assignment 50 points
Unit 2 Take Home Exam (Chaps 5 - 8) 125 points
Unit 3 Assignment 50 points
Unit 3 Proctored Exam (Chaps 9 - 12) 125 points
Unit 4 Assignment 50 points
Unit 4 Take Home Exam (Chaps 13 - 16) 125 points
Unit 5 Assignment 50 points
Unit 5 Take Home Exam (Chaps 17 ? 18) 125 points
Unit 6 Assignment 50 points
Unit 6 Proctored Exam (Chaps 19? 20) 125 points

Incomplete (I) grade:
If you find that you cannot complete the course during the regular semester, you must request an ?I? (incomplete grade) in writing. This must be done before the final review session. You must state your reasons for the request. In order to be considered for an ?I? grade, you must have successfully completed three-quarters of the course. YOU MUST THEN COMPLETE THE MISSING WORK WITHIN THE TIME AGREED UPON WITH THE INSTRUCTOR . AT THE END OF THE AGREED UPON TIME, THE INSTRUCTOR WILL CHANGE THE ?I? GRADE TO THE LETTER GRADE EARNED FOR THE COURSE AT THAT POINT WHETHER YOU HAVE COMPLETED THE WORK OR NOT.

Special Withdrawal (Y) grade:
Students desiring to withdraw from the class must do so prior to April 6, 2006, which is the last day allowed for withdrawals. THE INSTRUCTOR WILL NOT ISSUE ?Y? GRADES.

Midterm and Final Exams the "Unit 3 Proctored Exam" and "Unit 6 Proctored Exam" (see Point Values for Assignments and Exams above) will constitute the Midterm and Final exams for this course.

Other Assignments and Exams:
All assignments and exams other than the mid-term and final will be done by the students at their homes. Books and may be used as aids to complete these exams and assignments which are available from the NELC or from the course web page located at: http://www.nofreelunch.bravehost.com

Final Grades:
Students will receive a semester grade report from the college when all grades have been recorded. For privacy and security reasons, instructors may not post grades and are advised NOT to give grades over the telephone. Grades are only available via Banner Online system . Please see instructor or college registration personnel if you have questions about accessing your account on Banner Online system.

Note: To help your instructor to improve this course, a variety of classroom assessment techniques may be used to determine if this course is meeting its stated objectives. Such techniques may include but are not limited to, short answers regarding comprehension of the material presented, pre- and post-tests, student interviews, self-evaluations, portfolio, journal and/or capstone experience. Because this course fulfills a general education requirement, you will also be assessed on whether student skills have improved in any of the following areas: oral and written communication, critical inquiry, cultural diversity, and global awareness.
Syllabus Acknowledgment Form

ECN 201 ? Economic Principles - CRN 26575

Please sign and return the following acknowledgment to me at the following address:

Chuck Nugent
Pima Community College
Northeast Community Learning Center
Catalina Village Shopping Center
7816 E. Wrightstown Rd.
Tucson, AZ 85709-5800

Name:

Student Number:

E-mail Address (optional ? but PLESE print clearly):

Please add me to the Class E-Mail list. I understand that this will involve broadcasting (without any reference to me) class announcements to all members of the class.

Separate signature required.__________________________________________

____ I hereby acknowledge that I have read and understand the ECN 201(Macro Economic Principles) course syllabus which includes objectives, policies and class schedule.

____I have no objection to receiving an occasional call from the instructor at the number given with my registration materials.

____I prefer that the instructor not call or contact me by phone anytime during the semester.

____I would like to be contacted by the instructor regarding the following concerns:

Signature ________________________________ Phone #_____________________________

Date ______________________________ Student ID # ________________________

This post originally appeared on an external website

Northeast Learning Center

Economics 202 Syllabus

Course Information:
Course Prefix/Number: ECN 202 Course Title: Macroeconomic Principles
Semester: 200620 (Spring 2006) CRN (Section Code): 26576
Prerequisites: MAT 092 Estimated Study Time: 120 hours/semester
Day/Time: M 5:30-7:00 p.m. Location: NELC
Teaching Format: Self Pace All Work & Tests due by: Mon May 8 2006
Course Web Pages:
http://nugent-economics.blogspot.com/ (Blog for Course)
http://www.nofreelunch.bravehost.com (Instructor's Web Site)
http://pub23.bravenet.com/calendar/show.php?usernum=1971912999 (Calendar)

