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 Hello Sir I am finding difficulty in this economics question, need some sort of help in understanding it and resolving it. Thanks!
1.The Conservative Reserve Program (CRP) specifies that the U.S government will pay farmers a certain amount per acre for each year that marginal land is taken out of production and used for wildlife habitat. How are payments made to farmers under this program?
a) The payments will be included as part of GDP because the land is increasing the wild life production
b) The payments will be included as part of GDP because the payments represents income to farmers
c) The payment won’t be included as part of GDP because the payments don’t represent purchases of final goods or services
Answer Sonia, I don't answer questions marked "Private." If I did, I'd be pretty stupid and would be showing myself as a man who was clueless about economics. Think about it: By answering "Private" questions, I'd be setting myself up to answer the same question over and over and over, wouldn't I? That would take a lot of time. I'm not paid to do this, so, in essence, my family would be suffering because of all the time I spent answering the same question. Does that sound like the choices a guy holding himself out as an expert in econmics would make? I don't think so. That would be pretty dumb of me. Really, really dumb, in fact.
It is also my experience that those who ask questions like yours are usually trying to cheat. I'm not in the business of helping young people cheat. It sends them the wrong message and also encourages them to engage in behavior that may, one day, result in their being imprisoned.
I also don't answer test questions or homework questions. This appears to be one of those.
For me to help you, you must do two things:
1. You must change this from "Private" to "Public."
2. You must choose one of those answers and then EXPLAIN to me why you chose it.
Then, and only then, can I help you. If you believe I'm being difficult here, I am sorry. But I'm in the business of teaching people about economics and doing so in an efficient and honest way. The way you've set this up, I can't do that. That's why you have to make the changes I've requested. Otherwise, we're done.
Take care, and good luck. I hope we get a chance to continue this dialogue. But it's all up to you.
