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the population be in 2050? It is estimat... Bookmark What will the population be in 2050? It is estimated by the United Nations for the population of the world to be 9 billion people. That is an addition of 2 billion people. Energy agencies use population growth to help determine energy consumption. (Peak) Why does the world have such an increase in population? There are many things that aid in this growth, from newer medical technologies, cleanliness to food supply. Cheaper energy sources have also aided in this growth. As we look at energy sources, we need to realize that some are at its maximum of producing energy and that may affect the population growth. (Peak) Sometimes we have to make decisions without having all of the information we might need. When this happens how do we make a decision that takes everyone's best interests involved into account? Population predictions can often be difficult to accurately determine, yet in order to make decisions and plans about our local communities and the global community we have to make some imperfect predictions about future populations in order to attempt to allocate resources for future generations. As the population continues to increase, what happens to our energy resources? Are we depleting energy resources? In this discussion, think about what powers the world and discuss whether these resources are limited or not? Choose a new technology for power sources and discuss (some examples are Fusion, Solar Panels, Windmills, etc).

Prompt Now think about this on a more personal note and focus on yourself. If the world was running out of power sources, and you are asked to present your top 3 energy powered items that you would struggle losing (in your career and/or personal life)? If you had to limit your resources, which of these 3 would you choose to give up in order to keep your other 2 items that are power sourced?

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What will the population be in 2050? It is estimated by the United Nations for the population of the world to be 9 billion people. That is an addition of 2 billion people. Energy agencies use population growth to help determine energy consumption. (Peak) Why does the world have such an increase in population? There are many things that aid in this growth, from newer medical technologies, cleanliness to food supply. Cheaper energy sources have also aided in this growth. As we look at energy sources, we need to realize that some are at its maximum of producing energy and that may affect the population growth. (Peak) Sometimes we have to make decisions without having all of the information we might need. When this happens how do we make a decision that takes everyone's best interests involved into account? Population predictions can often be difficult to accurately determine, yet in order to make decisions and plans about our local communities and the global community we have to make some imperfect predictions about future populations in order to attempt to allocate resources for future generations. As the population continues to increase, what happens to our energy resources? Are we depleting energy resources? In this discussion, think about what powers the world and discuss whether these resources are limited or not? Choose a new technology for power sources and discuss (some examples are Fusion, Solar Panels, Windmills, etc). Prompt Now think about this on a more personal note and focus on yourself. If the world was running out of power sources, and you are asked to present your top 3 energy powered items that you would struggle losing (in your career and/or personal life)? If you had to limit your resources, which of these 3 would you choose to give up in order to keep your other 2 items that are power sourced?

Economics is nothing more than the study of scarcity and choice. It's called the Economizing Problem.

Economics is also the study of human action---why people make the choices they do.

We have finite (limited) resources and infinite (unlimited) demand for goods and services. We must, therefore, use rational decisions as to how to allocate these resources so that we can produce the goods and services that satisfy as many needs and wants as possible.

Needs are those things that make life possible---food, clothing, shelter, etc. Wants are the things that make life easier---glass in windows, carpet on the floor, a refrigerator to keep your beer cold, etc.

The resources we are trying to use wisely are not confined to money. We are talking about talent, ability, drive, ambition, etc. We can't all be brain surgeons. Nor would most of us want to be. We have different needs and wants that drive our ambitions. I have 5 grandchildren. The oldest two are twins---a boy and a girl. My granddaughter graduated from Idaho University with a bachelor's and a master's degree in accounting in 5 years. She passed the CPA exam on the first try. She now lives in Panama and works for BMW. She speaks, reads, and writes 4 languages, including English. Her brother finally graduated from the University of Arkansas in May 2016 after 8 years! Why did it happen this way?? They were raised the same way by the same parents. Why was my granddaughter drove to succeed and my grandson so listless?

Then there is subjective valuation and opportunity cost. Opportunity cost is nothing more than what you have to give up to do something else. Some of you might have to roll out of the bar or the party a little before you wanted to leave just to be able to attend my class. You might also have to give up some precious sleep. In any event, you had to give up something to attend my class. That's the opportunity cost. Remember, everything you do has a price (opportunity cost) that must be paid according to Harry Browne who wrote, How I Found Freedom in an Unfree World.) To do one thing you must give up the opportunity to do something else.

When people decide to buy a product or service they must decide if it will satisfy a need or want at a price they are willing to pay. The number one reason that people buy the products or services they do is called Personal Tastes or Preferences (Subjective valuation). Everyone has a different price they are willing to pay for the same product or service. Something is only worth what someone is willing to pay for it. That's a subjective valuation. Each of us has a different intensity of demand for the same products. Things you want I may not care for at all, and the opposite may also be true. This is why there is such a variety of goods and services offered on the market.

Subjective valuation is also fluid. As your income goes either up or down it changes your valuation of products and services. Have you ever wanted something so bad you would do almost anything to get it---an i phone or I pad?---but once you get the money you think, "do I really want this?' and you don't buy it. This is common. If it were not for a subjective valuation we would all be wearing the same style and color clothes and living in similar houses, etc. Wouldn't that be a wonderful world! I'd find the tallest building in downtown Orlando and see if I could fly! It is not the similarity in people that interests me. It's the differences. It's my desire not to be like everyone else that has driven my life. Don't strive to be someone else. Strive to find and be yourself. God save me from a terminal case of conventional wisdom!

