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The Complete Idiots Guide to Accounting 2nd Edition

2011-03-17T01:54:00.000-07:00

The Complete Idiots Guide to ***ing 2nd Edition

Alpha 2006 ISBN: 1592575307 352 pages PDF 10,7 MB

Updated information on ew tax rates, forms, software, and more!

A comprehensive overview of the monthly ***ing process for small business owners and novice bookkeepers and ***ing clerks, this book guides readers through the ins and outs of creating ***s, conducting transactions, handling employees and payroll, managing month- end procedures, and issuing financial reports.

Fully revised to reflect the latest laws and procedures

The perfect tool for the 23 million small business owners in the U.S.

Covers the types of ***ing software programs available and how to use them to manage a manual set of books

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Introductory Financial Accounting

2011-03-17T01:51:00.000-07:00

Introductory Financial Accounting, 9e provides a unique and perfect blend of robust financial statement analysis with early statement of cash flows coverage. It is directed at those who will analyze real financial statements, and make business decisions based upon that analysis. Real statements are used throughout (Starbucks).

Statement of Cash Flows comes earlier in this book than most. Material is focused on analysis of financial statements — ratios introduced early and often, special “Portfolio” section provides a “road map” to financial statement analysis, and special section in end-of-chapter problems focuses on analyzing financial statements (using Starbucks financial statements). Features strong coverage of statement of cash flows (Ch 5) --an essential financial statement, one of growing importance, and should be regarded as a basic statement. For financial accountants.

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Introduction to Business Statistics, 7th edition

2011-03-17T01:44:00.000-07:00

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The Complete Idiot's Guide to Finance and Accounting

2011-01-20T08:52:00.000-08:00

Publisher: Alpha Books ISBN: 0028617525 PDF 321 pages 30,5 mb

You're no idiot, of course. You hire and manage talented people, carry out your daily tasks with grace, and even find ways to shine under deadline pressure. But when it comes to finance and accounting, you feel like you're in the red. Don't throw in the towel yet! The Complete Idiot's Guide to Finance and Accounting helps you create a budget, manage a payroll, and develop a financial management–from the perspective of a nonfinancial manager

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Differential and Integral Equations

2011-01-20T08:44:00.000-08:00

Quote:

Differential and integral equations involve important mathematical techniques, and as such will be encountered by mathematicians, and physical and social scientists, in their undergraduate courses. This text provides a clear, comprehensive guide to first- and second-order ordinary and partial

396 pages Dec 12, 2007 ISBN: 0198533829 PDF

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Cambridge-English Vocabulary in Use Elementary

2011-01-14T20:48:00.000-08:00

Cambridge University Press
English PDF 171 Pages 4.27 MB

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Accounting, Business, and Finance

2011-01-14T20:40:00.000-08:00

Accounting, Business, and Finance Checkmark Books; 1 edition 2010
ISBN-10: 0816080046 153 Pages PDF 12 Mb
Aimed at readers looking to take their career in a new direction, "Accounting, Business, and Finance" provides insightful advice and essential tips for career changers. This new, all-in-one guide explores jobs in Accounting, business, and finance and features self-assessment questions, further resources, and advice on ways to reach career goals. Careers profiled include: Accountant; auditor; bookkeeper; brand manager; claims adjuster; financial analyst; insurance underwriter; loan officer; personal financial advisor; and, stockbroker.

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How to Invest in E-Commerce Stocks

2011-01-14T20:36:00.000-08:00

Publisher: Mc/Gra.w-Hi l l 1998.380 Pages ISBN: 0070092389 PDF 7 MB

How to research and invest in e-commerce companies without getting burned. Electronic commerce companies can be the darlings of Wall Street–or the dogs. Several firms call themselves key players, but in such a new and fast-changing industry it’s tough for most investors to evaluate such claims. Enter Bill Burnham, an e- investment expert, with the first comprehensive guide to researching and investing in e-commerce. He delivers four commandments that individual and professional investors must know, plus eight essential guidelines for investigating various sectors such as security-related products and financial software. Readers will come away knowing how to develop their own e-commerce investment strategy–and will be better positioned to make a killing, rather than be killed, in this hot but volatile area.
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Amazon Associates

2011-01-14T20:33:00.000-08:00

2011-01-14T20:28:00.000-08:00

Business Analytics for Managers Taking Business Intelligence Beyond Reporting

Wiley
2010-07-13
ISBN: 0470890614
272 pages
PDF
15 MB

“While business analytics sounds like a complex subject, this book provides a clear and non-intimidating overview of the topic. Following its advice will ensure that your organization knows the analytics it needs to succeed, and uses them in the service of key strategies and business processes. You too can go beyond reporting!“—Thomas H. Davenport, President’s Distinguished Professor of IT and Management, Babson College; coauthor, Analytics at Work: Smarter Decisions, Better Results.

Deliver the right decision support to the right people at the right time.

