Thursday, January 19, 2012

A Solid Marriage

A husband and wife were having dinner at a very fine restaurant when this absolutely stunning young woman comes over to their table, gives the husband a big open-mouthed kiss, says she'll see him later and walks away.

His wife glares at him and says, "Who the hell was that??"

"Oh," replies the husband, "she's my mistress."

"Well, that's the last straw," says the wife. "I've had enough, I want a divorce."

"I can understand that," replies her husband, "but remember, if we get a divorce it will mean no more shopping trips to Paris , no more wintering in Barbados , no more summers in Tuscany , no more Infinities or Lexus's in the garage and no more yacht club. But the decision is yours."
Just then, a mutual friend enters the restaurant with a gorgeous babe on his arm.

"Who's that woman with Jim?" asks the wife.

"That's his mistress," says her husband.

"Ours is prettier," she replies.

Tuesday, January 17, 2012

Economics History Article

Say's Law is the principle that supply constitutes demand. Or, in the words of economist Jean Baptiste Say, "...a product is no sooner created, than it, from that instant, affords a market for other products to the full extent of its own value." (A TREATISE ON POLITICAL ECONOMY, Chapter 15).

J.B.Say (1767-1832) is the French economist who coined the word entrepreneur to describe an economic agent independent from the landlord, worker or even capitalist (since the entrepreneur may secure financing from others). Say wrote his TREATISE to counter the Mercantilist doctrine that money is the source of wealth. According to Say, goods buy goods, and money mediates the transaction: "It is not the abundance of money but the abundance of other products in general that facilitates sales." James Mill expanded on Say's argument in his book COMMERCE DEFENDED to counter the belief that underconsumption is the cause of economic recession — and to counter the belief that increased consumption is the remedy for recession. Say incorporated Mill's ideas in subsequent editions of his TREATISE. Say was emphatic that consumption destroys wealth and that only production creates wealth.

Thomas Malthus was the foremost classical economist who promoted the idea that underconsumption causes recession. Malthus blamed the wealthy for saving rather than spending. David Ricardo, in answering Malthus, invoked J.B.Say to write: "The shoemaker when he exchanges his shoes for bread has an effective demand for bread." Ricardo attributed post-war depression & unemployment to a mismatch of supply & demand, rather than to underconsumption.

Classical economics incorporated the ideas of Say, Mill and Ricardo rather than Malthus in its body of wisdom. These ideas were augmented by John Stewart Mill who emphasized the role of savings rather than consumption in wealth-creation when he said: " consume less than is produced, is saving; and that is the process by which capital is increased."

The beliefs of Malthus were revived during the Great Depression of the 1930s by John Maynard Keynes in his book THE GENERAL THEORY OF EMPLOYMENT, INTEREST AND MONEY (1936). It may not be much of an exaggeration to state that the GENERAL THEORY is little more than a protracted attack on Say's Law — a reversion to Malthus in claiming that underconsumption (low "aggregate demand") causes recession & unemployment — and the claim that government spending (financed by deficits, taxes or inflation) and subsidized consumer spending can compensate for "demand deficiencies". In his preface to the French edition of THE GENERAL THEORY Keynes refers to Say's Law as a "fallacy" and describes his own book as "a final break-away from the doctrines of J.-B. Say".

In the first section of Ch...

Wednesday, January 11, 2012

Monday, January 09, 2012

How Sad

A guy in a bar was about as drunk as it's possible to get.

A group of guys notice his condition and decide to be good Samaritans and take him home. First they stand him up to get to his wallet so they can find out where he lives, but he keeps falling down.

He fell down eight more times on the way to the car, each time with a real thud.

After they get to his house, he falls down another four times getting him to the door..

His wife comes to the door, and one guy says, "We brought your husband home."

The wife asks, "Where's his wheelchair?