APEC in Australia,the land of the Kangaroo

President Bush and President Hu of China will meet in APEC. The rapid expansion of China's importance to the Australian economy would be of interest to USA. Australia-China ties are diversifying into investment, exchange of students, and tourism et al. China has the potential to become Australia's No. 1 partner in all of those areas. That should be good reference for US businesses. Whereas most Chinese migrants to Australia previously came from Hong Kong when I was in Hong Kong as a Fulbright Senior Scholar,1989-1990 but the number from mainland China has been rising sharply and is now estimated to be around 800,000 in total. In this context, Australian expectations in regard to China are running higher than ever before, and the idea that the 21st century will be "the century of China" has taken hold in Australian public debate. The goods and services involved in trade with China and developing Asia were complementary to domestic production, the resulting efficiency gains would benefit skilled workers. The more flexible the labor and product markets, the more quickly such gains occur. Law of Comparative Advantage can be implemented here and "Keys for Economic Understanding" is hereby dedicated for training of skilled labor in USA and in China as well. Francis Shieh on Labor Day,September 3, 2007

The Ultimate is the Ultimate is the Ultimate!

Alfred Marshall:"The economist, like everyone else, must concern himself with the ultimate aims of man." My comment: Economic activities and teaching instill(implant) attitudes and beliefs that appear to be resisting or adapting a changing world appropos of globalization. A certain inherent optimism or pessimism remains with the scenario of the person who is involved with his economic activities.
In the USA, the inequality in income is getting worse due to high cost of living and insecurity of job prospects. The top income brackets is increasing egregiously as known to students of economics and researchers at Brookings Institution.
The theme may be extravagant with success to be reflected by the economic data but not for social achievement per se. For example,an executive(CEO) can effectively set his own pay thereby humane compassion would go astray in the name of profit maximization. Keeping up with the Jones is the order of the day. i.e. what others do or have,one should do or have. Americans deem an auto as a necessity but not for people in China,only a small number Chinese who have become rich after economic reforms. "Ronghuafugui" may be the aim for traditional Chinese culture of success but others may opt in for a simple lifestyle. Such gaps may be bridged when folks are bedridden toward eternity. It is a matter of sooner or later when we are called by our Creator as centenarians or near-centenarians. That is the ultimate of the Ultimatum in life. Francis Shieh a.k.a. Xie Shihao on Labor Day,September 3, 2007

Motto for Seniors: Faculty-student relationship

The following Pin Yin system is rededicated to seniors or seniors-to-be who wish to learn and discover the philosophy of the Chinese language.

Lao you suo le.(Joy)
Lao you suo xue.(Learning)
Lao you suo wei.(Doing)
Yang jing xu rui.(Save the Energy)
Jiao xue xiang zhang.(Mutual Benefit)

Teaching is learning twice. Learning is happiness for intellectual pursuit i.e. the numerator above the line of a fraction. The Formula for Happiness may be detected as follows:

Happiness is Material consumption + Intellectual Pursuit + Spiritual Satisfaction + Good health as elements for the numerator over the Desire as Denominator below the line of a fraction.

Such simple formula was given for my lecture in Shanghai, 1981 but I trust that it is still applicable in 2007 and beyond...

Concur or demur? The choice is yours! Modifications are invited with my appreciation. Thanks and have a great day,everyday to be cheerful and joyful in living with meaningful endeavor to make contribution to humankind. September 3, 2007.


Francis Shieh a.k.a. Xie Shihao on Labor Day,Monday, September 3, 2007

I would like to invest my resources with deserving respect and dignity

It is my earnest intent that my past scholarly track with my human resource for six decades of learning in the United States (apropos of my professional development and dealing with family members) have been of no avail!? I am not impressed when I have encountered a situation that I would never have expected as the head of the family. However,I shall challenge such obstacle to surmount it. With the right attitude, I shall produce exhilarating results with love and faith plus spirituality as my lifestyle. The case is not about money but about the freedom that I chrish with my education in the USA for my hard-earned dollars from 1947 to 2007 to date. I do expect the Trust members would honor my status as the beneficiary to be able to make decisions to offer contributions to the schools of my choice and the Church I have been attending since 1940s in China. As a student of languages and economics,I would state categorically that a minor error in judgment would have huge consequences in understanding or misunderstanding and for family harmonious and tuneful relations according to one of the commandments re "Honor Father and Mother" on equal status in American and Chinese cultures with Christian foundation. Francis Shieh a.k.a. Xie Shihao on Sunday,September 2, 2007.

Free Trade and Open Competition to honor Law of Comparative Advantage

Economists overwhelmingly agree that free international trade can improve the standard of living of the trading nations and that tariffs and import quotas reduce general welfare.(Cf. Preamble of Constitution of the United States)
Economists have a unique way of viewing the world(Macro) and mulling over about how to solve problems apropos of globalization. An economist is aware of the chains of deductive reasoning.('A priori') But I would add 'A posteriori' for reference re cause and effect relationship. Law of Comparative Advantage and Law of Supply and Demand should be noted. Tradeoffs should be identified in the context of constraints. Such reasoning would reveal the cost of one option in terms of the foregone benefits of another i.e. Opportunity Cost Principle. Economics has a bearing of efficiency i.e. getting the most out of limited resources. It takes a marginalist of incremental approach. An economist has a predilection to believe that welfare is increased by freedom of choice of consumers in USA or in other nations as well. Transformation of Economics into a lively discipline with the awareness of provocative and powerful political underpinning may be formed into a fabric of a society with applicable policy in the days to come in the USA or other nations too. That is my thoughts about Economics. Francis Shieh a.k.a. Xie Shihao on September 2, 2007 at 6.38 a.m.

Hopeful and optimistic attitude makes wishes come true

Feeling happy is preventative medicine. It is more important than getting enough sleep or eating the vegetables. I value spontaneity. Paradoxically, I'll feel the most spontaneous and free once I have made a plan. The way I deal with people is gracious. I merely make suggestions for better living for fairness.Be ready emotionally, physically and mentally with spiritual underpinning.

Expanding my mind in intellect and spirit

Greetings to all readers. I am persistent to learn how to close my mind against discouraging influences. American and Chinese philosophers illuminate me with their mind power deserving my profound admiration. Henry David Thoreau:"Aim above morality. Be not simply good; be good for something" My comment: That something would be the lifelong study of English and Chinese languages plus economics! I shall find the lever and the whole thing will turn on its axis to give me full access in the meaning of life. It takes strength to let go and I can reconstruct with faith. I am willing to do it means that I am really living my life to the fullest. Your feedback would be greatly appreciated. Francis Shieh a.k.a. Xie Shihao on Saturday, September 1, 2007 at 6.07 a.m.