4. How do econometricians use computers in their guesswork about economy?
5. What do bikini… Well, I never…
How to Use Mathematics in Economics. The Equation of Earnings
Engineers and scientists will never make as much money as business executives. Now a rigorous mathematical proof has been developed that explains why this is true:
Postulate 1: Knowledge is Power.
Postulate 2: Time is Money.
As every engineer knows,
Work = Power х Time
Since Knowledge = Power, and Time = Money, we have:
Work = Knowledge х Money
Solving for Money, we get:
Money = Work / Knowledge
Thus, as Knowledge decreases, Money increases, regardless of how much Work is done.
Conclusion: The Less you Know, the More you Make.
Слова и выражения:
conclusion – заключение
decrease – уменьшаться
executive – исполнительный
increase – увеличиваться
postulate – условие (постулируемое условие)
rigorous – строгий
solving – здесь: преобразовывая математическое выражение
business executives – управляющий производством
regardless of – вне зависимости от
Karl Marx remains so far one of the most controversial figures in the field of economics. His criticism of capitalism, and his promise of a harmonious socialist future, inspired a revolution of global proportions which brought some economic and political systems to disaster. But, despite the collapse of socialism in the Eastern Europe it is evident that the Marxist dream had firm roots in reality. To understand those one has to look through general characteristics of Marxism – its economics, social theory, and overall vision.
The core of Marxian economics is the labour theory of value elaborated in Capital (1867). Its general issue is rather simple: the value of a commodity can be measured by the amount of labour hours that are necessary to produce that commodity.
To illustrate this Marxists usually employ pretty simple examples. If a watch usually takes twice as long to produce as a pair of jeans, for example, then watches are twice as valuable as jeans. In the long run the competitive price of watches will be twice the price of jeans, no matter what the value of the physical inputs is.
Marx was not the inventor of the theory. Marxism is based on the classical economics of the mid nineteenth century, namely on Adam Smith's The Wealth of Nations