Instructor Information:
Name: Chuck Nugent
U.S. Mail: Pima Community College
Northeast Community Learning Center
Catalina Village Shopping Center
7816 E. Wrightstown Rd.
Tucson, AZ 85709-5800
Phone/Voice Mail: (520) 544-4870
E-mail: nugentwork@yahoo.com
Availability: M 5:30 - 7:00 p.m. p.m. or by appointment

Instructional Materials:
Required Text: Arnold, Roger: Macroeconomics (7th Edition)
Assignment Packet: Available from NELC and from the Blog on the Web.
Note: Textbooks are available at the East Campus Bookstore (ask for Northeast Learning Center books) and other academic bookstores in town. The PCC Bookstore can be accessed and books ordered via the Internet at www.Pima.bkstr.com.

Course Description: Economic theory as applied to the operation of the economy as a whole. Includes economic decision making, economic systems, supply and demand model, goals and problems of the macroeconomy, foundations of the macroeconomy, fiscal policy and budgets, money, the role of financial institutions and the Federal Reserve, money creation, monetary theory and policy, the assessment of goals, tools and policies of macroeconomics, and international trade.

Course Objectives: Upon completion of the course, the student will be able to do the following:

1.Define scarcity, microeconomics and macroeconomics, economic theory and economic policy, factors of production, production possibilities model, and opportunity cost.
2.Explain a market and the Invisible Hand Doctrine, society?s basic economic decisions, the market economy as compared and contrasted with the planned economy, and the circular flow model.
3.State and illustrate the law of demand, law of supply, equilibrium price and quantity, and shift invariables for demand and supply.
4.Discuss the goals and problems of the macroeconomy, including measurement and types of unemployment, measurement of Gross Domestic Product, and the measurement and winners and losers from inflation.
5.Describe the business cycle, total spending (consumption, investment, government spending and net export spending), economic equilibrium, effects of leakages from and injections into the spending stream, and the multiplier effect.
6.Identify the largest categories of government expenditures and receipts, fiscal policy tools, automatic stabilizers, federal budgets, surpluses and deficits, and the size and effects of the national debt.
7.Describe the functions of money, the components of money supply, the functions of the Federal Reserve, and the role of financial depository institutions.
8.Explain the process by which financial institutions expand (or contract) the nation?s money supply, monetary policy tools, the money multiplier, and the relationship between the economy?s money supply and the level of economic activity.
9.Summarize the factors affecting economic growth, macroeconomic trade-offs, and various macroeconomic viewpoints such as classical, Keynesian, monetarist, rational expectations, and supply-side.
10.Describe the main exports, imports and trading partners of the United States, and give the arguments for free trade and for protectionism.

Course Outline:

I.Introduction to Economics
A.Scarcity
B.Microeconomics and Macroeconomics
C.Economic Theory and Policy
D.Factors of Production
E.Productions Possibilities Model

II.Economic Decision Making and Economic Systems
A.Markets and the Invisible Hand Doctrine
B.Society?s Basic Economic Decisions
C.Economic Systems
D.The Circular Flow Model

III.Demand, Supply, and Price Determination
A.The Law of Demand
B.The Law of Supply
C.Equilibrium and Limits on Price
D.Changes in Demand
E.Changes in Supply

IV.Goals and Problems of the Macroeconomy: Employment, Prices, and Productions
A.Measurements of Unemployment
B.Types of Unemployment
C.Measurements of Gross Domestic Product
D.Measurements of Price Level Changes
E.Winners and Losers From Inflation
F.Demand and Supply Caused Inflation

V.Foundations of the Macroeconomy
A.The Business Cycle
B.Total Spending
C.Economic Equilibrium
D.Leakages From and Injections Into the Spending Stream
E.The Multiplier Effect

VI.Fiscal Policy and Budgets
A.Categories of Government Receipts and Expenditures
B.Fiscal Policy Tools
C.Automatic Stabilizers
D.Balanced, Deficit, and Surplus Budgets
E.The National Debt

VII.Money and the Role of Financial Institutions and the Federal Reserve
A.The Functions of Money
B.Components of the Money Supply
C.Functions of the Federal Reserve
D.Financial Depository Institutions

VIII.Money Creation, Monetary Theory, and Monetary Policy
A.The Money Creation Process
B.Monetary Policy Tools
C.The Money Multiplier
D.The Relationship Between Money and Economic Activity

