Just wanted to share a funny conversation that transpired in my microeconomics class at 9:30 pm on Monday. What could be so funny in a 9:30 pm microeconomics class? Usually NOTHING, but this time the professor said something so profoundly true and with such libertarian gusto that upon thinking of it for a minute or two I burst out laughing!! Yes , I know I sound like a nerd (wish that I were one though!) and I am sure some students thought me weird but if only there knew Wonderland, they would see the humor.
So here goes:
Dr. C was pontification on how non-economists wrongly view the world through pessimistic eyes and how we economists being the wiser need to dispel the misconceptions. For example he says, most people are negatively biased towards immigration. They think it’s the worst thing that can happen to their country. They blame the foreigners. Everyone blames the foreigners. No jobs, it is the foreigners’ fault. High crime, it is the foreigners’ fault. Inflation, foreigners’ fault. Failing education and health systems’, yup you guess it, foreigners’ fault. Yet when you go around the world, I have yet to encounter one people that admit that they are the fault. Foreigners are always to blame yet who those foreigners are depends from one country to another. One thing the countries have in common: IT IS NEVER THE LOCALS’ FAULT! You never find a people that admit that they are to blame somehow. If only I acted different the world would be a better place!
In the USA, people are freaking about the influx of the Mexicans. The Mexicans meanwhile are going crazy trying to stop the Guatemalans from illegally entering Mexico! A Indian newspaper lamented the influx of Bangladeshi immigrants to India. Apparently they are lowering the standard of living in India and taking away all the jobs! Upon hearing the last statement I burst out laughing. How many times did I hear Wonderlandians complain about the Indians taking all the jobs and driving the wages down….aaaaah sweet justice! Lol I can just imagine what the Wonderlandian would say: Allah ma edeg eb 3a9a/ God doesn’t hit with a stick! (I on the other hand never harbored such a thought!)
And of course remembering the flood of immigration in Wonderland immediately wiped the smile off my face. How I long for the days of old when expat workers were the only kind of foreigners my country folk complained about. I lifted my hand to ask the professor his opinion of government driven illegal naturalization but the class ended.
Showing posts with label economics. Show all posts
Showing posts with label economics. Show all posts
Wednesday, April 23, 2008
Wednesday, March 26, 2008
BD50, Who Gets It and Why?
I wonder how the Bahraini government determines who is eligible to receive the BD 50/- a month for a year. (It is for a year right and not a measly one-time deal?) How does the government know who is needy or isn’t?
Here in the US, I received a letter from the Internal Revenue Service informing me that in May I will receive a one-time check for $600.00 if I filed a single tax return or $1,200 if I filed a joint tax return. The mailing also stated that you are still eligible to receive the amount if you din’t pay any taxes but have an earned income of $3,000, or something like that. This comes as a part of tax relief plan.
The US disbursements are clear, clearer than the Bahraini ones; the criteria for eligibility are stated and you know how the US government determined if a person should get relief or not. It determines a person’s needs, accurately or inaccurately, based on the individual’s tax returns.
When I received the mailing, I felt happy, then disgruntled and now somewhat puzzled. Happy because I am getting money, from the government no less! Disgruntled because instead of disbursing funds as a relief, the government could’ve just not collected as much taxes from me (yeah right! I know it’s a far fetched thought). Puzzled, because it got me thinking about Bahrain and the BD50/-. How is the Bahraini government determining who is eligible for the funds.
I quickly grew wary (I guess it’s the economist in me, or the libertarian thought that dominates the economic department of my college), how does the Bahraini government know who is eligible and who isn’t? Does the government keep tabs on its citizens’ earnings? The answer may not be as puzzling really, it can determine what an individual makes based on the amount that gets deducted for retirement etc. But what about the self-employed, most of whom do not make a bunch of money. The women that drive children to schools and such, it would be ridiculous to assume that they are putting any funds into retirement. How is their eligibility determined?
With the different questions popping in my mind, a final one leaves me worried, however flawed the means of determining eligibility, the government has a plan in place to do that, right? Or does it just pick names from a hat, or a favorable list???
