Interview Project

Father-Fero age 64
Mother-Xhixhi age 45
Me- Erisa age 23

The government should regulate the economy Father-agree, Mother-agree, me-agree

Politics has a major influence on the economy Father -strongly agree, Mother-agree, Me-angree

Everyone should take an economics class in high school Father-strongly agree, Mother-strongly agree, Me- Agree

The drinking age should be lowered to 18 Father-strongly disagree, Mother-Strongly disagree, Me-Neutral

The government bailouts worked Father-agreed, Mother-Neutral, Me-Neutral

The United States should have a higher minimum wage Father- strongly agree, Mother-agree, Me-Strongly Agree

In 6 months the economy will be better than today Father-Neutral, Mother-disagree, Me- disagree

I am well informed about economic news Father-Strongly agree, Mother-Strongly agree, Me-agree

The recession personally affected me Father-Strongly agree, Mother-Agree, Me-Strongly agree

Me, Erisa age 23

1. In your lifetime, what city that you are familiar with has changed the most (both positive and negative)? Bridgeport because more businesses started opening in the down town area and there are money people coming from different areas to stay here because it’s starting to make major changes for new businesses. The negative part is that some of the parts in Bridgeport are still making changes with the crime rates that are going up and down during seasons.

2. In your opinion, what president had the biggest positive impact on the economy? Why? Bill Clinton because when he was the president the country wasn’t in debt and everyone wanted to come to America to start a better life. Now a lot of people are going back to their homeland because they can’t afford to live here anymore.

3. What is your first memory of a major economic event impacting your life? What economic event in your lifetime had the biggest impact on you? For me the economy started to change after 911 and we went to war with Iraq. The recession after had the biggest impact on me because I wasn’t able to find a job for a long time.

4. What tradeoffs in your life have you made due to economics (note to interviewer/student: this question is about the concept of scarcity)? I haven’t made any tradeoffs in my life thus far.

5. How do you get economic news? How has this changed over your life? I usually watch the news with my dad and this hasn’t changed because I still continue to do it. I also started to learn more things in school about it and I am more familiar with things now.

6. How do you deal will rising prices e.g. substitute cheaper brand, stop buying? Any examples? It’s hard to make such changes, but I started to eat home for a change and not go out and spend my money on food. I also don’t buy things that are unnecessary and I don’t need them. I try to not buy something I want, but buy something I need and that will benefit me.

7. What product or service has most changed over your lifetime? Over my life time I would say cellphone services, car insurance and things of that sore have changed a lot over my lifetime.

8. How do you handle saving and how has this changed? I am unemployed at the moment, but when I did have a job I tried to save as much as I could, but having to pay bills and food my paycheck would be gone in a week. I would then have to spend my savings just to get by.

9. What was your personal best year? How was the country doing? My best year was 2000 I just came to America in late 99. Coming to America was a big change the country was doing very well and I was very happy to be here I wish it could have stayed that way for ever.

10. What was your wage at your first job? At my 1^st job I got paid $7.75

 

Father, Fero Age 64

1. In your lifetime, what city that you are familiar with has changed the most (both positive and negative)? Prishtina in Kosovo because it went from been the best place to the worst during the war. Now it has changed a lot there are a lot of new things been introduced and it’s for the better.

2. In your opinion, what president had the biggest positive impact on the economy? Why? Ibrahim Rugova he was the best president for Kosova he did everything he could and got our country back from Serbia with the help of other countries. Kosova is not suffering from Serbia anymore we are our own country and it’s all thanks to him.

3. What is your first memory of a major economic event impacting your life? What economic event in your lifetime had the biggest impact on you? Growing up in Prishtina during the 60s our country when through a lot of changes but the biggest of them all was in the 90s when Kosova was in war with Serbia this made the economic change so much.

4. What tradeoffs in your life have you made due to economics (note to interviewer/student: this question is about the concept of scarcity)? I had to sell my store in Prishtina to be able to support my family at one point because I didn’t have any money left do to the war.

5. How do you get economic news? How has this changed over your life? Yes I read the newspaper I watch the news. It has changed a lot the economy changes all the time it can get really bad or it can be good.