IX.Assessing Goals, Tools, and Policies in the Macroeconomy
A.Economic Growth
B.Macroeconomic Tradeoffs
C.Economic Viewpoints: Classical, Keynesian, Monetarist, Rational Expectations, Supply-Side

X.International Trade
A.Exports and Imports
B.Free Trade and Protectionism

Course Requirements: To complete the course successfully, students must do the following:

1. Complete and submit the six (6) assignments (one for each unit)
2. Complete and submit take home tests for units 1, 2, 4 and 5
3. Take midterm exam at Test Center (closed book)
4. Take final exam at Test Center (closed book)

Attendance: This course is self paced and students are only required to attend the first class. The instructor will be available during scheduled class times for assistance and to collect written assignments from students.

Academic Integrity: All work done for this class must be your own. While you may discuss assignments with other class members, all work MUST be your own. You may use work from books and other materials if it is properly cited. Copying from a book or other print or electronic media without proper reference will result in a zero (0) score for the assignment. Submitting work done by another person/entity (published or unpublished) as your own will result in an F for the course. Students are expected to abide by the Student Code of Conduct and the Scholastic Code of Conduct found in the Pima Community College Student Handbook. Copies are available at PCC campus libraries and at http://www.pima.edu/studentserv/studentrights/

ADA Compliance: Pima County Community College District strives to comply with the provisions of the Americans with Disabilities Act and Section 504 of the Rehabilitation Act. Students with disabilities requiring special accommodations must notify the instructor of this need or directly contact the Disabled Student Resources Office on your campus at the beginning of the semester.

Course Feedback: In order to increase interaction between instructor and students, students are encouraged (but not required) to submit written work via e-mail. Assignments may be submitted as part of body of e-mail text itself or as an ASCII or Ms-Word (version 2003 or lower) email attachment. Using e-mail for this purpose will increase the speed at which your instructor can return assignments with grades and comments. (NOTE: current East Campus policy forbids instructor from sending grade information via email ? work may be submitted via email but the graded assignment/test must be picked up from the NELC by the student). Students are also encouraged to submit questions about course content via e-mail and the instructor will reply to questions via e-mail. Students may also submit assignments via the U.S. Postal Service (see address on first page) or deliver it to NELC in person.

Exams: One exam will be given for each of the six units (see outline above or the "Contents in Brief" on page vii of your book). The exams for units 1, 2, 4 and 5 will be open book, take home exams. The exams for units 3 and 6 will be closed book, proctored exams taken at the college.

Problems: If you have problems with the course, make arrangements to see me or call me through voicemail. Do not wait to ask for help.

Submissions: Please clearly mark all assignments with the following: NUGENT:ECN202. Include full name on both e-mail and regular submissions. Submissions other than via e-mail are to be typed.

Withdrawals: Students may withdraw from class any time during the first 2/3 of the semester (through April 6, 2006) without instructor permission and without incurring any grade penalty. Students not active after this date will receive an "F" grade at the end of the semester. Please be sure to withdraw yourself by April 6, 2006, if you do not expect to complete the course.

Caveats:
Your instructor will make every attempt to follow the above procedures and schedules, but they may be changed in the event of extenuating circumstances.

Students submitting assignments through the mail are advised to make copies for their own protection.

Because so much of our contact with you is through the U.S. Postal Service, it is vital that we have your correct address. If you change your address during the semester, fill out a change of address form at any campus registration office and call our office at 206-6454 to keep our staff up to date.

ECN 202 Grading Policies

Students? grades will be based upon scores received on exams and assignments. Exams and assignments together total 1,050 points. The student?s final grade for the course will be based upon the total points earned divided by 1,000 and curved as follows:

920 to 1000 points A
820 to 919 points B
740 to 819 points C
650 to 739 points D
Below 650 points F

Point values for assignments and exams:

Unit 1 Assignment 50 points
Unit 1 Take Home Exam (Chaps 1 ? 4) 125 points
Unit 2 Assignment 50 points
Unit 2 Take Home Exam (Chaps 5 - 6) 125 points
Unit 3 Assignment 50 points
Unit 3 Proctored Exam (Chaps 7 - 11) 125 points
Unit 4 Assignment 50 points
Unit 4 Take Home Exam (Chaps 12 - 15) 125 points
Unit 5 Assignment 50 points
Unit 5 Take Home Exam (Chaps 16 ? 17) 125 points
Unit 6 Assignment 50 points
Unit 6 Proctored Exam (Chaps 18 ? 19) 125 points

