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Random Economic Thoughts And Other Observations

Total news: 15
Last news: May 27, 2008 23:17:43

Total news: 25
Last news: February 19, 2008 06:51:00

The Olympic Torch Relay finally arrived in Nanjing after the 3 days delay for mourning of the Si Chuan earthquake victims. The streets were packed with a river of red flags and “I heart China” t-shirt. I, of course, join in the fun. Why would anyone want to miss out on such an experience? Enjoy the photos, my favorite one is the one with a guy wearing a “I heart Tibet” t-shirt. Who ever said there is no freedom of speech in China needs to take a second look.

Some photos from my Beijing trip. To see bigger version or to see more visit my flickr page.

On Saturday night of April 19, 2008, I went the second concert of my life. The first concert seems like a little kid birthday party compare to this one. With a crowd of approximately 20,000 standing in the rain, in the sold-out Olympic Stadium, in Nanjing, China, Jay Chou gave a performance that is worth the money and the time spend standing in the rain. And yes in the end of the night, he threw his nun chuck at me.

Arm with two VIP tickets and my girlfriend, I head into Olympic Stadium not knowing what to expect since this is my first concert in China. Each of our ticket cost us Y1580, that’s about $225 US dollars each. That is not a bad price compare to US concerts. Our seats were about 20 rows from the front and we were smack in the middle. Every seats were sold out, the Stadium was pack and just right before the concert start, the rain started to pour. Fortunately they gave us some plastic rain coat. It was very thin but it did the job. I was too smart to check on the forecast so I didn’t bring an umbrella, and yes I got an earful from my girlfriend for not bringing the umbrella when she told me to.

Some moments that was unforgettable that night involve two kids. Both pretty chubby, both about the same age, but both did not have the same amount of fun though. There was one kid to our right who couldn’t see the stage because when the concert started, everyone stood up, no not on their feet, but on the chairs. The dad got pretty upset that he paid so much money for the tickets and his kid couldn’t even see Jay Chou, he tried his best to get people to sit down but it didn’t really work. By halfway through the concert they were gone.

This other little chubby Chinese kid on the other hand had the time of his life. Even though he couldn’t see anything but the top edge of the TV screen, he sang, to the top of his lung, along to every, I mean every songs that Jay Chou perform. He knew every song, every words, every beat, and did not care that he was getting rain on and that he couldn’t see Jay Chou. He had a blast.

For us, my girlfriend and I, we were kind of in between. There were moments when people in front of us had their umbrella up and we couldn’t see but when that happen we just scooch to the left (two of the seats to our left were empty), and when we couldn’t see there we scooch to the right. We didn’t know all of the words to the songs but some clever dude decided to put lyrics up on the big screen so all 20,000 people could sing along. Who ever thought up that idea needs a bonus in his next pay check. Other then getting hit by the light saber look alike thing about 5 times by the girl who was standing behind me, the night was violent-free until Jay Chou decided to throw his nun chuck at me.

No that is not a typo, during the last song Jay Chou decided to dance around with nun chuck and when he finish dancing, he threw it into the crowd. Guess where it landed? Yes, right at me. I caught one end of the nun chuck and within milliseconds, this other girl grab the other end. We stare each other down. It was a face/off. Time froze. If there were not 20,000 crazy Jay Chou fans around we could’ve work it out and split the nun chuck in half. I saw it in her eyes, she saw it in my eyes that we could just split it up. About three milliseconds later a crowd of nun chuck hungry Jay Chou fan came crashing down on it. The chairs that we were all standing on were now on top of people. As I saw the crowd coming in, I let go of the precious nun chuck. My precious nun chuck that Jay Chou wanted to give me was not gone. I grab my girlfriend and we moved away from the hungry crowd searching for a nun chuck. We never found out who finally got the nun chuck.

Out of 20,000 people in the crowd, Jay Chou threw his nun chuck at me but I didn’t want to die that night so I let go. You can see in this first picture, the nun chuck that he threw at me.

Jack Cafferty’s remark on China on April 9, 2008. “I don’t know if China is any different, but our relationship with China is certainly different,” Mr. Cafferty said, according to CNN. “We’re in hock to the Chinese up to our eyeballs because of the war in Iraq, for one thing. They’re holding hundreds of billions of dollars worth of our paper.We are also running hundreds of billions of dollars’ worth or trade deficits with them, as we continue to import their junk with the lead paint on them and the poisoned pet food and export, you know, jobs to places where you can pay workers a dollar a month to turn out the stuff that we’re buying from Wal-Mart.

