1. Graphs or equations or narrations are designed to explain concepts to students of economics.
2. Private and public sectors are to be recognized,ruminated and analyzed for the proper mix apropos of the well-being for socio-economics.
3. Mathematical models and computer simulations are being used but may be too far-fetched from the realities of on-going economic events.
4. Economic assumptions with perfect competition as purity would be challenged as enclosed insularity. Economics is an inexact science as known by economists.
5. Market systems may not be self-regulating and the role of the government should not be understatedl. Cf. Nobel laureate K. J. Arrow's article Two Cheers...published by Harper's magazine, March 1981. Professor John K. Galbraith's works may be consulted for solid reinforcement.
6. The expansion of the public sector is in dire need for improving infrastructures. Small and medium enterprises are to be encouraged to avoid economic concentration. Political economy would be revealed as relevance for US economy and economy in China as well re socio-economics.
7. Economic theories are to be validated and implemented and incorporated into Law for relevance such as the Law of Comparative Advantage for trade in the 21st century. World Trade Organization(WTO) is in existence for the benefit of member nations to honor the Law of Comparative Advantage.
8. Laissez faire policy of noninterference by the government may be a pie-in-the sky myth in terms of empirical evidence from current events.
9. Competitiveness requires education and training of the labor force. Such goal is the pursuit of Sino-American economics or US-China economic competitiveness of human resources in the 21st century. Cf. The Real Economy by Robert Reich of Harvard faculty in Atlantic Monthly,February 1991. Cooperation would be desirable as stated by Mayor Bloomberg of New York in Newsweek magazine,Dec.31,07-Jan.7,08 special issue.
10." Keys for Economic Understanding,""Keys to Economic Understanding" and "Work and Study Cycle Theory" are designed to encourage professional training of human capital for enhancing productivity to improve competitiveness of skilled labor as desiderata for USA and China as well. Delta Output is the function of Delta K(capital) and Delta L(for labor) Capital formation is sine qua non to economic growth.
Francis Shieh a.k.a. Xie Shihao,a lifelong student of economics. January 4, 2008
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