Title: The Chief: An Investigative Report on Racial and Ethnic Tension in Durango, Colorado
October 10, 2020
In 2017, The Economist wrote that “Americans are riven by mutual incomprehension.” Since then, the country has become even more polarized. The divide between social classes, ethnicities, genders, and other posionalities has grown deeper and deeper in recent years. And although social division is most studied nationally, it is lived through the experience of local communities. Durango, Colorado, which was carved out of Native land by the forces of imperialistic manifest destiny, is a good example of how social divisions play out in local towns.
According to the National Coffee Association, the U.S. coffee market is valued at around $48 billion, and it's expected to continue growing at a compound annual growth rate of 2.5% between 2020 and 2025. According to a report by Mordor Intelligence, the global coffee market is expected to grow at a CAGR of 3.2% during the forecast period (2021-2026).
Further, according to the USDA, the state of Colorado ranks 20th in the nation for coffee production with an estimated revenue of $2.8 million in 2020. However, the coffee industry in Colorado is showing promising signs of growth.
One example of this growth is the increase in specialty coffee shops and micro-roasters in the state. In recent years, Colorado has seen a surge in independent coffee shops and micro-roasters popping up in cities like Denver, Boulder, and Durango. These specialty coffee shops and micro-roasters are known for sourcing high-quality, sustainably-grown beans and offering unique brewing methods and coffee experiences.
Visualizing data in base R is smooth and simple. Moreover, it can easily be built upon with more sophisticated packages like lattice, ggplot2, and shiny.
X-Inefficiencies (Xnf) are pervasive in business. The term was coined by the renowned Harvard economist Harvey Leibenstein in a 1966 American Economic Review article, Allocative Efficiency vs X Efficiency.
Xnf refers to the loss of output that a firm suffers when it fails to fully use its resources. In other words, it's the difference between how much you could be making, and what are you are making. There are many inefficiencies that can build and compound, and we refer to them with the letter X, because though there are common themes, they are unique at each firm.
Brownian Price Drift is a common way to forecast the movement of an equity based on historical volatility and expected return over a period of time into the future. It is similar to Monte Carlo simulations in that the outcomes are probabilistic, however one key difference is that the input parameters are fixed, yet over different simulations, produce different price paths.
Find an example of how to find the future price of a stock using this method in R below:
Our environments consciously and subconsciously affect the way we think, and the decisions we make. Behavioral economics focuses on understanding the way our brains process information, and how we can design our environments based around neuroscience.
In 2021, Formula 1 (F1) grossed $2.14 billion, second only to the European Champions league soccer tournament. What is F1, and how does it make money?
What is F1?
F1 is a car race competition, with a number of races held around the world called Grand Prixes. The first competition was help in Turin, Italy, in 1946. Each competition is moderated by the FIA, the Fédération Internationale de l’Automobile. Today, 10 teams compete, and each are allowed two cars.
1. Friedrich August von Hayek
Hayek is known for his criticisms of mainstream economic assumptions underlying the 20th century advances in the mathematic formalization of competition in markets.
2. Richard Cantillon
Cantillon is not well known, but he should be. A banker, Cantillon developed revolutionary theory on the flow of money and its effects on inflation. Aptly named the Cantillin effect, his theory challenges the idea that money is neutral, or is distributed like a helicopter, equally and evenly. Indeed, money does not flow this way. Instead, new money is injected into certain sectors of the economy first, and then spent in others.
This means that inflation does not affect all in the economy evenly. Rather, those who initially receive the new money are able to buy at the old prices, and then as that money passes through, increasing the money supply, prices rise, and those who receive the second inflow of money have to pay the higher prices.
3. Jean Baptiste Say
Say is one of the most misunderstood economists of all time. Say's law theorizes that there must be supply in order for demand to occur. Many understand this to be a claim that in order for me to demand an apple, I must have an apple to eat. However, this is a much too simplistic understanding of Say. His theory is much more powerful than that because it implies that in order to demand a product, one must have been productive at some point in the past.
For example, in order to demand, I must have the desire to demand and means to demand, money. No one gifts money for free (parents are a different story). Instead, we work for our money. When we work, we create productivity because we create value for someone else, otherwise they wouldn't pay us. Then, in turn, we spend this money, or demand other products. Hence, we are spending our productivity, and therefore in order to demand, one must supply.
4. Harvey Leibenstein
Leibenstein holds a special place in our hearts; he coined X-Inefficiency (XnF), our namesake in 1966. Xnf refers to the lost output that arises from inefficiencies in a firm's production. This is graphically represented by a higher than necessary average costs curve, and it results in higher prices and less output.
Everyone suffers from Xnf, and we exist to cut out the slack, and move production to more efficient processes.
5. Karl Menger
Menger really started the Austrian school of economics with his emphasize on individual subjectivity. Notably, Menger derived the demand curve using the concept of diminishing marginal utility (DMU), however he did it in an entirely novel way. Where other economists like Jevons also used DMU, Menger associated it with an ordinal set of "Ends" rather than physiological desire. Specifically, Menger discovered that we fulfill our needs in a hierarchical way, and we use the first quantity of a product to fulfill our highest valued ends first. The subsequent Q's fulfill lesser valued ends.