Archive for September 2014

Quote: 5) Lionel Robbins – definition of economics   Leave a comment

The visible hand in economics

Lionel Robbins (*):

Economics is a science which studies human behavior as a relationship between ends and scarce means which have alternative uses

This is the fundamental definition of economics that I adher to when I write here. In all honesty this is not the sole definition of what people “see” economics as – however, it THE definition of what I would term “economic science”.

This definition fits neatly with the theoretical and applied versions of micoeconomics – however, without appropriate “microfoundations” it is hard to decide whether marcroeconomics sticks to this definition of what economics is – is macroeconomics raising the TRUE trade-off between scarce resources in the entire economy?

Ultimately, Milton Friedman felt we make macroeconomics consistent with this view (and useful) bu focusing on predictive accuracy – like many economic models, this made sense once you converged to your result, but not out of equilibrium…

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Posted September 25, 2014 by arsenalwonder in Uncategorized

Calum Chambers: Did He Deserve the August Player of the Month Award?   Leave a comment

Gooner Daily

  chambers Chambers had two clean sheets in the Champions League

When Arsenal signed a relatively young and inexperienced defender for a whooping 16 million pounds, few thought that was another over-hyped English lad but many were also aware of his massive potential and just the tender age of 19, he has been thrust into the action of Premier League and Champions League football for Arsenal. To make things a whole lot sweeter, his versatility has ensured that he has been used in two different playing positions this season, and the manager still harbors hopes of playing him in a third position further up field.

After a good preseason preparation, Calum Chambers played alongside Laurent Koscielny in the FA Community Shield against Manchester City and he was part of the defense that kept a clean sheet as the Gunners ran out as 3-0 winners. With Per Mertesacker given an extended break from…

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Posted September 10, 2014 by arsenalwonder in Uncategorized