“So I think our relationship with China has certainly changed,” he continued. “I think they’re basically the same bunch of goons and thugs they’ve been for the last 50 years.”

The Chinese people are demanding an apology from Jack Cafferty and CNN for his remark, but it does not seem that this “strongly” opinionated news host will ever apologize. Jack Cafferty claim that the comment was made toward the Chinese Government and not the Chinese people. One thing that Jack Cafferty might not know is that those two words might as well be interchangeable.

One thing I learn being here in China is that, the Chinese people’s relationship with their government is very different from American’s relationship with their government. Especially during this time before the Olympic, the feeling of nationalism is everywhere. You can even see the rise of Chinese nationalism within Chinese who are not living in China. Pro-Chinese protests are starting to sprout up everywhere in the world to contest against the Ant-Chinese protests during the olympic torch relays.

It does not matter that Jack Cafferty’s comment was made to the Chinese Government. The people of China and the Chinese Government has never come this close to unity like they are right now, because of the Anti-Chinese protests and the upcoming Olympic. With the Olympic and the anti-Chinese protest around the world will rise the new Chinese Nationalism.

Last Week, my Econ professor took our class of 8 people to Suning, China’s version of Best Buy. We were given a grand welcome and a grand tour of their main store in Nanjing. I have never had this kind of welcome before, there were about 10 people in suit welcoming us and clapping and [...] - [Read more]

The second night we were here in Nanjing University, one of my friends came back to a room fill with darkness. We thought there was a blackout, but realize minutes later that everyone else had electricity except for her room. After making a few phone calls, we realize that electricity in the hotel/dormitory we are [...] - [Read more]

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Even though many people might claim that there are a lot of resume styles the most important three types of resumes according to me are chronological, functional, and combination. The type of resume must be chosen keeping in mind your experiences and industry or one that you are comfortable with. Here I will give a brief description of each type of resumes.

Chronological Resume:

Chronological resumes present information in a timeline approach. Typically, the most recent work or educational experience is listed first, followed by the next most recent. Employers typically prefer this type of resume because its easy to see what jobs you have held and when you have worked at them.

Keep in mind that this type of resume is best if you have demonstrated experience within your desired career field. It highlights the positions you have held and the companies for which you have worked. So for a fresh graduate with little work experience choosing the chronological resume type may not be a very wise decision.

Advantages

• Many employers and recruiters expect and prefer this format
• Employers can easily scan chronological resumes
• Provides a straightforward history of your work experiences

• Can demonstrate a lack of work experience
• Will show any gaps in employment history
• Employers can guess your age if you include older experiences

• Provides a flexible approach
• De-emphasizes lack of experience in a field
• Minimizes possible age discrimination

• Employers may expect the chronological format

• Provides employers with the expected chronological format
• Highlights your skills

• Can be repetitious if similar functions or skills are utilized in different positions
• May be longer than the chronological and functional formats

After a 16 hour flight from JFK to Fu Dong International Airport in China, I was exhausted. I arrived in Shanghai at 5am in the morning and started touring the city. I won’t be able to updated until next Tuesday when I get to Nanjing University. I would like to apologize to fellow entrecard member who has been dropping cards on me. I will be back full time when I get to Nanjing University. Here’s some photos for your viewing pleasure.

The winner of the 2000 EntreCredit Contest is:  Scott| AndroidGuys

Congratulation to Scott| AndroidGuys, he has won himself 2000 Entrecredit and all he did was comment! Thank you to everyone that participated!

I hate to break this to you all, but when your parent says “Too much of a good thing is a bad thing!”, believe it or not, they are right. Well if you take into account the evil “Law of Diminishing Return”. Here is the definition:

“Sometimes referred to as variable factor proportions, law of diminishing returns states that as equal quantities of one variable factor are increased, while other factor inputs remain constant, ceteris paribus, a point is reached beyond which the addition of one more unit of the variable factor will result in a diminishing rate of return and the marginal physical product will fall.”