Filled with examples and forward-thinking guidance from renowned BA leaders Gert Laursen and Jesper Thorlund, Business Analytics for Managers offers powerful techniques for making increasingly advanced use of information in order to survive any market conditions.
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[FSC] Pinnacle Studio 14 HD Ultimate Collection | 1 GB links

2011-01-14T18:56:00.000-08:00

Code:

Simple, yet powerful tool helps you create high-quality HD movies you can directly upload to YouTube, DVD or mobile devices.

Boost your story with our top-tier release from the Pinnacle StudioT Family, Pinnacle Studio Ultimate Collection. The collection includes a complete set of plug-ins and a Chroma-key green screen for advanced effects, editing and production, in addition to feature-rich Studio Ultimate software. With a new, simpler interface, create top-quality movies in high-definition video, include stunning effects, transitions, animation, and incredible Dolby DigitalÂ® 5.1 sound, empowered by new tools from Avid's professional lines of film-editing products.Then, dazzle your audience when you share your sensations in widescreen format. Sharing options are as limitless as your creativity: from Blu-ray and AVCHD to YouTube, iPod, Nintendo Wii, and more.
Capture, edit and tell your story. Pinnacle StudioT HD is plenty powerful, yet a cinch to use. Easily add emotion with music, heighten suspense, hilarity or surprise by editing scenes and create impact with Montage Themes, transitions, animations and effects. Our user-friendly drag-and-drop interface makes it easy for you to grab photos and videos from your video or still digital camera, phone or computer to create your own high-quality HD movies. Once finished, share your masterpieces with friends, family. or the world with Studio HD direct upload to sharing sites like YouTube.

Exclusive Feature (*New to Studio)

* Motion titling, plus exciting new title designs, DVD menus, effects and over 80 Montage templates*

* Stop-motion capture for amazing animations and fast-motion effects*

* Fluid image stabilization technology from Avid used in major motion pictures*

* Dolby DigitalÂ® 5.1 sound

* Share straight to Blu-ray, HD DVD, DVD, YouTube (with wide-screen export)*, the web, MP3 sound files and more

* Export movies for Flash, QuickTime, improved AVCHD*, PS3, Nintendo Wii, Xbox and more

* Add Hollywood-style animations, transitions and effects with Pinnacle Studio Ultimate and a complete set of Red Giant plug-ins

Input Options:

-Capture from DV, HDV and Digital8 camcorders or VCRs (requires a FireWireÂ® port)

-Capture from analog camcorders, 8 mm, HI 8, VHS, SVHS, VHS-C, SVHS-C, or VCRs (NTSC/PAL/SECAM). (requires Pinnacle or Dazzle video hardware)

Output Options:

-Output to DV, HDV or Digital8 tape (requires camcorder with FireWire Input port and a PC with a DV/FireWire port)

-Output to analog videotape (requires DirectShow compatible device with video output)

Import Formats:

-Video: AVCHD, BD Blu-ray, DV, HDV, AVI, MPEG-1, MPEG-2, DivX, MPEG-4, 3GP(MPEG-4), WMV, Non-encrypted DVD titles (incl. DVD-VR/+VR), QuickTime (DV, MPEG-4*, H.264)

-Audio: MP3, MPA, WAV, AC3, WMA

-Graphic: BMP, GIF, JPG, PCX, PSD, TGA, TIF, WMF, PNG, J2K

Export Formats:

-AVCHD, DVD (DVD-R, DVD-RW, DVD+R or DVD+RW, dual layer), S-VCD, Video CD (VCD)

-AppleÂ® iPodÂ®, SonyÂ® PSP/PS3, NintendoÂ® Wii, MicrosoftÂ® Xbox compatible formats

-DV, HDV, AVI, DivX, RealVideoÂ® 8, WMV, MPEG-1, MPEG-2, MPEG-4, Flash, 3GP, WAV, MP3, QuickTimeÂ® (SD format) files

-DolbyÂ® Digital 2 channel and 5.1 channel audio

System Requirements:

WindowsÂ® 7, Windows VistaÂ® (SP2),Windows XP (SP3)

-IntelÂ® PentiumÂ® or AMD AthlonT 1.8 GHz (2.4 GHz or higher recommended) - Intel CoreT 2 or i7 2.4 GHz required for AVCHD* (2.66 GHz for AVCHD* 1920)

-1 GB system memory recommended, 2 GB required for AVCHD

-DirectXÂ® 9 or 10 compatible graphics card with 64 MB (128 MB or higher recommended) - 256 MB required for HD and AVCHD

-DirectX 9 or higher compatible sound card

-3.2 GB of disk space DVD-ROM drive to install software

All Bonus Content version 2: Contents All Bonus Content version 2:

Pinnacle Hollywood FX Volume 1-3 Pinnacle Hollywood FX Volume 1-3

Pinnacle Premium Pack Volume 1-2 Pinnacle Premium Pack Volume 1-2

Pinnacle RTFX Volume 2 Pinnacle RTFX Volume 2

Pinnacle ScoreFitter Volume 1-2 Pinnacle ScoreFitter Volume 1-2

Pinnacle Themes Winter Pack Pinnacle Themes Winter Pack

Pinnacle Title Extreme Pinnacle Title Extreme

Video Plugins: BWPlugins Pack 1-3 Video Plugins: BWPlugins Pack 1-3

Video Plugins: Bravo Studio Pack 1-3 Video Plugins: Bravo Studio Pack 1-3

Video Plugins: Camera POV Video Plugins: Camera POV

Video Plugins: Dziedzic Pack Video Plugins: Dziedzic Pack

Video Plugins: JPsEffects Video Plugins: JPsEffects

Video Plugins: Neat Video 2.21 Video Plugins: Neat Video 2.21

Video Plugins: NewBlue Video Video Plugins: NewBlue Video

Video Plugins: Pixelan CreativEase 1.0 Video Plugins: Pixelan CreativEase 1.0

Video Plugins: Pixelan SpiceMASTER Pro 2.5 Video Plugins: Pixelan SpiceMASTER Pro 2.5

Video Plugins: Stage Tools Video Plugins: Stage Tools

Video Plugins: Vance Effects Video Plugins: Vance Effects

Sound Plugins: Alien Sound Plugins: Alien

Sound Plugins: ComboVox Sound Plugins: ComboVox

Sound Plugins: NewBlue Audio Bonus Pack Sound Plugins: NewBlue Audio Bonus Pack

Sound Plugins: NewBlue Audio Enhancements 1 Sound Plugins: NewBlue Audio Enhancements 1

Sound Plugins: NewBlue Audio Essentials 1-4 Sound Plugins: NewBlue Audio Essentials 1-4

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Hixam Community: Accounting for Payroll: A Comprehensive Guide

2011-01-12T23:31:00.000-08:00

Hixam Community: Accounting for Payroll: A Comprehensive Guide: "Accounting for Payroll: A Comprehensive Guide Product Description A one-stop resource for setting up or improving an existing payroll..."

Hixam Community: Tips for Writing Economics Essays.

2011-01-12T23:23:00.000-08:00

Hixam Community: Tips for Writing Economics Essays.: "1. Understand the Question. Make sure you understand the essential point behind the question. If appropriate, you could try and rephrase th..."

Tips for Writing Economics Essays.

2011-01-12T23:21:00.000-08:00

1. Understand the Question.

Make sure you understand the essential point behind the question. If appropriate, you could try and rephrase the question into a simpler version.
For example:
Q. Examine the macro economic implications of a significant fall in UK House prices, combined with a simultaneous loosening of Monetary Policy.
In plain English.

What is effect of falling house prices on Economy?

What is effect of falling interest rates (loose monetary policy) on economy

In effect there are two distinct parts to this question. It is a valid response, to deal with each separately, before considering both together.

2. Write in Simple sentences.

For clarity of thought, I usually find it is easier for students, if they stick to writing shorter sentences. The main thing is to avoid combining too many ideas into one sentence. If you write in short sentences, it may sound a little stilted; but it is worth remembering that there are no extra marks for a Shakespearian grasp of English. (at least in Economics Exams)
Look at this response to a question:
Q. What is the impact of higher interest rates?

Higher interest rates increase the cost of borrowing. As a result, those with mortgages will have lower disposable income. Also, consumers have less incentive to borrow and spend on credit cards. Therefore consumption will be lower. This fall in consumption will cause a fall in Aggregate Demand, and therefore lead to lower economic growth. A fall in AD will also reduce inflation. (draw diagram)

I could have combined 1 or 2 sentences together, but here I wanted to show that short sentences can aid clarity of thought. Nothing is wasted in the above example.

Answer the Question.

Quite frequently, when marking economic essays, you see a candidate who has a reasonable knowledge of economics, but unfortunately does not answer the question. Therefore, as a result, they can get zero for a question. It may seem harsh, but if you don't answer the question, the examiner can't give any marks.

At the end of each paragraph you can ask yourself; how does this paragraph answer the question? If necessary, you can write a one-sentence summary, which directly answers the question. Don't wait to the end of the essay to realise you have answered a different question.
Example.

Discuss the impact of EURO membership on UK fiscal and monetary policy?

Most students will have revised for a question on: The Benefits and Costs of the EURO. Therefore, as soon as they see the EURO in the title, they put down all their notes on the benefits and costs of the EURO. However, this question is quite specific; it only wishes to know the impact on fiscal and monetary policy.

Evaluation.

The "joke" goes, put 10 economists in a room and you will get 11 different answers. Why? you may ask. The nature of economics is that quite often there is no "right" answer. It is important that we always consider other points of view, and discuss various different, potential outcomes. This is what we mean by evaluation.

For example:

The effect of raising interest rates will reduce consumer spending.

However, if confidence is high, higher interest rates may not actually discourage consumer spending.

If the economy is close to full capacity a rise in interest rates may reduce inflation but not reduce growth.