6. How do you deal will rising prices e.g. substitute cheaper brand, stop buying? Any examples? It’s hard when the prices rise because it’s hard to support my family when the money I get now doesn’t pay for half the things you need. I try to work more if I want better things, but sometimes it’s hard when there isn’t any work for me.

7. What product or service has most changed over your lifetime? I would say telemarketers even though I hated when they called, but it is better than trying to talk to a machine now. I am not good with the new technology and it gets over whelming for me sometimes, but I try my best to keep up.

8. How do you handle saving and how has this changed? I can’t save anymore because it all goes to bills and other expenses. I would like to but with the work I do it is impossible it’s hard for me to even come up with the money for the bills let along save. I use to save a lot of my money, but now it is impossible for me to save.

 9. What age were you when you got your first credit card? I was 45 when I got my first credit card I never needed one because I always had cash, but when I started to see that I couldn’t support my family I decided to get one.

10. What was your wage at your first job? At my first job I got paid $15 dollars which was a big deal and a lot of money in Kosovo at that time. I had finished college in London and went back to Kosovo to start working.

 

 

Mother Xhixhi Age 45

1. In your lifetime, what city that you are familiar with has changed the most (both positive and negative)? Drenas because it went from a small city where people from the villages go buy or sell their products. Now it is a beautiful place to go visit because there is much more to do there than before.

2. In your opinion, what president had the biggest positive impact on the economy? Why?  I would say Bill Clinton because the economy was doing very well when he was the president.

3. What is your first memory of a major economic event impacting your life? What economic event in your lifetime had the biggest impact on you? The war in Kosovo had a big economic impact where everything was gone people didn’t even have food for their families.

4. What tradeoffs in your life have you made due to economics (note to interviewer/student: this question is about the concept of scarcity)? I have left my home in Kosovo for a better life here and now I am struggling in America more than I was struggling in Europe.

5. How do you get economic news? How has this changed over your life? I watch the news.

6. How do you deal will rising prices e.g. substitute cheaper brand, stop buying? Any examples? I don’t like the high prices on foods because I can’t cook everything I want to. I started shopping at price right where most of the things are substituted brands and I stopped buying things I didn’t need such as junk food for my kids.

7. What product or service has most changed over your lifetime?  A lot of them have changed but over my lifetime I would say there are more banks that give out loans with a lot of interest rate, but people need the money so they go in debt.

8. How do you handle saving and how has this changed? I am good at saving my money I only spend what I need and the rest I try to keep in case something happens and we need the money to sport the family.

9. What age were you when you got your first credit card? I am 45 years old and I never in my life had a credit care. I chose not to get one because I see what everyone else goes through. I think of it as if u don’t have the money to buy it you shouldn’t have it unless it is food or something very important.

10. What was your wage at your first job? In my 1^st job I got paid $5.00 and that was good for a young person like myself going into a fashion design company.

The Price of Lettuce In Brooklyn

The blog is on the podcast “The Price of Lettuce In Brooklyn.” This podcast appeared on the Planet Monkey website on October 22, 2010

 In this podcast it talks about CPI (Consumer Price Index), which is a very important number of a country and this also determines the country’s economic activity. Bureau of Labor Statistics talks more about what this number is and where it comes from which they have figured out. The Planet Monkey meet with George Minichiello, who is one of the hundreds of federal employees that go around the country and record prices of different things.  George talks about how by collecting the prices he will indicate the inflationary process in the economy of the country. He went to his regular spot in Brooklyn to show how he collects process of different things around the store. This influences everything from Social Security checks to prices of school lunches and if you will be getting a raise next year due to the economy. George then sends the data to the Bureau of Labor Statistics which they indicate the CPI number by seen how much a family is spending which is also called a market basket. This then determines what you will be getting or if you are getting too little or too much.

This is shocking to me because I never knew there were economic assistants that go around the U.S and collect data about everything we purchase and what how people are using their money. I never knew what CPI is but I am happy I found out maybe I will start using my money carefully from now on.