There are 5 embedded questions.

Give me an example of subjective valuation.

salmoneel837

What do you believe is the ultimate impact of technology on job creation? Should there be curbs to the pace of modernization?

(Answer in a paragraph(around 200 words))

What Econ 101 Can Teach Us About Artificial Intelligence

Here's why advancing technology often leads to more jobs for humans, not fewer

A Tesla Model X 75D semi-autonomous electric vehicle is parked at the Governor's Mansion in Olympia, Wash., this year. Goldman Sachs predicts that 25 years from now, driver employment will be growing by 300,000 less per year because of autonomous vehicles.

By Greg Ip

Aug 9, 2017

The first chart you draw in Economics 101 is the downward-sloping demand curve. It shows that when the price of something drops, people consume more of it.

This elementary rule of economics is remarkably helpful in discussing the effects of technological change. As I wrote last week, when technology makes something cheaper, we consume more of it, often by finding new uses. This lesson repeats through history: When coal-fueled steam power became more efficient in the 1800s, demand for steam power and coal spread. When automated teller machines made it cheaper to operate bank branches in the 1980s, banks opened more branches.

My column cites spreadsheet programs like Lotus 1-2-3, whose arrival in the early 1980s made repetitive recalculation vastly simpler and faster. This reduced demand for bookkeepers but created more demand for people who could run numbers in new and interesting ways, such as accountants and management consultants.

In a recent article for the Harvard Business Review, Ajay Agrawal, Joshua Gans and Avi Goldfarb, economists at the University of Toronto who study artificial intelligence, say that in the 1990s, economists didnât buy into the hype that the internet and the World Wide Web would upend everything:

âIt wasnât that we didnât recognize that something changed. It was that we recognized that the old economics lens remained useful for looking at the changes taking place. The economics of the âNew Economyâ could be described at a high level: Digital technology would cause a reduction in the cost of search and communication. This would lead to more search, more communication, and more activities that go together with search and communication. Thatâs essentially what happened.â

They apply that lesson to artificial intelligence and more specifically to machine learning, the use of powerful algorithms to make predictions from patterns in large quantities of data. Machine learning, they say, means many problems will be reframed as prediction problems. Autonomous driving no longer involves programming the car to respond in a certain way to a variety of controlled scenarios, but instead, to watch what humans actually do and then respond the same way.

How does this affect jobs? The authors says it depends on whether the technology competes with or complements what you do. Spreadsheets competed with what bookkeepers do (record keeping and calculation) and thus made them less valuable, but complemented what accountants and consultants do (analysis), and made them more valuable.

Mssrs. Agrawal, Gans and Goldfarb say that AI reduces the value of those who predict things for a living, such as whether a mark on an X-ray is a tumor, but it raises the value of those who use predictions to make judgments:

âWhen prediction is cheap, diagnosis will be more frequent and convenient, and thus weâll detect many more early-stage, treatable conditions. This will mean more decisions will be made about

medical treatment, which means greater demand for the application of ethics, and for emotional support, which are provided by humans.â

So AI will create winners and losers within and among industries and occupations. But what will the net effect be? More jobs or less, and for whom? This isnât knowable, but history suggests that while a specific occupation or industry may suffer losses, the aggregate effects will be positive. The growth in accounting and analytical jobs since the early 1980s is much larger than the loss of bookkeeping jobs.

Nor did all those bookkeepers necessarily lose jobs; many probably became accountants or analysts. As Mr. Gans told me, bookkeepers may have been best placed to exploit the capabilities of spreadsheets: âIf you were doing calculations all day as a bookkeeper, chances are you thought a bit about why you are doing that. When you got a spreadsheet, rather than doing one calculation per day you could do 10 to 50, so you had a better sense of what the [calculations] might say.â

Some readers said AI is a much bigger threat than spreadsheets because it has so many more potential applicationsâand they displace uniquely human abilities. I agree with the first part, less so with the second. I suspect workers in previous eras, whether they drove a horse and plow, handled a stock trade or connected a phone call, thought there was something about their job that a machine could never replace.

Will the disruptions this time around be greater? Maybe, but not necessarily. Goldman Sachs predicts that 25 years from now, driver employment will be growing by 300,000 less per year because of autonomous vehicles. Thatâs 25,000 jobs per month to make up, compared with the 5,000 per month that the decline in bookkeeping since 1985 represents. But itâs hardly insurmountable in a labor market where five million jobs are created and destroyed each month.

Others said I was ignoring the potential for rogue algorithms and robots to turn on us or strip us of our freedom.

The experts, of which I am not one, tell me AI is nowhere near that capability. (Before the robots can kill us they must first stop killing themselves.) And donât assume spreadsheets have been all benign. Excel may not have slain anyone Terminator-style, but it did help wound J.P. Morgan through its role in the âLondon Whaleâ trading disaster.

Which brings me to the final point. We should not confuse what technology enables us to do with how much better off it makes us. Spreadsheets enabled analysts to construct much more intricate forecasts of stock prices and the economy, but didnât make those forecasts any more accurate. AI may enable companies to better manage the risks of their products and actions, but those products and actions may not be more profitable. Many a CEO has wondered whether the money they spend on spreadsheet-wielding consultants yields any real value. Some day they may wonder the same thing about their AI-wielding consultants.

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