Xmas Economist

Xmas Sock
Merry Holidays!

This boxer day came with reads as well, ERPZ decided not to rest on the day after Christmas so here’s your reads for this holiday weekend, almost all from The Economist’s latest double issue’s Christmas Specials.

We first have Arguing till Death, a lesson for America from history’s greatest Western Philosopher, Socrates’ life. I got introduced to Aristophanes’ The Clouds through the article and is pleasantly surprised by the sort of humour ancient Greeks were capable of.

Hi There discusses politeness and courtesy in the English Language and the effect of this spread of English Language on the world today. The other talks about the virtues and motivations of being a foreigner in the world today and on the same issue is an article, A Ponzi scheme that works that looks into the migrant society of America today and the allure of it.

For viewing pleasure, How to make a splash in social media by Alex Ohanian. It’ll only require about 4 plus minutes of your attention; a short time before you dash off to the next party. Ohanian really gives a strong message about how the Internet works and how you might be able to ride on it to help you with a cause, but like what he says in the end, ‘you are not going to be in control’.

Chemistry Notes!

I’m not sure if this is long awaited, but ERPZ finally started a Chemistry Notes Section! I guess everyone would be more grateful if this was up a couple of months back when people are preparing for A Levels. Well, I haven’t found Zhuoyi’s website then and I was unsure about my handwritten notes then. So now, there’s only 2 sets of notes available, one kindly shared by Zhuoyi, which I’ve consolidated and reformatted into a single document. I might soon put up individual links to each set of Zhuoyi’s notes if readers are interested.

The other set is by me; it’s mostly handwritten with typed pages here and there. For those who might be interested, I’ve added a set of handwritten instructions on how you can make use of your Graphic Calculator’s statistics functions to perform calculations for reaction kinetics at the last few page of the document.

Enjoy Learning!

Making Judgments

Go on and strike!
Go on and strike!

Just a few days back I was discussing how we have to hold contradicting ideas as social science students; and it dawned on me that some students after training themselves to do just that, fails to make a judgment using the ideas. To them, it seems that everything is equally right and there’s no quantitative means of assessing which side is better. I hate to say this but then you actually have the power to decide what is right. After all, politicians, social scientist, economists and such are always at loggerheads and as I mentioned in that earlier post, no one is exactly right – at least we’ll never know what is truly right. We can only be sure of approximations to the right thing but then again there are high estimates, low estimates, depending on how things turn out.

The fact is we all make many decisions these way. There’s no way to know for sure that a plan will carry through and we have default positions, knowing all well what they rest upon and how they might change. We might wake up at 10am every Sunday Morning but then we adjust accordingly when we have appointments around that time on that day. You know that your priority is with the appointment and not with sleep; so unless your priority is the other way round, you’ll compromise. Likewise, when confronted with the question as to whether a Monopoly is harmful to consumers you might have to consider your priorities. You might be concerned with net transfer of wealth from consumers to the monopolist and thus against the theoretical supernormal profits. In that case you’ll argue that while the firm might be a natural Monopoly and the only one serving the market, it is harmful as long as it’s not taxed such that it only earn normal profits (with the tax revenue redistributed to the consumers).

On the other hand your sympathy might lie with consumer choice and welfare so you believe that as long as the monopolist exhibit some sort of dynamic efficiency, innovating and proliferating the market with variety then you’re fine with the Monopoly. After all, it is giving the consumers what they want that earn them the profits. But in an event when it becomes complacent and exhibits some sort of inefficiency (not in the P=MC sense though) then it needs some competition injected. Following that line of argument, some might choose to take side with competition right from the start and argue that as long as the market is a rather contestable market, with huge players ready and able to enter anytime (despite high barriers to entry), then the Monopoly need not be too closely regulated. The above arguments would all make sense and they could well be right answers for economics essays but then the question is whether you’ve presented your case convincingly by showing what are your priorities or principal considerations.

In other words, you do not make judgments when you’re analyzing or dissecting the ideas but when called upon, you’re able to demonstrate your principal concerns and judge the ideas in accordance to them. You should be comfortable with changing your stand when you adjust your judging guidelines and not cling on too hard to your positions. Karl Albrecht, author of Practical Intelligence believes that the open-mindedness so essential to learning and the path towards intelligence require this ability to see opinions/positions and separate from ourselves. So learn to pick up opinions from making judgments but readily drop them and learn to justify what prompted you to do so (new information input, changing circumstances, difference in judging guidelines).

More Economics Notes!

Free Lunch!
Free Lunch!