Keeping the Biggest Secret in the U.S. Economy

This blog is on the podcast “Episode 392: Keeping the Biggest Secret in the U.S. Economy.” This podcast appeared on the Planet Monkey website on August 3, 2012.

In this podcast it talks about the indicator of all indicators and how Bureau of Labor Statistics is keeping the number secret. Such as a job number and how many jobs in the economy are losses and gains, and the unemployment rates. The people that are employed by BLS are responsible to keep this numbers a secret and are not spouse to tell anyone about them. This numbers are released by BLS on the first of each Friday every month. Many people are curious about the number and will do anything to find them out because it will benefit them. If anyone knows the number they can then go on and use it to their own benefit and become very rich.

Many people would like to know the number but that would change a lot of things in how this economy works. I never knew that there was such a thing but if I did know the number it would be to my benefit and I wouldn’t even have to get a job because I would be all set with money on the stocks and the information I would know. I think it’s a good thing that BLS is keeping this numbers secret because if it ends up in the wrong hands then we would be in trouble. I also hope that people who work for BLS don’t take adventive of this and use it for themselves.

GDP

This blog is my take on the video “What is GDP,” podcast “Why GDP is like GPA,” and article ““Why GDP Per Capita Can Start a Bar Fight.” This information appeared on the Planet Money website on October 27, 2011, October 28, 2011, and January 10, 2011.

 To understand what GDP is the video “What is GDP?” will explain to us an idea of the meaning about what GDP is. According to Simon Jonson, he talks about the Gross Domestic Product (GDP) and that GDP is a measurement which defines how the economy is doing in the country how it changes. Everything thing you do in your day to day life such as taxes and other services are all added to GDP.  Adam Davidson and the economist Simon Johnson went to a grocery store to find out more about GDP. When you come across a product that is made in a different country for example in the video Adam Davidson and Simon Johnson found tennis balls which were made in China. Simons said that it is an imported GDP, which means that inputs, that has to be taken out of the consumption while calculating the GDP. In other words the prices that we pay for the tennis balls go to Chine’s GDP, and some of them stay in the U.S.

“Why GDP is Like GPA.” In the Planet Monkey podcast discusses how everything people purchase, manufacture or the services they use are all counted to GDP. The important fact is GDP is like GPA. We all know about GPA it shows if you are a good student or not. It’s the same thing with GDP, when a countries GDP is low there economy is bad, but if their GDP is good it means that the economy is doing well in the county. This article talks about how Europe’s GDP for insurance is 10%, but in the United States is 17%. The people in Europe are benefiting from the productivity growth in leisure.

Coming from Europe there are far more things more important than work. People spend more time with their families and have different traditions then we do in America. Living in Europe is expensive, but people that do have jobs also have time to spend with their families and friends. When I was growing up I never seen so many bills till I came here. Everyone lived carefree and stress free. Coming to America I seen people work really hard to just put food in the table and still didn’t have enough money to enjoy themselves. When you work in Europe you have time to go out and enjoy life not work every day just to pay your bills and put food on the table.

Would You Let a Coin Toss Decide Your Future

      This blog post podcasts “Would You Let a Coin Toss Decide Your Future? A New Freakonomics Radio Podcast.” This podcast appeared on the Freakonomics Radio Podcast on January 31, 2013.

   A project called a Freakonimics experiment is an experiment by which flipping a coin will determine some important decisions about jobs and so on. By flipping a coin it will determine what you should be doing or not doing. Steve Levitt and Dubner talked about people who gave trouble making their own decisions and they don’t know where to turn to. They said that “the biggest fear that people have is regret.” People always make decisions but they are not sure if they made the right choice and this affects them. They said if anyone if faced with a decision where they are not sure what to do they should turn to FreakonimicsEcperiments.com with questions where a coin flip will help them decided what they should or shouldn’t do and help them solve their problems. They are stating that people who go to the website and make their decisions based on the site the experiment will help them get a peace of mind and they will be much happier.

   The experiment takes real life problems from people and collects data and starts to analyze it. Taking an experimental approach of economics and measure the decision are good or bad.  By doing this they will try to learn if there are greater systematic rules that can be taught to people about decision making and might have a different outlook and be happier by making some of the changes.

