I've done a fair amount of reading on the topic and I personally agree with the views in this video: I believe in global warming but I do not believe that it is man made. Comments both for and against are certainly welcome.
6 years ago
The Case for Doing Nothing
by Dr Jeffrey A. Miron
Combine the following in a large saucepan:This gives the following ratio of ingredients (expressed in three ways; unitless because it is simply a ratio):
5 cups diced apricots
¼ cup lemon juice
1 package SureJell Pectin
Bring to a rolling boil over high heat. Quickly stir in:
7 cups sugar
Boil for 1 minute. Pour into jars and process.
Samantha says you are the biggest nerd in your family but I don't think you look look like a nerd. I think you look more like a sports jock.I'm not really sure how to take that. Compliment? Insult to my intelligence? Not sure. In any case, apparently I don't look as much like a nerd as a think, at least.
Coconut BreadI don't have a bundt pan, so I typically use 5 or 6 small (5¾" x 3") loaf pans and decrease the cooking time accordingly (I haven't timed it—I just use a toothpick). I think there might be just a little too much batter to fit in a large (10") loaf pan, though I haven't tried it.
Beat in a large bowl:
     4 eggs
Add and blend well:
     1 cup oil
     2 cups sugar
     2 teaspoons coconut flavoring
Separately, sift together:
     3 cups flour
     ½ teaspoon salt
     ½ teaspoon baking soda
     ½ teaspoon baking powder
Beating well after each addition, add sifted dry ingredients to creamed mixture alternately with:
     1 cup buttermilk or soured milk
     1 cup coconut
     (1 cup nuts)
Pour into greased and floured 10” tube pan and bake at 325° F for 1¼ hours or until a toothpick comes out clean.
When the bread is nearly done, boil for 5 minutes:
     1 cup sugar
     ½ cup water
     2 tablespoons butter
Remove from heat and add:
     1 teaspoon coconut flavoring
Pour the hot syrup over the warm bread and let stand 4 hours before removing from pan.
In economics, an externality is any affect, either positive or negative, from a transaction or activity that impacts people not directly engaged in that transaction or activity. Pollution is the classic negative example: if a factory pollutes while producing its good then a cost is imposed on those affected by the pollution. These costs are not typically taken into account during production—hence the usual solution to regulate or tax pollution to help account for this cost.Many people would argue that fireworks impose a positive externality. If your neighbor or your city are shooting off fireworks they can't stop you from watching even if you didn't pay. So you get to freeride on them and benefit from their purchase. I personally disagree. I think that fireworks impose a negative externality on those of us that don't care for them and their effects. We have no choice but to endure the inconvenience, the sound, the light, the costs from damages and injuries (through taxation), the stench, and the pollution caused by other people's decisions.
On the other hand, the affect can be quite positive. If a man keeps bees in order to harvest honey, then the surrounding area benefits substantially from the pollination that takes place. This benefit might even outweigh the benefit of the honey itself, but the beekeeper is typically not compensated for the full benefit of the bees to the community. It is often the case that things that generate a negative externality are overproduced and things that generate a positive externality are underproduced—hence the need for taxation/regulation or subsidization in some cases.
Now it does get much more complicated than that. Suppose someone is playing music really loud at their apartment. One neighbor might be really annoyed by the music and would say that he is imposing a negative externality on the complex and demand that it be regulated (by a noise ordinance, for instance). Another neighbor might really enjoy the choice of music and the quality of the sound system and would say that he is imposing a positive externality. So the net effect can be complicated to determine and the need for and method of government intervention in many cases is highly debated.
Now back to fireworks.
An Elasticity is a ratio between the percent change of one variable and the percent change of another variable. One common elasticity is the price elasticity of demand for a good, which is the amount that demand for a good changes based on a change in its price. Gasoline is an example of a fairly inelastic good: as the price of gasoline goes up, demand drops pretty slowly, compared to the change in price.The question is then, will people significantly cut back on purchasing fireworks because of having less spending money (i.e. demand is very elastic with respect to income) or will they spend roughly the same amount and cut back on other things (i.e demand is very inelastic)?
Another common elasticity is the income elasticity of demand. This is a measure of how demand changes for a good based on a change of income of those purchasing the good. In other words, if you suddenly make less money, how much will this affect the quantity you purchase of a particular good? This is what I'm curious about with respect to fireworks.