Crude oil price is zooming up? Blame OPEC?

Presidential candidates cite current higher oil prices,jobs,wages and war et al. Is the world run by economists? NO! However,political leaders need economic advice to make policies and economic issues are always at the core. Law and Economics are linked apropos of policies. "Keys for Economic Understanding"(1971) published with the focus of "yi ren wei ben" in Pin Yin i.e. stressing human resources with education and training to enhance productivity. Robert Eisner, professor of economics emeritus at Northwestern University and a past president of the American Economic Association published the same rationale in the Wall Street Journal, July 29, 1998 on page A14. This endorsement is clear evidence of the need of the common goal of USA and China. Such insightful wisdom is bound to prevail. I found out a week ago that "Keys for Economic Understanding" is also published in UK. "Work and Study Cycle Theory" is also published in Ann Arbor,Michigan and London,UK. Cf. www.ask.com for reference. In the globalized economy, American economic wellbeing depends on China's growth and the open society for trade to benefit consumers of other nations as well to validate the Law of Comparative Advantage. China's market system is to be compared with American economic system with the understanding of externalities beyond the supply and demand curves due to market failures. "One nation,two systems" can be validated by conceptual understanding of the equilibrium point to correspond with the society's production possibility curve. (Cited in Harvard professor Richard Gill's textbooks) Lectured in Hong Kong as a Fulbright Senior Scholar and published by St.John's University Alumni Association in February 1990.

The earthquake is known to be a disaster but reconstruction is definitely the goal in economic development. Sino-American economics will be more in evidence in the days to come for mutual benefits as observed by others published in WSJ several days ago.

Francis Shieh a.k.a. Xie Shihao, an octogenarian student of economics on Thursday,May 22, 2008.