However, if there is already a slowdown in the economy, rising interest rates may cause a recession.

In UK A - Levels evaluation counts for 40% of the final Mark.

Forecast for Interest Rates 2011

2011-01-12T23:16:00.001-08:00

The UK economy faces a few paradoxes.

Low Growth – High Inflation. Firstly, after a deep recession the economic recovery is weak. In theory, high unemployment and low growth should lead to low inflation. However, due to rising energy and food prices, we have inflation above target. This presents a conundrum for the Bank of England – do they increase interest rates to reduce inflation or do they keep interest rates low to boost spending and help reduce unemployment?

High Unemployment – Yet tight Fiscal Policy and tight Monetary Policy. Usually at this stage in the economic cycle, you wouldn’t want a tightening of fiscal policy and monetary policy at the same time. It could cause the recovery to stagnate. Yet, this is the prospect we face. Tight fiscal policy and increasing interest rates.

Negative Real Interest Rates. We often talk about ‘normal’ interest rates. What this implies is an interest rate above the rate of inflation. This means savers should be able to get an increase in the value of their savings. A negative real interest rate means the value of savings is decreasing. At the moment, Bank of England, base interest rates are significantly below the CPI, therefore, in theory, savers are losing out.

This is mitigated by the fact banks are trying hard to attract deposits, therefore there are saving accounts which still offer positive real interest rates. But, in medium term, the Bank will want a return to ‘normal’ interest rates. This means, we could see base rates shoot up to 5%.

Fear Ultra Low Interest Rates may stoke Future speculative Bubble. The recent financial crisis was caused by excessive borrowing and speculation. The danger is that ultra low interest rates could stoke a future boom and bust in lending. That is a possibility, though banks are trying hard to increase bank reserve ratios. For example, mortgage lending remains restricted.

Where does that leave interest rates for 2012?

Some forecast a speedy return to 5% at the end of the year. (Recently, Bank of England Markets Director Paul Fisher warned interest rates could rise to 5% soon). They see signs of economic recovery and to keep inflation in check we need a return to normal interest rates. That might sound a huge jump, though the impact may be muted because many banks didn’t pass on the interest rate cut on to consumers.
However, others argue there is danger of stagnating growth. Higher taxes and spending cuts will reduce growth. Given high unemployment, we need monetary policy to be loose to offset the fall in government spending. Also, though CPI inflation is slightly above target, it is has not led to wage inflation and CPI inflation may fall back, if energy prices stop rising.
Overall, there is strong likelihood interest rates will rise in 2012. The big question is how early and how quickly. This will depend on the pace of economic growth and the stubbornness of inflation.

Food Inflation

2011-01-12T23:14:00.000-08:00

Food Inflation
When food prices rise in the developed world it is an inconvenience, something to grumble about. But, when food prices rise in the developing world it can make difference between going hungry and getting enough to eat.
Food inflation is volatile. Agricultural prices tend to fluctuate because demand and supply are both inelastic and supply can vary due to the weather. However, despite the usual volatility, food prices seem to be showing a strong upward movement, reaching record highs in recent years.
For example, in India a booming economy has GDP expanding at 9% a year. Official inflation is around 7%, but, headline food inflation is more than double at 17.8% 1
The Food and Agricultural Organisation said its food price index rose to 214.7 points in Jan 2001, above the peak of 213.5 set in June 2008. 2
What is Causing Food Inflation?
There have been short term supply constraints such as bad weather. However, there is also evidence of increasing long term supply constraints such as loss of farming land due to global warming.

Increased use of bio-fuels. Growing crops for energy rather than food production.

Rising Demand. Rapid economic growth in China and India is increasing demand for more resource intensive foods. As incomes rise, people tend to spend a higher % of income on meat and dairy products. These require more intensive land cultivation. e.g. crops are used to feed cattle, therefore the supply of crops for food has decreased.

Implications of Food Inflation

It is important to bear in mind food price spikes tend to be temporary and often the result of local bottleneck shortages. Whilst rising food prices tend to make headlines, later falls in prices tend to make less news. However, even temporary periods of rising prices can cause widespread hardship to those on the breadline. Agriculture is a market when relying on free market forces can cause much hardship. Though often difficult to implement, there is a necessity for guaranteeing supply and minimum prices of at least the basic food stuffs such as rice and wheat.

Also, the rise in food prices cannot just be put down to short term factors. A growing population and growing affluence will inevitably place greater demand on agriculture. If environmental pressures continue to grow the pressures on both supply and demand could lead to food prices becoming more common.

It is true that we gloomy Malthusian prophecies have often proved false. But, that doesn’t mean we can always count on increasing food supply to meet demand. There are diminishing returns to green technology, especially when the weather erodes away our fertile land.

Whilst we worry about Space travel, quantitative easing and marvel at the growth of electronic technology, it is rather humbling that the greatest problem of mankind still seems to revolve around food and water.