Here in the US, I received a letter from the Internal Revenue Service informing me that in May I will receive a one-time check for $600.00 if I filed a single tax return or $1,200 if I filed a joint tax return. The mailing also stated that you are still eligible to receive the amount if you din’t pay any taxes but have an earned income of $3,000, or something like that. This comes as a part of tax relief plan.
The US disbursements are clear, clearer than the Bahraini ones; the criteria for eligibility are stated and you know how the US government determined if a person should get relief or not. It determines a person’s needs, accurately or inaccurately, based on the individual’s tax returns.
When I received the mailing, I felt happy, then disgruntled and now somewhat puzzled. Happy because I am getting money, from the government no less! Disgruntled because instead of disbursing funds as a relief, the government could’ve just not collected as much taxes from me (yeah right! I know it’s a far fetched thought). Puzzled, because it got me thinking about Bahrain and the BD50/-. How is the Bahraini government determining who is eligible for the funds.
I quickly grew wary (I guess it’s the economist in me, or the libertarian thought that dominates the economic department of my college), how does the Bahraini government know who is eligible and who isn’t? Does the government keep tabs on its citizens’ earnings? The answer may not be as puzzling really, it can determine what an individual makes based on the amount that gets deducted for retirement etc. But what about the self-employed, most of whom do not make a bunch of money. The women that drive children to schools and such, it would be ridiculous to assume that they are putting any funds into retirement. How is their eligibility determined?
With the different questions popping in my mind, a final one leaves me worried, however flawed the means of determining eligibility, the government has a plan in place to do that, right? Or does it just pick names from a hat, or a favorable list???
Tuesday, December 04, 2007
Who Owns You?
Does a person own him or herself? The Rights of a Private Property differ with the different schools of economic thought;
· Socialism's fundamental principles are centered on a critique of this concept, stating, among other things, that the cost of defending property is higher than the returns from private property ownership, and that even when property rights encourage the property-holder to develop his property, generate wealth, etc., he will only do so for his own benefit, which may not coincide with the benefit of other people or society at large
· Libertanian Socialism generally accepts property rights, but with a short abandonment time period. In other words, a person must make (more or less) continuous use of the item or else he loses ownership rights. This is usually referred to as "possession property."
· Communism argues that only collective ownership of the means of production through a polity (though not necessarily a state) will assure the minimization of unequal or unjust outcomes and the maximization of benefits, and that therefore private property should be abolished.
Both communism and some kinds of socialism have also upheld the notion that private property is inherently illegitimate. This argument is centered mainly on the idea that the creation of private property will always benefit one class over another, giving way to domination through the use of this private property. Communists are naturally not opposed to personal property which is "Hard-won, self-acquired, self-earned" (Communist Manifesto), by members of the proletariat (Source: Wikipedia).
During my microeconomics class the issue arose about the test for full private property rights. The professor asserted that the ultimate definite test for full ownership of anything is if you can see that good or your share in that good.
This brought John Locke’s quote to mind: “Every man has a property in his own person. This nobody has a right to, but himself.”
Back to my question: Does a person own him or herself?
If that is true, should a person be allowed to sell themselves or take his/her own life?
Or on a less drastic scale, should people be allowed to sell their organs to the highest bidder when they can in fact choose who to donate their organs to?
And whatever your answer is, who decides? Should the government decide? Society? Or each person?
I have conflicting thoughts on private property rights. I have my religious perspective leaning one way, societal perspective running along the religious thought although not completely similar. Then there is the economist in me, that comes up with a whole different answer.
As I am writing down my answer, conflicting reactions spring up, showing that even for me, a person who thought about this for a while, studied it even, the matter is not so clear cut. So for now my answer will have to wait!
I am curious to read other people’s thoughts and see if they vary in a place as small as Bahrain.
· Socialism's fundamental principles are centered on a critique of this concept, stating, among other things, that the cost of defending property is higher than the returns from private property ownership, and that even when property rights encourage the property-holder to develop his property, generate wealth, etc., he will only do so for his own benefit, which may not coincide with the benefit of other people or society at large
· Libertanian Socialism generally accepts property rights, but with a short abandonment time period. In other words, a person must make (more or less) continuous use of the item or else he loses ownership rights. This is usually referred to as "possession property."