English translation: There is a point where, when adding one more item (food, cloth, girlfriend/boyfriends), it decreases your “marginal” utility(happiness).

For example, you love ice creams, so you bought 3 cones of vanilla with sprinkle. It was the best ever! Then you bought a fourth one. It turns out to be not as good as the first three,but it ws okay. Then you bought a 5th one. That didn’t taste as good either. Then you bought a 6th one, that tasted even worse. Actually, it made you feel sick. That is the Law of Diminishing Return working at its best. The first 3 were good but the rest just made you feel worse because you were already full from the first three.

So, prove me wrong, what is something that will not be affected by the Law of Diminishing Return?

Tuesday Link Love has officially changed to Tuesday: Around the Internet. This week we look at sites that deal with economic (or tries to), from theory to plain old saving money. By the way, if you live in the United States go out and shop and help us prevent the recession from happening. http://ahkong.net/silent-thoughts-being-needed-and-the-ability-to-serve/ First, we have [...] - [Read more]

Across the United States, thousand of inmates are doing times for crimes ranging from first degree murder to petty robberies. The jails do not care about what the inmates will do when the inmates get out. Their primary job is to make sure that the inmates are kept away from society so they could not [...] - [Read more]

We all hate ACNE. There is no doubt about that. So I felt that it would be good if I researched a bit on the subject and give some tips that can help people in their everlasting fight against acne.

Some facts about acne:

• Acne is not caused by dirt that lies on the skin. Poor hygiene does NOT contribute to acne. The truth is that dead skin cell accumulation and clogging leads to an increase in "sebum," or an oily secretion of the body, that is used to cover the dead skin cells and bring them to the surface. This natural cleaning process leads to acne. Nonetheless, acne is genetic, whether your parents wish to believe so or not.

• Second, washing everyday does not mean that you have cured the situation. No matter how many times you wash, acne can continue to resurface. Also, scrubbing hard may actually exacerbate the situation. So what can be done?

• This next topic on the cause of acne is debated by doctors, scientists, and people like you and I. Some medical studies show that diet - including chocolate, pizza and french fries - rarely affects acne. While others show that they will make acne worse. But to be on the safe side its better to avoid rich food not only to avoid acne but also to be healthy.

Like everything else, it is always better to prevent acne than to try curing it. Below, I am listing the usual prevention techniques that can be used.

Avoid excessive sun exposure: Small amounts of sun exposure will initially improve acne. However, the benefit is temporary. Consistent sun bathing will increase plugging of the pores and increases the production of whiteheads and blackheads, which makes acne worse. It can also lead to premature aging and skin cancer. If your work type does not allow you to stay indoors, try to use a product that blocks both UVA and UVB rays and provides a SPF of at least 15.

Avoid over-washing acne prone areas:Limit washing to no more that two to three times per day. This goes for face, chest, neck, back, and where ever else you might break out. Washing more then three times per day can often irritate the skin, will offer no further benefit, and may lead to increased oil production. Products such as harsh facial scrubs with almond shell fragments or with high levels of isopropyl alcohol are not recommended because they tend to tear or irritate fragile skin, which can aggravate acne.

Avoid picking on your acne: I know its tempting to pick on your pimples but hold your self back! Squeezing and picking blemishes can force bacteria deeper into the skin, causing even greater inflammation and infection. Remember that picking leads to scarring. Also, the rubbing of your hands on your skin can lead to irritation and more pimples.

Keep your skin free of oils and bacteria: Just by starting a few healthy habits, you can keep your skin free of grime and bacteria that can cause pimples. Wash your hands frequently. Avoid touching your face, including resting your chin in your hands as you think or read.

Avoid stress: Stress can raise levels of the hormone cortisone, which causes increased secretion of oil in your skin.

Lead a healthy lifestyle: Eat a balanced diet, get adequate sleep, exercise and drink plenty of water. These will make you feel good and keep your skin looking at its best.

Types of medications to treat acne

First of all, if you think you have severe inflammatory acne I would recommend going to a trained dermatologist. The solutions that Im going to suggest are only for milder acne and are just samples.

You can use these medicines on your face, back, chest, neck, or where ever else you have acne. Here is a list of medicines that are in many of the acne products. Ill tell you what each one of the medicines does so youll know what to look for in the products.

