AboutWarren D. Miller, CFA, ASA, CMA, CPA Expertise My in-depth knowledge of economics is confined to three sub-disciplines: Austrian economics, industrial organization, and evolutionary economics. Other questions dealing with macroeconomics, the traditional neoclassical paradigm, labor economics, environmental economics, agricultural economics, health economics, and so on should go to those who have the appropriate expertise.
N.B.: I DO NOT ANSWER QUESTIONS MARKED 'PRIVATE' because I believe that knowledge should be shared, not hoarded. I also believe that such questions are likely to come those trying to cheat. Similarly, as one who was a full-time academic for half a decade, I can recognize test and homework questions several time zones away. Therefore, please do not demean yourself by submitting such questions to me. Those who do so are cheating, pure and simple, and I WILL call you out publicly if I believe you are doing so. I have a zero-tolerance policy where cheating and dishonesty are concerned.
In addition, please don't imitate the businessman who posted a request for help in August 2008. He expressly denied that he was seeking "investment advice" and said that his query was for, and I quote, "educational and informational purposes." Later, he allowed as how his questions related to the possible purchase of a $500K piece of equipment. I said I thought he had misrepresented himself. Bottom line: high-end business consulting is how I make my living. I am the sole support for my family. Please respect that fact and don't try to get for free what our clients pay for. If your company is big enough to have a sophisticated problem, it's big enough to pay for the kind of expert advice we provide. Beckmill Research, LLC, is a 95-octane firm. We're small, but we've been at this for nearly 18 years. We know what we're doing.
Finally, please DO NOT ask for investment advice. I am not licensed to provide such advice. If you want such advice, check with your financial planner or other financial adviser.
Experience I work with Austrian economics (which is different in major respects from the traditional neoclassical model), industrial organization (which is about industry structure, conduct, and performance), and evolutionary economics (almost, but not quite, the economic analog of its biological counterpart) everyday in my work. I appraise closely-held businesses, provide exit-planning services, and offer high-level strategic analysis, advice, and clients to CEOs and owners of mid-sized businesses. Understanding, applying, and writing about these disciplines is an essential part of how I have made my living since 1993.
Organizations CFA Institute, Strategic Management Society, American Society of Appraisers, Institute of Management Accountants, Academy of Management, Culver Legion
Publications CFA Magazine, Strategic Finance, Valuation Strategies, Value Examiner, Journal of Advanced Property Economics, Harvard Business Review, American Fly Fisher, CFA Digest, CPA Expert, and Business Valuation Review, among others
Education/Credentials MBA - Oklahoma State (1991)
BBA - U. of Oklahoma (1975)
Chartered Financial Analyst designation (2006)
Accredited Senior Appraiser (2006)
Certified Management Accountant (1992)
Certified Public Accountant (1992)
Question QUESTION: hi my name is azuan, a part time student of private school.. i have struggle in solving this questions.. i know what standar of living is.. i just want to know more from you..
my question are:
what is standard of living and why we measure it?
What are the material measurements? which include the tools of GDP
and the last is explain three non-material measurements of living standard? (what are the non material measurements?) which include the medical, infrastructure etc...
thanks for your co-operation.. looking forward to hear from you
ANSWER: Dear Azuan--
I'm sorry, but I don't do homework, take tests, or write papers. I'll be glad to help you, but only under the following two (2) conditions:
1. I will help you with only one (1) question at a time. Pick one.
2. I will help you only after you have tried to help yourself. That means that, after you pick the question, you must try to answer it. Send me the question you selected and your own answer. I will then offer some comments that I guarantee you will find helpful, useful, and constructive.
Take care. I look forward to hearing from you! Brunei is a long way from Virginia in the U.S.A.!
Warren
---------- FOLLOW-UP ----------
QUESTION: hi Mr Warren
Thanks for the fast reply. I do appreciate it..
Ok sir just this question.
Explain three non-material of living standard? i did research about it, but i can't find source of it..
