During this past week, Dr. Johnson has re-stimulated parts of my brain that I haven't been consciously using in the past years after i finished my sole economics class. Examples of such applications that I've been using over the years have been opportunity cost, marginal benefit and cost to purchase products both online and in stores. The only part i didn't really apply was term to the concepts.
More importantly, I've found that Dr. Johnson really helped to teach the concepts of economics by allowing us to break economics down to its basic form; no ethics, no opinions. Just plain old economics and its math-like nature. The part I found most interesting is that simply the distinction of perspectives can change the meaning of everything. It can change whether an event or occurrence is a benefit, cost, or simply a transfer.
I also found it interesting during Monday's class that he spoke of how the income is distributed and how it should be ideally distributed (I believe he said there is no right answer). I did a quick google search of the L-Curve that represents the current distribution that shows the distribution in a context we can visualize.
http://www.lcurve.org/
As well from the reading and some before class discussion I took notice of the word "capitation" and wasn't too sure what it was or meant so I looked it up and PBS has a great article that explains it in detail just in case someone else was curious as well.
http://www.pbs.org/wgbh/pages/frontline/shows/doctor/costs/wonderdrug.html
Posted by Eric
Nice find on the graphical representation of the L-curve.
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