Incomplete (I) grade:
If you find that you cannot complete the course during the regular semester, you must request an ?I? (incomplete grade) in writing. This must be done before the end of the semester. You must state your reasons for the request. In order to be considered for an ?I? grade, you must have successfully completed three-quarters of the course. YOU MUST THEN COMPLETE THE MISSING WORK WITHIN THE TIME AGREED UPON WITH THE INSTRUCTOR . AT THE END OF THE AGREED UPON TIME, THE INSTRUCTOR WILL CHANGE THE ?I? GRADE TO THE LETTER GRADE EARNED FOR THE COURSE AT THAT POINT WHETHER YOU HAVE COMPLETED THE WORK OR NOT.

Special Withdrawal (Y) grade:
Students desiring to withdraw from the class must do so prior to April 6, 2006, which is the last day allowed for withdrawals. THE INSTRUCTOR WILL NOT ISSUE ?Y? GRADES.

Midterm and Final Exams the "Unit 3 Proctored Exam" and "Unit 6 Proctored Exam" (see Point Values for Assignments and Exams above) will constitute the Midterm and Final exams for this course.

Other Assignments and Exams:
All assignments and exams other than the mid-term and final will be done by the students at their homes. Books and may be used as aids to complete these exams and assignments which are available from the NELC or from the instructor's web page located at: http://www.nofreelunch.bravehost.com

Final Grades:
Students will receive a semester grade report from the college when all grades have been recorded. For privacy and security reasons, instructors may not post grades and are advised NOT to give grades over the telephone. Grades are only available via Banner Online system . Please see instructor or college registration personnel if you have questions about accessing your account on Banner Online system.

Note: To help your instructor to improve this course, a variety of classroom assessment techniques may be used to determine if this course is meeting its stated objectives. Such techniques may include but are not limited to, short answers regarding comprehension of the material presented, pre- and post-tests, student interviews, self-evaluations, portfolio, journal and/or capstone experience. Because this course fulfills a general education requirement, you will also be assessed on whether student skills have improved in any of the following areas: oral and written communication, critical inquiry, cultural diversity, and global awareness.
Syllabus Acknowledgment Form

ECN 202 ? Macro Economic Principles - CRN 26576

Please sign and return the following acknowledgment to me at the following address:

Chuck Nugent
Pima Community College
Northeast Community Learning Center
Catalina Village Shopping Center
7816 E. Wrightstown Rd.
Tucson, AZ 85709-5800

Name:

Student Number:

E-mail Address (optional ? but PLESE print clearly):

Please add me to the Class E-Mail list. I understand that this will involve broadcasting (without any reference to me) class announcements to all members of the class.

Separate signature required.__________________________________________

____ I hereby acknowledge that I have read and understand the ECN 202 (Macro Economic Principles) course syllabus which includes objectives, policies and class schedule.

____I have no objection to receiving an occasional call from the instructor at the number given with my registration materials.

____I prefer that the instructor not call or contact me by phone anytime during the semester.

____I would like to be contacted by the instructor regarding the following concerns:

Signature __________________ Phone #_____________________

Date ____________________ Student ID # ________________

This post originally appeared on an external website

While the politicians and mainstream media run around, like Chicken Little, worrying that the sky is falling due to the outflow of jobs and dollars to places like China and India the facts give a different story.

My regular job is managing IT Training and, as a result, I keep an eye on the IT job market in order to know the type of training needed in the market. For the past two or three years I have been flooded with news stories and reports about all the good IT jobs being exported to China and India.

As an economics instructor, I also try to keep up on other economics news and that has been full of tales about how manufacturing jobs, especially in the textile industry, are being lost to China.

It is a fact that thousands of good paying high tech jobs in the IT Industry, formerly done by Americans are now being done by people in China, India and other third world countries. Also, there has been a continuing decline in jobs in old line manufacturing industries as these companies are either moving their operations abroad to countries with lower labor costs or are losing their market share to competition from competitors operating in lower wage foreign countries. But two articles this week shed a different light on this.