· Communism argues that only collective ownership of the means of production through a polity (though not necessarily a state) will assure the minimization of unequal or unjust outcomes and the maximization of benefits, and that therefore private property should be abolished.
Both communism and some kinds of socialism have also upheld the notion that private property is inherently illegitimate. This argument is centered mainly on the idea that the creation of private property will always benefit one class over another, giving way to domination through the use of this private property. Communists are naturally not opposed to personal property which is "Hard-won, self-acquired, self-earned" (Communist Manifesto), by members of the proletariat (Source: Wikipedia).
During my microeconomics class the issue arose about the test for full private property rights. The professor asserted that the ultimate definite test for full ownership of anything is if you can see that good or your share in that good.
This brought John Locke’s quote to mind: “Every man has a property in his own person. This nobody has a right to, but himself.”
Back to my question: Does a person own him or herself?
If that is true, should a person be allowed to sell themselves or take his/her own life?
Or on a less drastic scale, should people be allowed to sell their organs to the highest bidder when they can in fact choose who to donate their organs to?
And whatever your answer is, who decides? Should the government decide? Society? Or each person?
I have conflicting thoughts on private property rights. I have my religious perspective leaning one way, societal perspective running along the religious thought although not completely similar. Then there is the economist in me, that comes up with a whole different answer.
As I am writing down my answer, conflicting reactions spring up, showing that even for me, a person who thought about this for a while, studied it even, the matter is not so clear cut. So for now my answer will have to wait!
I am curious to read other people’s thoughts and see if they vary in a place as small as Bahrain.
Wednesday, October 10, 2007
Four Hours
Four hours, that is all I have. Aaaah sweet four hours to do whatever I want. So, I choose to blog. Not for all the four hours mind you, time is a precious commodity, but I can blog for ten minutes.
Life has been hectic. School (I really should get used to saying college) is a B. Classes are so hard. What made me think that I would pick math up again after TEN whole years of not dealing with it?! It doesn't help that class is assigned 5 chapters at a time with a zillion problems or that my professor is crazy.....Seriously, I am struggling..... *sigh*
One class is sooooo interesting; I am learning a lot, the other is a mess!!! I love economics, its so interesting! Yet many times I feel overwhelmed and wonder at what I got myself into.
Also I just found out that there is a Bahraini economics professor at my college. How neat is that??
Started a new job, will quit it soon! No, I am not a quitter but I was hired on a contractor to permanent basis to prove my stuff, so to speak. Well, it hasn't been working out at all. I received no training at all. Can you believe, none! Senior accountant, overseeing several functions and no training at all. I had 1.5 days with my predecessor who was rude and treated me like a burden. Now I am expected to do all my work, plus cover for my coworker, meet all deadlines without even being told where to find the information I need, what are the accounts, processes, etc. What a nightmare. Example: I am preparing the accruals and the reconciliations for a zillion accounts. The deadline was last week! No one cared to tell me where I am supposed to get my info from or if the company is conservative in terms of the accruals. I have this one beast of an account that I spent 4 days tracking all the amounts flowing in it. You see, as I find out today, there is a mater list that I wasn't told about! How frustrating! I've been putting unpaid overtime hours trying to figure out the simplest things because no one has the time to train me.
The controller (married lady) told me all about her life "I a Guyanese, not Indian, although I am of Indian ethnicity!" you are beautiful, I believe in calling it as I sees it!!! She even plays with my hair when she comes in my cube (???) Tells me I have to meet deadlines yet acknowledges that I am having problems meeting them because she isn't training me. Yet the deadlines must be met! People who should provide the documents I need refuse to help and expect me to log thru files and cabinets finding the one piece of paper I need. *SIGH*
The silver lining in my dark cloud: I got offered a financial analyst position with a co I interviewed with before starting my job. I can wait to get out.
