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 I'm 13 at the time and I make straight A's,only for B's this year,I'm getting ready to go to high school and I am african american,Indian runs in my family but I am not Indian.But I want to go to medical school and I am low income.My mom doesn't work,not because she can't but she just chooses not to.My dad is old even though he has a lot of money,a lot,I just don't want to depend on him.I signed up for this program that helps pay for medical school but I don't want to depend on it fully.Neither of my parents went to college.So how do I pay for college or medical school?Does this mean that I can't go to college or something?
By the way,I want to be a psychiatrist.
Answer That's great, Corinna. I encourage you to keep those goals. DON'T let them get away from you. DON'T be sidetracked by anything or anyone, especially BOYS. :-)
If you continue to make good grades, or even better ones than you're making, you will not need to worry about paying for college or medical school. Any college or med school will be delighted--probably even grateful--to have someone with your background AND performance in its student body. All you will need to do is choose several schools that you'd like to attend, apply to each of them, file on application for financial aid (go to http://www.fafsa.ed.gov/), and then wait for the acceptances to roll in. If you have good grades, are involved in extra-curricular activities (preferably those that contribute to making your community a better place to live), and are a solid, upstanding, and thoughtful citizen who takes her responsibilities as a member of our society seriously, the top colleges and universities will compete with each other to have you as a student. The financial aid will follow that.
I would also encourage you to prepare hard for the SAT. Regardless of what some people say, high performance on the SAT is a good predictor of success in college. A fine SAT score can only help you.
As one who taught on the university level for five years, I formed some opinions about the kinds of schools most undergraduates are better off attending. Most important, I think a small school is better than a great big one. For most college freshmen, it is their first time away from home. There are lots of temptations when one is no longer under one's parents' roof. A small college in a small town provides the ideal environment for a young person to learn to live independently, but also responsibly. I strongly encourage you to consider small liberal-arts colleges in out-of-the-way places. We have one right here where I live in Lexington, Virginia. It is called Washington & Lee (www.wlu.edu). The College of William & Mary in Williamsburg, Virginia, is even better (www.wm.edu) and also has the benefit of being located right where our American system really has its roots. But there are many other fine small colleges in nice, non-metropolitan locations, too. I'm just biased in favor of my state, which I love very much.
If you'll tell me what part of America you live in--or what state--I'll be glad to give you some additional recommendations. I'll give you their websites, too.
One of the most important aspects of being an educated person is to be able to write well. We learn to do that by (a) reading great writers, and (b) doing a lot of writing. People who cannot write clearly cannot think clearly. Anything they write is just a signed confession of their inability to think. So writing well is one of the most important skills anyone can have. Work hard at it, and you will be rewarded throughout your life.
I do hope this is helpful. Please do me a favor and complete the rate-the-expert email you'll receive on the heels of this reply. Your ratings and comments help me do a better job of helping people like you who ask such great questions!
Take care, and do let me know what else I can do to help you, Corinna--