First, a blog entry at Mises.org by Mike Shedlock noted
that China, of all places, is LOSING manufacturing jobs. Where are the Chinese jobs being exported to? Nowhere. That's right, job growth in China's manufacturing sector is slowing and, in some cases, actually declining but the jobs lost are not being outsourced to lower wage countries. As China's economy grows, companies in China are starting to face the same pressures that companies in America and other industrialized countries have faced and are still facing. On the one hand competitors in other parts of the global economy are finding ways to manufacture certain products, like textiles, at lower cost than China and this lower cost is passed on to consumers in the form of lower prices. On the other hand, as the Chinese economy grows more jobs are created and companies in China are beginning to encounter labor shortages. When labor, like any resource, is scarce, those that need it begin to bid up the price ? in this case wages.

In order to remain competitive, Chinese manufacturers must adapt new technologies and techniques that allow them to maintain or increase production at a lower cost. Like American and other advanced economies, the Chinese are beginning to produce more with less and this translates into lower prices and more goods for all the people. This is the driving force behind the ever rising standard of living that Americans have long enjoyed and the rest of the world is now beginning to enjoy.

The other piece of news comes from a recent survey conducted by
Computerworld Magazine about jobs in the IT Industry. According to the survey, less than 5% of the 10 million jobs in the U.S. IT Industry have been outsourced to companies overseas. True, some of these were high paying programming and other technical positions. But, all of these programming jobs and other positions, such as call center personnel, were low end, repetitive type positions. The rapid growth of computers in the past three decades resulted in high demand for programmers which in turn translated into high pay for these positions. The high pay attracted new people into the field and now there are numerous people in foreign countries that can do this work at a fraction of the wage U.S. programmers are being paid.

Does this mean that programmers have no future in the U.S. No! There is a rising demand for programmers with the higher level skills and flexibility needed by U.S. companies. People whose skills are limited to simply writing code probably have very little future, career wise, in the U.S. However, programmers who know how to write in a number of different computer languages and have business knowledge and skills are in high demand as are computer security experts and project managers. In these areas wages are rising and labor is in short supply. In addition to having a broader range of skills, the other critical factor is a willingness to relocate as the jobs and people with the required skill sets are not always located in the same geographic area of the country.

The reality is that the U.S. still faces a labor shortage but it is a shortage of skilled people. The future is great but only for those with the ambition to continue learning new skills and upgrading their existing skills.

This post originally appeared on an external website

Yesterday morning my wife and I attended the Tucson Home Show at the Convention Center in Tucson. I normally don't go to these shows, but my son, Victor, had volunteered to run the booth for the Ki Center Martial Arts school He has attended this school for many years and has worked his way up to provisional black belt.

Victor got us a couple of free passes, so we got up early and drove him down in time to set up for the 9:30 opening. I was quite surprised at the large crowd that was already there when we arrived.

The show was quite interesting with a large number of vendors present. Given the current housing boom in Tucson, I was surprised to find only one realty company and no home builders other than a couple of small custom ones. There were also only a few mortgage lenders present.

Being Tucson, pool and spa vendors were well represented. Another big group were various home improvement companies, interior design companies and sellers of things like tile, doors and windows, roofing, etc. There were a couple of water softener companies but not the big numbers you would have expected a few years ago ? that market must be saturated by now.

There was the usual collection of small home based businesses - people selling their crafts, people who have invested in little home based franchises or multi-level marketing operations, etc. - offering a variety of wares. This segment of the market seems to have matured and established itself because the people in these booths seemed very professional and their businesses seemed to be established and sound. All of them appeared to be serious businesses and not a hobby that pays for itself as many appeared to be in the past.

Among the small, home-based businesses were a number selling skin lotions. The dry climate in Tucson adds to the demand for products like these especially during the winter months when the air is both cooler and dryer. All of them were billed as containing only natural ingredients meaning that that the chemical compounds in them were created by Mother Nature rather than by humans in a lab. In addition to dry skin the products were billed as being helpful in curing psoriases, eczema, acne, burns, skin allergies and a long list of other skin ailments. Two that intrigued me were selling skin products containing emu oil as the main ingredient. Emus are a wingless bird found in Australia. The raising of emus was a hot business in the 1980s. Emu and ostrich enjoyed a wave of popularity at this time mainly as a beef substitute. As I recall, they were economical to raise as they had more meat per pound than cattle and the meat was leaner and lower in cholesterol than beef. Then the importation of ostrich was banned due to a disease which gave the emu an edge. For a while people were making good money by purchasing a couple of hundred dollars or so in a couple of emu eggs which they hatched and raised. They made money by selling the eggs laid by their emu and selling the meat and oils. Emu are supposed to be easy to raise as you just let them run loose in a fenced in area and provide some food. There was some medical research that showed that emu oil showed promise in treating arthritis.