I know that the non-material measurement of living standard are:
1. Environmental facilities
2. Life span- level of medical care; insurance cover, old age support, etc
3. Pollution levels, congestion, traffic jam
4. Crime rates
5. Housing, transportation, utilities, shopping facilities, recreation, etc
Can you help me on doing this, i dont have any ideas:)
Thanks, looking forward to hear from you
ANSWER: I'm sorry, Azuan, but I don't understand the question: "Explain three non-material of living standard." I don't understand "non-material" in that context, and "non-material," as written, is an adjective, not a noun. Is there a word after "non-material"??
Also, I'm puzzled when your question refers to "three," and then you list "five." Perhaps the missing noun is "measurement." Ahhhh. Is your question this: "Explain three non-material measurements of a standard of living?"
Also, help me understand what you mean by "non-material measurement," assuming I have found the right missing word. How has that phrase been defined in the course you are enrolled in?
The word I'm really having trouble understanding in this context is "non-material." For instance, when I look at the five items on your numbered list, I have no idea what the phrase "non-material measurement of living standard" means. Moreover, I have "googled" it and several variations of it and have gotten zero (0) hits. That tells me that perhaps something is being lost in your translation to English.
I want to help you, but I need you to check your wording very carefully. Please.
I look forward to hearing from you again.
Take care, Azuan--
Warren
---------- FOLLOW-UP ----------
QUESTION: thanks for the reply..
that why i got struggle to solve this question.
The question is like this. Explain three non-material measurements of living standard?
its about my assignment actually.. through that question i did explain what the meaning of standard of living actually and i did explain why do we measure standard of living.
As i know the non material measurements of standard of living are:
-life expectancy
-Pollution levels
-crime rates
-number of working hours.
Form that what you can explain
need your help
Im looking forward to hear from you
Answer OK, Azuan, I'm going to try one last time here. I still think we have a "language problem." I'm an economics expert, but I've NEVER heard or read the phrase "non-material measurements of standard of living." What's more, Google never heard of it, or variants thereof, either. But I'm going to take a guess, but that's all I can do.
Standard of living is a measure of the "financial health of a population." So standard of living is an economic measure. It is usually expressed in per-capita terms to control for population differences. The most common measure is "real [i.e., inflation-adjusted] income per capita" and "GDP per capita." Since you said that you "did explain what the meaning of [the] standard of living actually [is]," then you understand that.
The so-called "non-material measurements" really have little to do with economics, although number of work hours (per week, presumably) would certainly bear on per-capita income and per-capita GDP. Life expectancy, pollution levels, and crime rates are all measures of "quality of life," NOT "standard of living." Quality of life is often a highly political phrase that politicians throw around to try to fool voters. Quality of life, like beauty, is strictly in the eye of the beholder.
Some quick explanations:
1. life expectancy - life expectancy in a population can affect a nation's standard of living because nominal income has to expand annually by (last year's real income) x (1 + % increase in population) x (1 + inflation factor) just to keep per-capita real income from falling. So longer life expectancy means more "per-capitas," and the numerator in that fraction (income) must increase enough to take account of life expectancy.
2. crime rates - these can be measured in many different ways. Felonies per year per 100,000 of population is one way to do it. % of population incarcerated (i.e., in jail or prison) is another way. Crime rates do have a minor impact on a nation's standard of living, but they have a far larger impact on the standard of living in a neighborhood or section of a city. If crime rates are very high or very low in a section, then the standard of living will be very low or very high, relatively speaking.
3. pollution levels - these, too, can have a very minor (non-material) impact on a nation's standard of living if, for instance, they have a measurable impact on the physical health of a country. High pollution often means shorter life expectancies, greater need for health care, higher infant mortality rates, etc.
That's the best I can do, Azuan. Please do me a favor by completing the rate-the-expert e-mail you'll receive about the same time you get this reply from me. Your ratings and, especially, your comments help me do a better job of helping folks like you who ask such interesting questions!
