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May 9, 2026 

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NORMATIVE ECONOMICS: The branch of economics that states the way the economy should operate. A normative statement is based on values and can be proved neither right or wrong. While positive economics seeks to explain the way it is, normative economics, the policy side of economics, seeks to prescribe the way it should be. Normative economics is used to recommend ways to change the world, to improve it, and to make it a better place for both man and beast.

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State of the ECONOMY
Production/Income
Real average weekly earnings November 2016 $367.50 Bureau of Labor Statistics Constant 1982-84 dollars
Median weekly earnings Third Quarter 2016 $827 / week Up $24 from 3rd Qtr. 2015
GDP: Real Third Quarter 2016 $18,675.3 Billion (Annual Rate) Source: BEA Up 5.0%
U.S. Exports November 2016 $185.8 billion Down 0.2% from Oct. 2016: Econ. Stat. Admin.
e-commerce sales 3rd Quarter 2016 $101.3 billion Up 4.0% from 2nd Quarter 2016 US Census Bureau
Personal Income November 2016 $16,233.8 billion Up 0.1% from Oct. 2016
U.S. Imports November 2016 $231.1 billion Up 1.1% from Oct. 2016: Econ. & Stat. Admin.
Private Employer Cost for Employee Compensation September 2016 $32.27 per hour Benefits are $10.73 / hour Source: BLS
Sales of New Single-Family Homes November 2016 592,000 (seasonal adjusted annual rate) Up % from October 2016 Source: Econ Stats Adm.
Productivity 3rd Quarter 2016 Unchanged from a year ago Source: BLS
Real Average Hourly Earnings November 2016 $10.68 Up $.07 from November 2015
Employment
U 3 Unemployment December 2016 4.7% Up from November Bureau of Labor Statistics
U.S. Job Openings October 2016 5.5 million Steady Bureau of Labor Statistics
U 6 Unemployment November 2016 9.3% Down a little Includes those who have given up looking. BLS
Prices
Consumer Price Index W November 2016 235.215 Down slightly from Oct. 2016 Source: B L S
Money/Interest
U.S. National Debt January 3, 2017 $19,951,017,689,395.11 Up over $1 trillion in 2016: U.S. Debt Clock
Federal Discount Rate January 3, 2017 1.25% Up 0.25%
Prime Rate January 3, 2017 3.75% Up .25% from a year ago
Federal Funds Rate January 3, 2017 .75% Up 0.25% from a year ago
Cyclical Indicators
Consumer Price Index Urban November 2016 241.353 Up 0.2% from Oct. 2016 Source: BLS
New Orders for Manufactured Goods November 2016 $458.3 billion Down 2.4% from Nov. 2016 Econ & Statistics Adm
New Orders for Manufactured Durable Goods November 2016 $228.2 billion U.S. Commerce Dept. Down 4.6% from Oct. 2016
Business Inventories October 2016 $1,814.5 billion Up 2% from Oct. 2015: Econ. Stat. Admin.
Retail Sales November 2016 $468.05 billion U.S Census Bureau
Producer Price Index Final Demand November 2016 110.8 Up 0.4% from Oct. 2016 Soure: BLS.gov
Wholesale Inventories November 2016 $594.5 billion U.S. Dept. of Commerce
Housing Starts November 2016 1,090,000 Down 18.7% from Oct. 2016: U.S. Census Bureau
Construction Spending October 2016 $1,172.6.4 billion Up 0.5% from Sept. 2016 Source: Econ Stats Adm.
Building Permits November 2016 1,201,000 Do 4.7% from October 2016: U.S. Census Bureau
Other
World Population January 3, 2017 7,362,851,059 Higher: U.S. Census Bureau
U.S. Population January 3, 2017 324,321,654 Up again...U.S. Census Bureau
IMPLICIT COST

An opportunity cost that does not involve a monetary payment or any other form of compensation. The monetary payment that is often made to compensate the person who initially foregoes the satisfaction is not made for implicit cost. There is no payment to transfer the burden of the opportunity cost from the original person to someone else. Implicit cost is also occasionally termed implicit opportunity cost.

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Paying TAXES

The time has come to take a firm stand! The Shady Valley Gazette Tribune-Journal has published an inflammatory editorial calling for a "pedestrian" tax on anyone who ambles around the economy. This tax, as every pedestrian would surely agree, is misguided and short-sighted. It's also unfair and probably unconstitutional. How DARE the editors of the Shady Valley Gazette Tribune-Journal call for a "pedestrian" tax. Sure they argue that ambling pedestrians should help pay for the sidewalks, traffic signals, and other assorted public goods. But, it's certainly not in MY best interest as a pedestrian to pay this misguided, short-sighted, unfair, and probably unconstitutional tax.
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YELLOW CHIPPEROON
[What's This?]

Today, you are likely to spend a great deal of time surfing the Internet seeking to buy either a velvet painting of Elvis Presley or a wall poster commemorating yesterday. Be on the lookout for malfunctioning pocket calculators.
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This isn't me! What am I?

A half gallon milk jug holds about $50 in pennies.
"Enthusiasm is the greatest asset in the world. It beats money and power and influence. It is no more or less than faith in action. "

-- Henry Chester, Writer

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Journal of Economics and Management Strategy
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