It was interesting to see that emu and ostrich raising had moved from the get rich quick promotion phase in the 1980s to a serious and established industry. I was doing some business counseling at the Small Business Development Center in the early 1990s and had the opportunity once to review a business plan for a person who planned to raise emu. I also used to drive past a home in NW Tucson which had a few emu on an empty lot next to the home. Also, anyone who heads north from Tucson in Interstate 10 will notice the large Rooster Cogburn Ostrich Ranch on the west side of road by exit 219. According to the web site for Laid in Montana Emu Oil Products, the emu oil products vendor whose booth I visited at the Tucson Home Show, emu farms are now well established throughout the nation from the east to the west coast and from the Canadian to the Mexican border.

We had intended to just take a quick look around and leave. However, we ended up spending almost four hours at the show which occupied both the ground floor exhibition hall and a large upstairs ballroom. All in all it was quite interesting and profitable as I came away with reservations to visit four timeshare sales presentations in the next month. Even though I told them that I had just purchased a one week timeshare last month and was not in the market for more at the moment they insisted and dangled sufficient monetary and other vacation packages to make it worthwhile. Not counting a 5 day and 4 night stay in Hawaii, a weekend in Scottsdale, dining certificates and other assorted goodies, I also have been promised a total of $300 in cash and gasoline gift cards.

This post originally appeared on an external website

Here are the books that are required for each of the Economics classes that I am teaching this semester. The book for the Community Campus Economics 200 Telecourse is available at the West Campus Bookstore and the books for the Economics 201 and 202 being taught at the Northeast Learning Center are available at the East Campus Bookstore.

The bookstores are stocking both the textbook for each course as well as various workbooks and study guides provided by the publisher. I am only requiring that students purchase the TEXTBOOK. Study guides and workbooks are OPTIONAL.

Economics 200 Telecourse (Community Campus - CRN 28101)
Economics U$A (7th Edition) by Mansfield and Behravesh, W.W. Norton & Co., ISBN 0-393-92605-2. This book is available at the West Campus Bookstore.

Economics 201 (Northeast Learning Center - CRN 26575)
Microeconomics (7th Edition) by Roger A. Arnold. ISBN 0-324-23670-0. This Book is available at the East Campus Bookstore for $103 new - used copies may also be available.

Economics 202 (Northeast Learning Center - CRN 26576)
Macroeconomics (7th Edition) by Roger A. Arnold. ISBN 0-324-23667-0. This Book is available at the East Campus Bookstore for $106 new - used copies may also be available.

NOTE FOR Economics 201 and 202 ONLY:
Both of these textbooks are paperback. On the same shelf is a larger, hardcover book titled Economics (7th Edition) by Roger A. Arnold. ISBN 0-324-23662-x which sells for $141.50. This is for an Economics 200 course and contains the same content as the Economics 201 and 202 course texts. DO NOT PURCHASE THIS BOOK UNLESS YOU INTEND TO TAKE BOTH ECONOMICS 201 AND 202. If you are taking BOTH ECN 201 AND ECN 202 it is a good deal as the price is about $50 less than purchasing the texts for both courses. BUT if you are only taking one of the courses you will end up paying more and only using half of the book. E-mail me at nugentwork@yahoo.com if you have any questions on this.

These and other textbooks can be obtained by visiting the appropriate campus bookstore OR you can go online to https://www.efollett.com/
where you can order and pay for your books on line AND have them sent to ANY Pima Community College Campus Bookstore for pick up by you. If you are taking classes from more than one campus this could save you some trips to various bookstores - simply go to this site, enter the CRN for each class, select the books, pay then go and pick up.

You can also go online to Amazon.Com, eBay's Half.com or any one of hundreds of other online textbook sites and purchase the books, new or used, at a substantial discount from what the colleg bookstore is charging. I buy and sell my daughter's textbooks from half.com and end up paying about 1/3 what she would have to pay at the bookstore and then reduce this further by re-selling them at half.com at the end of the semester.

This post originally appeared on an external website