Just a couple of days back, I was searching for Economics essay questions just for fun and I stumbled upon Fiveless, an initiative by Zhuoyi from RJC 2 years ago when he was doing A Levels. It was a site with a wonderful array of materials for various subjects. Since Zhuoyi actually took A Levels the same time as me, I was kind of disturbed by the fact that I hadn’t stumble upon this site earlier when I was preparing for my exams. But there’s a chance that if that had happened, I wouldn’t have started ERPZ, thinking that someone else has already took up the job.

In any case, I wrote to Zhuoyi to inform him that I would like to consolidate the materials he has so nicely done up and make them available on ERPZ; he kindly agreed and I’m glad to push out the first set of materials that resulted from this ‘collaboration’. It’s a set of 40-page economics notes, summaries and cheat sheets. I’ve updated some of the statistics Zhuoyi has compiled in the notes, altered the formatting slightly to give a more consistent look, added content pages (that are frankly pretty much for the sake of cosmetics) and added very minimal of economics content. I hope I can find time to fill in the gaps because I’m aware that the notes lack content on some topics required in A Levels, but for now, it’s already pretty impressive. The link is also available under Economics Section.

All credit goes to Zhuoyi who’ve made such a great set of notes and generously shared them online under the Creative Commons Remix License. Anyone interested in building upon the work I’ve continued can leave a comment to request for a editable document version of the file from me.

Holding Ideas

All at the same time...
All at the same time...

Some students struggle with social sciences and humanities like Economics, Geography and History because they think they can’t hold two contradictory ideas at the same time and not take a side. Economist are somewhat famous for being able to do that and often criticized for being that way. As a matter of fact, humans are remarkably capable of doing that; we overrate our consistency of thought and the need for ideas that don’t contradict. When we demand scientific proofs for certain claims yet openly express faith in certain religious claims, we’re adopting contradictory frameworks of proof.

The reason why these subjects require that we hold contradictory ideas or for us to withhold judgment of these ideas is the lack of a proper quantitative approach to evaluating them. We might be able to come up with pros and cons but we are unable to assign a positive figure to denote the value and significance of the pro and a corresponding negative figure for a con and then evaluate them in an accounting matrix that will tell you which is better and how much better. Any attempts at that will be subjective and arbitrary anyways. As a result, it is important that students of these subjects hold on to them without judging but maintain the ability to dissect and analyse these ideas, zoom into certain features and investigate different aspects of it when necessary. More importantly, we’ll have to master our language and internalize the nuances of the typical jargons used in the field to discuss these observations we make.

As humans, we will definitely have preferences for some explanation over others as well as some outcomes over others and this is a reason behind all the disputes that social scientist usually have with each other, including high profile ones by economists. And worst, unlike sciences where there are experiments everyone can agree on to check their ideas and theories to discover ‘the truth’, the search for truths in social sciences have often ended in vain because of the dynamic nature of the field. Scientists might not agree before a discovery is confirmed (Linus Pauling, a super-Nobel laureate with 3 Nobel prizes famously believed that DNA’s structure should be a Triple Helix) but once it is confirmed, we find little delusional souls continuing with their false beliefs unless they are ignorant of the confirmation. Economics had its share of control experiments that happened in the world, often by chance. Unfortunately, they can never be repeated perfectly and their results are never agreed upon by experts in the field.

This is not to say that the subjects offer little value to the world; in fact the dynamic nature of these fields mean that there is always questions to answer and things to explore readily. And that is why we need more people to be able to hold different ideas at the same time and have different opinions on the same issue under different sort of circumstances and be able to see the world this way.

To Read, or Not

It sometimes appear to me amazing how highly people think of textbooks and course books. It makes me feel like writing one; perhaps one that teaches people when they should be using their textbooks. A textbook is basically course material that is used to teach you on a subject and when you have learnt about the stuff, there’s little need to do a wholesale revisit, unless you’re confident you’ve forgotten everything.

Why should you torture yourself by relearning everything you learnt and frustrating yourself with some minor definition deviations your memory have insisted upon and trying to ‘re-memorize’ the ‘right definition’? And more importantly, if you can learn the subject or whatever you’re trying to learn without a textbook, why bother to get one?

A textbook has a couple of main uses, some of which concerns the students and others are mainly preoccupations of teachers and textbook writers. The functions students are usually concerned about are explanation and representations while those teachers are interested is includes those, and in addition, the standardization function. It’s not difficult to see why this is so, students are hoping to learn something from the textbook; the explanations helps them understand and possibly provide them a means of explaining the concepts to themselves and others while the representation gives students a means of expressing the ideas and concept on paper (ie allowing them to take exams).

The teachers would love textbooks for those two facts since they relieve them somewhat of their teaching responsibilities but more importantly, it helps them standardize what their students learn and cope with queries that they might have. This is especially important for more contentious issues in the subject that has yet to be resolved by experts and the syllabus prescribes some default stand on the matter for time being.