Social life, at the moment mine is nonexistent. I wait for the weekend only to enjoy staying home and finishing up all the cooking, cleaning and studying! I have yet to explore Washington DC and I have been there for a couple of months.
Ok, so the ten minutes are up! Gotta go....I will try to post more often, so many things to write about...so little time.
PS: excuse all the typos and what-nots, I am too tired to proofread! Apologies in advance!
Life has been hectic. School (I really should get used to saying college) is a B. Classes are so hard. What made me think that I would pick math up again after TEN whole years of not dealing with it?! It doesn't help that class is assigned 5 chapters at a time with a zillion problems or that my professor is crazy.....Seriously, I am struggling..... *sigh*
One class is sooooo interesting; I am learning a lot, the other is a mess!!! I love economics, its so interesting! Yet many times I feel overwhelmed and wonder at what I got myself into.
Also I just found out that there is a Bahraini economics professor at my college. How neat is that??
Started a new job, will quit it soon! No, I am not a quitter but I was hired on a contractor to permanent basis to prove my stuff, so to speak. Well, it hasn't been working out at all. I received no training at all. Can you believe, none! Senior accountant, overseeing several functions and no training at all. I had 1.5 days with my predecessor who was rude and treated me like a burden. Now I am expected to do all my work, plus cover for my coworker, meet all deadlines without even being told where to find the information I need, what are the accounts, processes, etc. What a nightmare. Example: I am preparing the accruals and the reconciliations for a zillion accounts. The deadline was last week! No one cared to tell me where I am supposed to get my info from or if the company is conservative in terms of the accruals. I have this one beast of an account that I spent 4 days tracking all the amounts flowing in it. You see, as I find out today, there is a mater list that I wasn't told about! How frustrating! I've been putting unpaid overtime hours trying to figure out the simplest things because no one has the time to train me.
The controller (married lady) told me all about her life "I a Guyanese, not Indian, although I am of Indian ethnicity!" you are beautiful, I believe in calling it as I sees it!!! She even plays with my hair when she comes in my cube (???) Tells me I have to meet deadlines yet acknowledges that I am having problems meeting them because she isn't training me. Yet the deadlines must be met! People who should provide the documents I need refuse to help and expect me to log thru files and cabinets finding the one piece of paper I need. *SIGH*
The silver lining in my dark cloud: I got offered a financial analyst position with a co I interviewed with before starting my job. I can wait to get out.
Social life, at the moment mine is nonexistent. I wait for the weekend only to enjoy staying home and finishing up all the cooking, cleaning and studying! I have yet to explore Washington DC and I have been there for a couple of months.
Ok, so the ten minutes are up! Gotta go....I will try to post more often, so many things to write about...so little time.
PS: excuse all the typos and what-nots, I am too tired to proofread! Apologies in advance!
Monday, August 06, 2007
A Good Wake Up Call
I was asked about my studies during the last bloggers meeting. After explaining that I am furthering my studies in the fields of economics, someone asked me what my thesis was about. Well, to be honest, I do not have one yet, still working on it as I have yet to start my classes. I explained a little about what I want my thesis to be on and what I hope to accomplish. Bint Battuta asked me if I ever read the works of Hernando De Soto.Hernando who, was the first question that popped into my mind. I must've said it out loud because BB said that he is a Peruvian economist and explained a little of his ideas. I googled his name as soon as I got to a pc and read more. Thanks BB for the heads up!
Well now I am good and worried. Here I am embarking on in-depth study of a field, about to become an expert in it mind you, and don't even have the slightest idea about the movers and shakes of this field. Instead of taking economics and math classes as my advisor suggested, I hopped on the first plan back to Bahrain...
You see, economics isn't my undergraduate major and I only have two introductory courses under my belt. To say my knowledge in economics is lacking is being extremely kind. To put it bluntly, I know that once classes start I will suffer. BAD. But, God willing I am determined to make it.
I think De Soto served as a good wake up call. I needed a swift kick in the behind to remind me of what I need to do to get ready for college. It doesn't mean I am not worried though. Oh well!
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