Difference between CPI and Core CPI

2011-01-12T23:11:00.000-08:00

The difference between CPI and PCE seemed relatively insignificant. However, a big issue is the difference between CPI and Core CPI.

CPI is the consumer price index. A measure of the cost of living for the typical person.

Core CPI is the CPI – energy and food prices.

Energy and food prices are removed because they have tendency to be highly volatile.

This graph of Core CPI and CPI in the US shows how volatile CPI can be.

Core CPI
Source: 1
Blue line – CPI
red line – Core CPI – without volatile prices.

Policy Implications of Core CPI

This clearly has policy implications. If we look only at CPI, monetary authorities may be inclined to change interest rates more frequently. For example, in 2008, we had a rise in energy prices causing cost push inflation of 5%, a few months later we were in deep recession. In other words CPI can give a misleading impression of underlying inflationary pressures. If you tighten monetary policy because of temporary food and energy inflation, you create potential for slowing down economy. Similarly when there is a slump in energy and food prices, there is a danger monetary policy can become too lax, creating future underlying inflation.
It is true that consumers have to face rising food prices and rising energy prices. I don’t suggest indexing linking pensions to Core CPI. This could give pensioners an increase in benefits less than there cost of living.
However, it is important for the Bank of England and monetary authorities. It explains why the Bank of England haven’t been increasing interest rates in response to inflation above target.
There is a danger temporary cost push inflation could lead to higher inflation expectations. But, this is not convincing.

Accounting for Payroll: A Comprehensive Guide

2011-01-05T06:52:00.000-08:00

Accounting for Payroll: A Comprehensive Guide

Product Description

A one-stop resource for setting up or improving an existing payroll system
The most comprehensive resource available on the subject, Accounting for Payroll: A Comprehensive Guide provides up-to-date information to enable users to handle payroll accounting in the most cost-effective manner.
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Information Economics and Labor

2010-12-27T22:19:00.000-08:00

Information Economics and Labor

I. Probability

A. Everyone is familiar with probability to some degree, from rolling dice, playing cards, and so on.

B. Basic postulate of probability theory: events range from impossible (probability=0) to certain (probability=1).

C. Probability language allows us to quantify uncertainty.

D. Even though people rarely put a precise number on each event, they almost always have some probabilities in the back of their minds.

E. When people are asked difficult questions, they often say "I don't know." But what if they HAD to guess? Note: in real life, you have to guess all of the time.

F. Common sophism: "No one can 'know' X."

1. If this means "No one can know X with certainty," then it's obvious but uninteresting.

2. If this means "No one has any idea at all about X," then it is clearly false.

II. Search Theory

A. Must economists assume "perfect information"? Not at all: there is an extremely general theory of economic action under uncertainty, known as "search theory."

B. Basic assumptions of search theory:

1. More time and effort spent "searching" increase your probability of successful discovery.

2. Searching ability differs between people.

3. People can make a reasonable guess about the probabilities of different events and their ability to influence those probabilities.

C. Main conclusion: People search so that the marginal cost of searching equals the expected marginal gain of searching.

1. Qualification: You may need to adjust for a searcher's degree of risk-aversion if they are gambling a lot of their wealth.

D. The (endless) applications:

1. Prospecting for gold.

2. Searching for a job.

3. Dating.

4. Rational amnesia.

E. Main conclusion: If the economics of perfect information doesn't make sense, try search theory. It explains almost everything else.

III. Search Theory and Unemployment

A. In spite of the insight it offers, the supply-and-demand model of labor markets oversimplifies. It assumes that employer and worker characteristics are perfectly known to all.

B. In reality, people have to search for good "matches," where the skills of the worker fit the requirements of the job. These "requirements" are not always easy to quantify; and even when they can be quantified, people may pretend (or convince themselves) that they have more skills than they actually do.

C. Such search takes time: interviewing, comparing options, reading the want ads, and even re-locating.

D. Such search can be a frustrating experience for both workers and employers: workers don't have a job, face rejection, etc.; employers spend work hours going over applications, interviewing candidates, don't get their first choice, etc.

E. While S&D captures much of what goes on in labor markets, you need search theory to explain why "finding a job" seems harder than "buying a loaf of bread." Matching people to jobs is a tricky business fraught with uncertainty; matching people to loafs of bread is not.

F. What positive function then does job search serve? The better the "fit" between jobs and talents, the greater productivity is. (Imagine randomly assigning people to different jobs!)

G. How much should a worker search? You trade-off between the lost wages of searching, and the potentially higher wage you will earn if you find a good match. Employers make the same trade-off.

H. Insofar as unemployed workers are engaged in useful search activities for unknown opportunities, it makes sense to view them as voluntarily unemployed.

I. It is a much bigger puzzle if workers' best match is obvious, but unemployment persists. With flexible wages, this wouldn't happen - unemployed workers would bid wages down.

