Lawrence Klein Econ 490 fall 2019

Life is a full of choices and you need to face the results of the choice that you have made whether it was a wise decision or not. Each choice has a risk, and we will learn to manage our future risk as we continue to have experiences in decision making. To be honest, I don’t yet know where I will choose to work, how much I will earn after my graduation this semester. And, those conditions would impact my consumption spending when I decide to work in certain places. Before I have decided to come to U of I, I was a student of Missouri Academy of Mathematics, Science, and Computer Science (MASMC). MASMC is the STEM (Science, technology, engineering, and mathematics) school where students are mainly taught STEM courses and some humanity and English courses. MASMC is an early-college program where high school juniors and seniors can take classes at Northwest Missouri State University and earn around 60 college credits and high school diploma upon graduation. The tuition for MASMC wa...

Reading through my prior posts, I have written blog posts about transaction costs, opportunism, successful team, and transfer pricing. Blogging helps me to understand the concept much better than other classes that I am just listening to the lectures and taking tests on the concepts that I was taught. Blogging helps us to think about real-world situation and our own experiences regarding the concept and elaborate how that experiences are connected to the concept/theme of the blog and further in our course. And, I believe that applying concept to the real-world is the most important in the learning process, since it is actual purpose of the learning. I realized that I can connect the dots among the blog posts, and also the concepts that we have learned in the class. In general way of connecting dots among blog posts, transaction costs occur when one tries to make the organization better. And, in order to have the better performing organization, one would need to have a successful ...

What if there are "Illinibucks" at U of I? Illinibucks that can be used for the sole purpose of moving to the head of the line. For colleges like U of I, many things on campus are allocated on a priority basis or first come first serve basis. Students with upper class standing has a priority to register for classes earlier. Seniors have the earliest time ticket, then juniors, sophomores, and freshman. In addition, I recognized that there are some priorities among seniors as well. If the student is engineering major, that student’s time ticket is a bit earlier than someone who is majoring in performing art. For this case, I think it is because of their tuition differences. In our school, engineering students pay the highest tuition. I think it is fair for school to assign time ticket for registration based on their standing and majors. However, if there were illinibucks available students with lower standing such as Sophomore or Junior, they can register for classes that...