As a student, one should see the textbook more as a guide than an authority and use it accordingly. Going through it once and understanding the concepts one seeks to master is basically all that the textbook should offer. A slow learner might revisit it a couple of times to grasp a concept or to master the explanations fully; and occasionally one could browse through it as a reference for the way they represent certain information (in the form of diagrams, charts and such) but it is difficult to gain anything more than that on repeated revisits to the textbook.

The ideal usage of a textbook is to synthesize the stuff from different sources together with it on your notes and chucking them aside when you’re doing your revision – rely just on your personal notes (those that aggregate information from your readings of textbooks, your prescribed readings and lecture notes). Of course, this advice is more for students who revise consistently and are wholly familiar with the content which they’re sitting an exam for.

Practical Intelligence

Not Acting Smart
Not Acting Smart

I got to know about this book through a friend who was exploring topics that ranged from manipulating personality test results to acting smart in front of employers. It’s a great boon that this is not the kind of book that teaches you to act smart. Karl Albrecht writes realistically about how we can go about making ourselves more intelligent in practical situations. There are many ideas in the book I’ve thought about previously but failed to put into concrete concepts as he did. I must say Karl did a wonderful job.

Like most of the other books on thinking, Karl discusses the make-up of the brains, the way different lobes on the brain controls different stuff and how they work together in concert and then he draws some meaningful speculation on the way we think. There are many speculations which are largely unproven in neuro-sciences but are well known in the field of psychology. Never mind the actual theories, Karl shows us how they might be useful for aiding us discover our mind’s potential. He firms up the concept of ‘Affirmative Thinking’, which I think is a very important idea in our lives. We’ve cease to be gatekeepers of our mind in this media age, often pushed around, influenced by the people who are in turn controlled by others around as well as prevailing culture and fads. To accept that we are often being bombarded by thoughts and ideas of others and we often take them as if they’re our own is the first step to controlling our thinking and helping us steer ourselves towards healthy thinking and mental habits.

Karl recommends simple methods to help us regain control of our minds and direct our attention so that we can tap on our mental habits, thinking preferences and styles to aid us with daily thinking, problem-solving and just plain existing in our complex world. I’m interested in the implication of Karl’s ideas on education and learning. He has another book I’m looking forward to read, Social Intelligence, which he actually wrote before this book.

Remembering Stuff

If only its that simple...
If only it's that simple...

It’s been a long time since the previous entry; ERPZ have been very active with posts in the month of November generally but kind of stalled this moment. I’ve not written about studying techniques for a while now and I’m hoping to revisit it. Today’s topic is somewhat related to memorizing stuff, something I almost never dwell on because I believe that when you understand something, you won’t have to memorize it to remember it; the associations made in your brains when things you already know would help you anchor new concepts firmly in your mind. These associations can only be made because you understand the concepts.

The reality is that there might be many things that are not about understanding but pure memory. Alternatively, understanding may only come with exposure to an unrealistic amount of facts that would have to be remembered anyways. When that happens, we have to resort to ‘memorizing’; a process we normally understand as ‘getting stuff into the brain’. The question is how things normally enter our minds. The mind is a closed system which receives information only through the neurons and these cells in turn, receive the information they’re transmitting through the sensory organs. In other words, our senses are the ultimate gateway to the mind and thus our memory.

Yet when we study, we often overtax our visual sense as we task it to commit things we read into memory. For some audio learners, reading out chunks of text may help but people rarely attempt to go beyond the visual-audio means of learning. There’s more to our senses than our eyes and ears; our skin, our muscles can all work in sync with our eyes and ears help us to remember things. There is a reason why big events tend to stick to our minds more than small events – those events are big because they arouse more of our senses, we see, smell, hear, anticipate, feel through our skin and react to them through our muscles and thoughts. That’s why it’s so hard to remember a chunk of exchanges perhaps in Macbeth if one don’t feel for the characters or comprehend the context of the story in the first place (insufficient arousal to our senses). The principle of having more information to anchor new ideas works the same – understanding the circumstances where a poem was written and the background of a poet naturally helps you remember the poem better (not to mention the rhymes and choice of words which are designed to introduce patterns that our minds can recognise more easily and thus recall).

Thus, to help yourself memorize stuff, pick up things that help arouse more of your senses: read aloud as you look through your notes, process them in your mind and write them in more concise or condensed forms on a piece of paper all at the same time. This way, you remember the words you read, the things your hear, the different reactions your mind produce to the things you read and the muscle actions involved in penning down the concise form of the things you’re trying to remember. You may not progress as fast in terms of covering content when you do this compared to just plain reading, but the effect of memory is so significant you will soon realize that multiple reading of the same material is no longer justified with such intense ‘memorizing’. In tech speak, the amount of bandwidth each senses can offer as a gateway to the mind is limited and to expand this bandwidth and thus increase retention in our mind, there’s a need to use other channels, other senses.