IV. The Natural Rate of Unemployment

A. Unemployment will always exist because people have to spend time searching for suitable jobs.

B. At any given time, some people are finding jobs, others are leaving them.

C. What determines the typical level, or "natural rate," of unemployment, where the people getting jobs and losing jobs approximately balance out?

D. Demographics play a key role. Younger people are less certain about what they want to do, and are changing more rapidly. Women are much more likely to quit or start work for family-related reasons. According, more young people and more women typically lead to a higher natural rate of unemployment.

1. This is not a bad thing; remember that search serves a vital economic function.

E. Similarly, more highly educated workers change jobs much less. Being more specialized, they have probably already found a good match. Less educated workers change jobs more; their best use is less certain, and changes more.

F. Regulation can greatly increase the natural rate, as discussed earlier.

V. Job Security: Insurance as a Normal Good

A. One important aspect of jobs is their "security." The more secure a job is, the less likely you are to lose it.

1. Note the close connection to imperfect information.

B. Why do some people have more job security than others? We can understand this using our standard notion of "compensating differentials."

C. Job security is basically a form of insurance that employers offer employees in exchange for lower wages.

D. Better-paid jobs are more pleasant in most ways (as are jobs in richer countries). Simple explanation: Benefits are a normal good; the richer people are, the more they want.

E. Does this work for job security? Yes! Empirically, high-income people have much more job-security than low-income people.

F. Can you make people better-off by legally giving them more job security? In general, no. This just forces them to spend more on job security than they want.

V. Signaling and Education

A. Sometimes, schools teach skills that people eventually use on the job, like reading and writing. In other words, some kinds of schooling make workers more productive.

B. But much of what schools teach seems pretty useless, at least from employers' perspective. ("What does this have to do with real life?") Why should they care if you studied Aristotle?

C. And yet, employers do on average pay you more for completing these apparently useless classes. How is this possible?

D. Maybe the point of school isn't to acquire skills, but to show, or signal, your pre-existing attributes. Signaling explanations of apparently wasteful behavior have become increasingly popular within economics.

E. Signaling models build on three key assumptions:

1. There are different "types" of people and firms: able and unable, smart and dumb, honest and dishonest, hard-working and lazy...

2. It is difficult to observe "types" directly.

3. However: different types (may) have different costs (lower disutility) of performing the same observable activity.

F. So why then would employers pay more to workers who complete useless schoolwork?

1. Employers want people who are smart, hard-working and/or conform to "the rules."

2. People who are smart, hard-working and/or conform to "the rules" find it easier/cheaper to get through school.

G. School doesn't improve them; rather, their ability to finish school shows they were good all along!

1. Similarly, people who are dumb, lazy, and or non-conformist have trouble finishing school. They find it too painful to finish, so they don't.

H. What exactly does education signal? Maybe intelligence, but that can be cheaply assessed with tests.

I. My guess: It mostly signals the personality trait psychologists call Conscientiousness.

J. On a test, it's hard to fake being smart, but easy to fake being Conscientious. To weed out the slackers, you've got to actually see who is willing to struggle through school.

VI. Signaling and Education Subsidies

A. I have already critiqued arguments that education has positive externalities and is under-provided.

B. They look pretty weak. But one point I didn't make at the time was that these arguments assume that education is productive.

C. If education is - in part - signaling, then the argument for subsidies gets even weaker. The signaling argument suggests that the externalities of education are actually negative!

D. Why?

1. If education is mere signaling, then average worker productivity is independent of education.

2. If employers pay workers for productivity, then, increases in education can't raise worker income.

3. How then can education raise one worker's income? By decreasing the income of other workers by the same amount!

E. This means that insofar as education is signaling, it has negative externalities.

F. Why? If education is pure signaling, then at least at the margin, the social benefit of education is zero. Gains to workers who get more are balanced by losses to workers who don't. If productivity stays the same, employers and consumers aren't better off either.

1. I say "at the margin" because there are clear social benefits of better job matching. Some signaling serves a useful social function. But once people are already matched to their jobs, raising education levels further has no additional social benefit.

G. Signaling models provide some formal structure for complaints about "credentialism." As education levels rise, employers tighten job requirements. So what is the point of increasing funding for education?

H. Support for education subsidies probably stems from a "fallacy of composition." If you got rid of subsidies for education, you might not be able to afford a four-year degree, but you would also not need such a degree to get ahead.

I. If education were 100% signaling, there would be a strong economic case for taxing it. We could all have the same relative rank, but spend less time and money on schooling.

J. Because real-world education is a mix of job-training and signaling, putting special taxes on education is probably not such a good idea. But the case for taxes is much stronger than the case for subsidies of the sort we currently have.