Benzoyl Peroxide - A key antibacterial agent used to fight acne. It also helps to dry up the skin to clear up pimples. Benzoyl Peroxide is most commonly found in face washes and creams to put on acne.

Salicylic Acid - Used for unblocking pores so the face can be cleaned. Most commonly found in face washes and body scrubs.

Sulfur - Extremely effective in absorbing excess oils and calming inflammation. Usually found in facemasks.

Kaolin - Also known as China Clay, it helps absorb excess oils from the skin. Usually found in facemasks.

Hydroquinone U.S.P. - Gently and gradually lightens dark areas of skin caused by acne. Found in skin lightning lotions and products.

Natural Acids - Help renew skin by removing dead skin cells and balancing skin tone. Found in skin lightning lotions and products.

Guggulesterones - They claim these will help acne by decreasing the number and size of blemishes.

Zinc-Zinc is also an acne treating supplement. Zinc has been known to rid the body of toxins, presumably those bacteria that cause acne.

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From watching the news and reading the paper, you might think that the war in Iraq is over because no one is talking about it anymore. The news is plastered with the primaries, the fear of recession, and even Natalie Holloway, but no updates on the war. The death toll for US soldier is nearing 4000 now. Why should Natalie Holloway, an average American girl, get more attention then the heroes that are dying in Iraq? The soldiers are risking their life everyday to protect America’s freedom, but all they get is a bashing from the anti-war crowd and no coverage from the media.

I do not agree with the war in Iraq but I do believe in supporting the soldiers that are risking their life everyday for us. It’s ironic that we fear that we will slump into a recession but we aren’t taking into account how much America is spending in Iraq. The war has cost us over $440 billion since 2003. The cost for the war has gone up every year.

War funding, which averaged about $93 billion a year from 2003 through 2005, rose to $120 billion in 2006 and $171 billion in 2007 and President George W. Bush has asked for $193 billion in 2008, the nonpartisan office wrote.

This guy, Jerome Kerviel, lost 7.2 billion in 8 business days. George W. Bush, with his war spending alone, will be losing 6.2 billion every 8 business days in 2008. Now that is a lot of money.

No matter what happens with the Democratic primary, Hillary and Obama will be on the same ticket come November. As of right now, the Democratic Party is split between the two; there is no clear winner here. This will be the closest primary election that I can think of. Both Clinton and Obama, when they win the primary, it is a must to select the other as running mate for them to have a chance against the Republican for the presidency. You will probably see one of these come November.

 Will Hillary be on top?

Or will she be on the bottom?

Don’t ask me. Ask this dude.

Jerome Kerviel, the disgraced former Societe Generale trader, actually achieved something quite remarkable: “It’s bloody difficult to lose that much money, that fast,” said Nick Saunders, who heads institutional operations at London-based IG Markets. Kerviel reportedly lost his bank $7.2 billion in just eight trading days. It’s more than any other rogue trader has ever lost in history.

Barack Obama wins for being connected to the most social networking website. Sorry for getting you all excited. In honor of Super Tuesday, 22 states are voting today in the primary, I just wanted to share with you how connected the candidates are in terms of connecting to social networking sites. As you can see from here, Obama with a clear victory at 16. John McCain doesn’t even have one social networking icon on his page. Obama is even in Asian Ave, while McCain doesn’t even have a mySpace link. The other candidates, they just stick to the well known one. Hats off for Obama, joing nearly every social networking site there is known to mankind, from BlackPlanet to Twitter!

This is a report for the course Eco304-Intermediate Macroeconomic Theory II. I have always liked macroeconomics more than micro(mainly because micro is more mathematical and I suck at anything mathematical). So here is the report that I did for this course. The report studies the impact of the floating exchange rate on the economy of Bangladesh.

Download Section (Click report title to download file)

Eco304

1. Effect of the floating exchange rate on the economy of Bangladesh [Credits-Asif, Saif]

Description: A very interesting report for those who would like to study the impact of a transition from a Fixed Exchange Rate to a completely Floating one. This is act as an extremely good case study.

Content: Report

Course Description

Eco304 (Intermediate Macroeconomic Theory-II)-This course covers topics in macro theory. Topics include neo-classical models, rational expectations models of macro economic analysis including wage theories, basic growth theory, introduction to computable general equilibrium and other topics.

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