To reinforce the stuff ‘memorized’, one could use mindmaps to surface connections between the things read and absorb after the studying process I prescribed above. The mindmap is to help you see more clearly the big picture of the disparate information you’ve been trying to take in. It reviews things you’ve learnt and bring to your attention some stuff you might have missed out and have to relook. The mindmap can be tossed aside after use (I recommend just trashing it) since its use is limited once it’s satisfactorily formed.

This article might be a little too late considering people are almost done with O Levels and A Levels now but hopefully, students who are still studying and moving on to higher level educations would find this useful.

You Shrink, We Grow!

Now You See 4, Next You See...
Now You See 4, Next You See...

Recently, The Economist ran the story on the global fertility decline on its cover, acknowledging the significant impacts demographic have on economies. About 5 years ago, when I embarked on my first research paper (a simple one at High School level) I wrote about the aging population of Singapore. I was examining the impacts of our drastically lowering fertility since the 1970s in the background of a world where greying population was more or less restricted to some rather advanced economies, and perhaps some old “emerging economies” (I always wonder when they would ever emerge totally). In my research paper, I traced the changes in fertility from the 1970s to 2000s and related it to the increasing wealth as well as the government policies. I argued that government policy to reduce fertility worked then because of the fact that they converged with social development but I didn’t draw much relationship with the economy even though I recognized one. Singapore, of course, was one of the success stories for population planning and control during those times; today, more countries are making it, intentionally or otherwise.

The idea that population’s impact on the economy is neutral dominated in the past but things have changed. The Economist discussed in depth how changes in demography have impacted economic development around the world. Looking at the world as a whole, the article speculates what will happen to a world at replacement fertility of 2.1. It is important to note how this figure is rather arbitrary, attempting to account for infant mortality and yet not considering the fact that women may pass away before reaching child-bearing age. One issue the article overlooked, however, is the fact that when this day comes, some country will be facing population decline while others have very slight growth in population yearly; the world will have to be a more mobile place (at least administratively) for labour and mankind in general so that no country will be facing hollowing out of population.

The fact that rich world nations who have previously dipped below the fertility of 2.1 is now returning to that figure sounds like consolation for the others who face the prospects of a declining population. The general economic impact of a consistently declining population remains unknown but is expected to be rather unfavourable.

Inner Economist

Carrot or Sticks?
Carrot or Sticks?

I have seen this book around for a while but didn’t bother to pick it up to read since it didn’t quite seem to be as interesting as the other popular economics books that was published during those times. I decided to borrow it from the library having discovered that I’ve more or less finished the other the popular economics books (though the most recent SuperFreakonomics is out of my reach at the moment). Interestingly, I didn’t realise “Discover Your Inner Economist” is written by Tyler Cowen until I got home and took a good look at the cover page. It was definitely a familiar name since I visited Marginal Revolution before and seen the name lingering around the title of almost all the entries there.

I didn’t jump right into reading the book this time; instead, I went on to read a book review of “Discover Your Inner Economist” before heading to reading. I’ve become more conscious about devoting my time to reading books that wouldn’t contribute much to my intellectual development. In addition, I was exploring exactly how professionals write book reviews (something I’ve been doing and very keen on improving). And to my surprise, Tyler Cowen was trying to make recommendations for people to do efficient reading (or rather maximize gains from reading):

The best sections of the book concern tactics for maximizing one’s cultural consumption, or what amounts to imitating Cowen. He lists eight strategies for taking control of one’s reading, which include ruthless skipping around, following one character while ignoring others, and even going directly to the last chapter. Your eighth-grade English teacher would faint.

Not that I’ve tried that on Tyler Cowen’s book. His book focuses on stuff that makes your life better that have little to do with money or material gains for that matter. Tyler writes as if he is speaking and Inner Economist have been an easy read for me although I have to admit Tyler strays into topics so far from traditional economics that I get lost in his narration about appreciation of culture and the human psyche. It makes me wonder if I might have enjoyed the book better with the rampant skipping about chapters and reading just here and there as he advised since I’d be equally lost anyways.

Did I mention that his last strategy for maximizing cultural consumption is to “Give Up”? I did consider that at some point of time but since I had more time and attention to spare than Professor Tyler I decided not to. Discover Your Inner Economist is very much more about looking at reality from the lens of an inner self who have better grasp of reality and more objectivity than the ‘you’ who participates in this reality. So if you’ve time to spare, do give Tyler a chance.