Signalling in Education

2010-12-27T22:09:00.000-08:00

Signalling in Education

We tend to assume education is a merit good.A beneficial good that has external benefits for society. However, another approach to education considers how education acts a signal of ability.
Signalling in education suggests productivity is independent of education, but education acts as a credential for greater ability.
In other words, if you are able to get good A levels and get a 2.1 degree from a respected university, then a firm will have evidence that you have certain valuable skills, such as the ability to learn and write. Therefore, you are more likely to get a highly paid job. However, the education might not actually increase your labour productivity, but only show you have the capacity to be an able worker. For example, a degree in ancient Greek may never be used in your job as an accountant. In this case, the only function of higher education is signalling your ability.
If it is true, that higher education only acts as a signal, then it can be seen as economically inefficient, and maybe there is a better way to signal ability than an expensive three years of studying?
A report by Richard Blundell and colleagues in the February 2000 Economic Journal, suggest some reasons higher education may have mainly a signalling function. ¹

Students who take a gap year earn more than students without – suggesting skills learnt on a gap year are useful to employers.
University drop outs earn less than students with just A – Levels. In theory drop outs should earn more because they have more years of education. However, a drop out may signal poor ability to employers.
Returns to vocational training are low compared to non-vocational training, this may reflect a long prejudice against vocational training compared to traditional education.

If education is merely signalling function, this would suggest

An expansion of higher education is not justified.
We should put more funds into shorter, more practical vocational training than three year degrees.
If education was 100% signalling, there would be a justification for taxing education so we could spend less time on merely creating credentials and more time being productive.

These reasons are not conclusive. It is hard to measure the increase in labour productivity that arises from taking a degree in ancient history. But, if you compare the cost of a history / sociology / politics / economics, three year degree to the increase in labour productivity, it is likely to be higher than other forms of education

Limits of Signalling

Signalling is not the only function of higher education. Clearly some degrees play a key role in training a workforce to have higher labour productivity. For professions such as research scientists, teaching, doctors, and medicine, a degree is indispensible, to claim it is only a signal would miss some skills that taking a degree can teach.
Also, higher education may have value other than just measurably increasing labour productivity. Higher education may create a society more knowledgeable and willing to be critical of established opinions.
However, for other degrees and less academic students, the role of signalling may be an important part in the value of education. If higher education acts more as a signal for ability rather than raising labour productivity, it has important consequences such as for the debate about paying for university education and what the optimal rate of higher education is.

Researchers back cancer-fighting properties of papaya

2010-12-12T10:41:00.001-08:00

MIAMI (AFP) – Researchers said Tuesday that papaya leaf extract and its tea have dramatic cancer-fighting properties against a broad range of tumors, backing a belief held in a number of folk traditions.

University of Florida researcher Nam Dang and colleagues in Japan, in a report published in the Journal of Ethnopharmacology, documented papaya's anticancer effect against tumors of the cervix, breast, liver, lung and pancreas.

The researchers used an extract made from dried papaya leaves, and the effects were stronger when cells received larger doses of papaya leaf tea.

Dang and the other scientists showed that papaya leaf extract boosts the production of key signaling molecules called Th1-type cytokines, which help regulate the immune system.

This could lead to therapeutic treatments that use the immune system to fight cancers, they said in the February issue of the journal and released Tuesday by the university.

Papaya has been used as a folk remedy for a variety of ailments in many parts of the world, especially Asia.

Deng said the results are consistent with reports from indigenous populations in Australia and his native Vietnam.

The researchers said papaya extract did not have any toxic effects on normal cells, avoiding a common side effect of many cancer treatments.

Researchers exposed 10 different types of cancer cell cultures to four strengths of papaya leaf extract and measured the effect after 24 hours. Papaya slowed the growth of tumors in all the cultures.

Dang and a colleague have applied to patent the process to distill the papaya extract through the University of Tokyo.

Turmeric ingredient protects liver, say scientists

2010-12-12T10:37:00.001-08:00

PARIS (AFP) – For centuries, practioners of Ayurvedic medicine have counselled patients to use turmeric, a bright yellow spice popular on the subcontinent, to treat liver and digestion disorders.

In a study published on Wednesday, a team of scientists in Europe and the United States give the nod to this piece of advice.

In tests on mice genetically engineered to have chronic liver inflammation, curcumin -- a naturally occurring yellow pigment that is turmeric's main ingredient -- appeared to delay damage that eventually leads to liver cirrhosis.

A group of engineered mice were given curcumin in their diet for four and eight weeks and were compared to engineered counterparts who had an otherwise normal diet.

The curcumin mice had "significantly reduced" scarring to their livers, damage to liver cells and less bile duct blockage compared with non-curcumin counterparts.

Lab-dish tests were also carried out on cholangiocytes -- cells found in the lining of bile ducts -- taken from engineered mice.

Curcumin appears to work by interfering with chemical signalling pathways in inflammation, a finding that throws open an alluring avenue for a new liver drug, the investigators believe.

"Targeting these pathways may be a promising therapeutic approach," say the authors, led by Michael Trauner, a professor of internal medicine at Medical University in Graz, Austria.

The paper appears in Gut, a specialist journal of the British Medical Association (BMA).

Curcumin comes from a perennial herb called Curcuma longa.