 

  I don’t think this is a good way to solve your problems or helping you decide what to you should do in life. People should make their own decisions and choices not everyone is perfect, but we all learn from our mistakes. If someone take a mistake they learn from it and try not to repeat it, but by flipping a coin they may do the wrong thing multiple times and start to relay on the web site to make their decisions. I think everyone is their own person and if they need help with anything they should turn to friends or family or an experiment. I personally wouldn’t try it just because I think it’s my responsibility to make my own decisions in life not an experiment.

A New Mom and the President of Iceland

This blog post is “Episode 267: A New Mom and the President of Iceland.” This podcast appeared on the planet money website on February 1, 2013.

 The “Episode 267: A New Mom and the President of Iceland, “discusses how people in Iceland had to decide whether to pick up the tab of mistakes bankers made in 2011 before the financial crisis. This article also introduces Heida Dora Jonsdottir a young new mother who is not quite sure about the voting system in the election.

                Iceland is faced with economic crisis such as other counties in the world in the year 2008. This was a tremendous loss for Iceland its economic history because their national currency went really low where it forced them to lose relationships with foreign businesses. After the banks failed in Iceland a lot of people from UK and Netherland lost their money that they had in the Iceland banks. After seen this problem getting worse the government decided to have an election to talk more about the future of their country that was falling apart. Heida Dora Jonsdottira voted “no” as did many of the people on this problem. The British and Dutch governments took Iceland to court so they can recover the money that their citizens have lost when the banks had failed.

                The Crises in 2008 effected many countries around the world, and it caused a difficult situation in the economy world. As time passes the economy started to recover and grow for Iceland and this is good progress for them as well. No one is at fault here every country goes through there tough times and Iceland and people from overseas are faced will a difficult situation. Every country goes through their breaking point they just have to do the right thing and try to pick it back up and make changes for the better.

A Billion-Dollar Bet Against Weight-Loss Shakes

This blog post is about “A Billion-Dollar Bet Against Weight-Loss Shakes.” This podcast appeared in the January 18, 2013.

       The Episode 431: A Billion-Dollar Bet against Weight-Loss Shakes is about Herbalife, a company that sells weight loss shakes, such as vitamins and other similar products what are worth a billion dollars. The company has been around for more than 30 years and is also traded on the New York Stock Exchange. This article talks about Herbalife Company and Bill Ackman who has a hedge fund with Herbalife stock and made a billion dollars bet against the company. The Herbalife Company has been around for many years and has become very successful in selling weight loss shakes, vitamins and other products which are worth billions of dollars.

                Bill Ackman has bet a billion dollars against Herbalife Company, stating that the company will fall just like everything else. Ackman states that Herbalife Company has the best pyramid scheme in the history, and that the company misleads investors and everyday people. In the year Ackman studies the business of Herbalife Company he discovered that Herbalife has been paying most of their money to their HR managers to attract new employees rather than spend their money on the actual sales of their product. Bill Ackman paced a bet which then caused the stock prices of Herbalife Company decrease by 21% in just two days.

                It is hard to say who is right and who is wrong because Herbalife is a Company who is trying to sell their products and will do anything to get people attention, but Ackman believes that Herbalife Company is faces with an ethical dilemma. Michael Jonson the Chairman of Herbalife said that “this is an attempt to manipulate the market. A group of people just want to make money that our company’s sticks will fall. Herbalife is not a “pyramid,” we have millions of customers around the world. We are working for 23 years. –Bill Ackman said that the U.S would be better if Herbalife Company will decline. I think that for America would be much better if there will be no Bill Ackman.” Michael Jonson is very upset with Bill because he is trying to ruin their business.

                There is a battle between a company and a business man who things he is doing the right thing by speaking up. Bill was in the wrong when he said Herbalife Company has be a fraud for 30 years. I think that company goes through dilemmas because they are trying to sell a product and they have someone like Bill in their way enabling them to do their jobs. I also think that Bill Ackman is a intelligent individual I just don’t understand why he wants to target this company. There are many other companies about there that are doing worse things he should go and make a business plan for them as well.