Alcohol 'worse than drugs' in Pacific: report

2010-12-12T10:34:00.001-08:00

SYDNEY (AFP) – Alcohol abuse is a bigger problem for Pacific communities than drugs, according to an Australian report, which links drinking to domestic violence and wide-ranging health problems.

The Burnet Institute survey, commissioned by the Australian National Council on Drugs, found that alcohol was the key area of concern in the Pacific, some of whose isolated communities are among the most impoverished in the world.

"It very clearly identifies alcohol as the main substance of concern in the Pacific region and shows that cannabis is the key illicit drug of concern in the region," said co-author Robert Power on Thursday.

"Significantly this really is the first time we have a much clearer picture of the extensive harm occurring in countries that are our neighbours. Alcohol is considered to be the major factor contributing to numerous health problems affecting people in the Pacific."

The report calls for Australian and New Zealand drink-makers, whose products are widely consumed in the Pacific, to help ease the problem. Recommendations include providing treatment programs and improving data collection.

"We see constantly the clear harm alcohol causes to the Australian community," said John Herron, chairman of the Australian council.

"The rise of alcohol-related problems and the potential for it to escalate further in the Pacific is quite ominous -- especially if we don't act now."

Police: Hollywood publicist slain in random robbery by bicyclist

2010-12-09T00:21:00.000-08:00

Los Angeles (CNN) -- Hollywood publicist Ronni Chasen was murdered as she was driving through Beverly Hills, California, in a random "robbery gone bad," by a man who killed himself last week, according to preliminary findings in the Beverly Hills police investigation.
Speculation that Chasen was targeted by a professional hit was shot down Wednesday by investigators who said much of what has been reported by the media since her killing three weeks was untrue.
Harold Martin Smith, 43, was apparently riding his bicycle when he shot Chasen several times as she was on her way home from a Hollywood movie premiere party, police said.
Smith later committed suicide with the same gun that was used in the Chasen killing, Beverly Hills Police Chief David Snowden said Wednesday. Smith shot himself in the head last week as police approached him for questioning as "a person of interest" while he was at his Hollywood apartment building.
A preliminary ballistics test showed that Smith's gun was used in the slaying of Chasen, 64, said Beverly Hills Detective Sgt. Mike Publicker.
"With Mr. Smith's background, we believe most likely it was a robbery gone bad," Publicker said. "We believe it was a random act."
Publicker said it appeared no connection existed between Chasen and Smith prior to slaying.
"The detectives were able to do numerous interviews and through the information obtained in the interviews, it appears that he did act alone," Publicker said. "We believe his mode of transportation was by bicycle."
Authorities said the investigation, which is 60% to 70% complete, remains ongoing.
"There are additional interviews to be conducted, but this is our belief at this time," Publicker said.
"Carjackings are not unusual in Los Angeles, but "in our city it's more than exceedingly rare," said Chief Snowden of Beverly Hills. "It's non-existent."
"We don't believe it was a professional hit, and this is an open and ongoing investigation," Snowden said.
Smith, an ex-convict, pulled a handgun and shot himself as Beverly Hills detectives approached him at Hollywood's Harvey Apartments last Wednesday.

The television show "America's Most Wanted" put police in touch with a tipster who will likely received a $125,000 reward, Publicker said

14-year-old ‘blood cancer’ victim fights to stay alive

2010-12-09T00:17:00.001-08:00

MALE, December 7 (HNS) – Hassan Sameeh, 14, was diagnosed with Acute Lymphoblastic Leukaemia, commonly known as Blood Cancer at age seven. However, he began to show symptoms of the disease at the age of three.

After a few years of fever and body ache, he was sent abroad to India on the recommendation of Indira Gandhi Memorial Hospital (IGMH). Since he was diagnosed, he has had multiple chemotherapy.

The family from Noonu atoll Lhohi received assistance from the government and several businessmen. But his father Mohamed Anees is struggling to get funds for a trip to Trivandrum for this month’s treatment.

Sameeh is due for consultation at the Regional Cancer Centre (RCC) of Trivandrum on December 20.

Anees has decided to take Sameeh to Trivandrum on December 19 on a ticket arranged by the government. However, he is still struggling to raise at least is US$1,500 (Rf19,000) for Sameeh’s treatment and the ticket fare for the assistant.

Anees said 95 percent of the ninth grader’s treatment has been completed but he needs to be treated for another 3 years. A hospital in Vellore offers the chance to complete the treatment at once. Anees wants to complete the treatment in this month’s trip.

“I am appealing everyone who can help to assist in Sameeh’s bone-marrow transplant test,” he said.

“I have to take the ticket on December 15 or the doctor’s appointment will be cancelled. We have to be back in Maldives by January 9, before the school begins.”

Sameeh, who have had about 300 injections and spinal fluid extractions for eight times, hopes to lead a normal life as any other boy of his age.

“He often have high fever and back aches. But God willing he has passed nine grades with good results and without being repeated even once,” Anees said.

“Sameeh wants to be part of the society as a good citizen.”