Answers That Count - Hosted By Charles Musgrove

#government, #intervention

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FSU Economics Professor Joe Calhoun joins us for another episode. We discuss the current economic events in the news for the week, including the unintended consequences of government intervention into regular trade between producers and consumers. Of course, the Government has the best of intentions when they enact legislation, but many times the cost of the unintended consequences outweigh the benefits.

We have discussed the problems created by the cash for clunkers program in a recent podcast. We have discussed in several episodes the costs resulting from the COVID lockdown. And now, in the news this week we see where California Governor Newsome has enacted legislation banning the production of gas and diesel automobiles by 2035.

In this episode, we also discuss another economic theory from the book Common Sense Economics. This discussion is about the theory 'Economic progress comes primarily through trade, investment, better way of doing things and sound economic institutions'. Check out this episode to see how we relate this theory to every day life. You will be sure to find nuggets of knowledge in this episode.

#cannabis, #medicalmarijuana, #california

Be sure to click the Subscribe Button and Hit the Notification Bell https://www.youtube.com/channel/UC5U0invXUtqoyrAnniwDjhQ/?sub_confirmation=1

Also, for more information, check us out at https://answersthatcount.com/ . We have articles of current, relevant information about business and economics.

For Apple Podcast, link here https://podcasts.apple.com/us/podcast/answers-that-count-hosted-by-charles-musgrove/id1479296350

Link to and Like our Facebook page at https://www.facebook.com/answersthatcount.

Please leave comments below, or send me requests or questions at cmusgrove@answersthatcount.com

In this episode we talk with Steele Smith, III, a medical marijuana entrepreneur living in Anaheim, CA. Steel is a historian and expert about the marijuana industry. In fact, Steel's personal story is nothing short of remarkable. To say he is a pioneer in the industry is an incredible understatement. His mission for survival and relief of pain from suffering from a rare disease is shaping the industry and will lead to a better medical solution for many patients in the future. Check is personal story here https://steeleclarkesmith3.com/.

You can also take a look at the development medical product here https://c3internationalinc.com/. The product can be pre-ordered here at the product site https://www.idrasilrx.com/.

In this episode we talk about the evolution of the cannabis industry in California and how California impacted the rest of the US. The black market industry is alive and flourishing according to Steele and his belief is that this is being fueled by the nearby states that are 'dry', all cannabis sales are illegal. Check out this episode for an informative and entertaining show.

In this session, Professor Joe Calhoun joins us again on the September 11 anniversary of the attack on the US. We give recognition of the importance of the date in our history. 

COVID is still a part of what we are dealing with in the economy as we see the government continue lifting restrictions on businesses. The most recent in the State of Florida is the opening of bars and lounges, with restrictions. Even with the lifting of some of the restrictions, many businesses will opt to remain close and not battle the restrictions on their business.

The economic recovery is fragmented and winners and losers will be determined post-COVID.

We also discuss the economic theory of 'profits direct businesses toward productive activities that increase the value of resources, while losses direct them away from wasteful activities that reduce resource value.'

Profit as calculated by the accountant is different than the economists calculation of profit. The explicit cost (accountants' calculation) plus the opportunity cost = the total economic cost. The economic cost is normally used by the entrepreneur to provide a baseline to make business decisions.

Economics Professor Joe Calhoun from FSU joins us for another episode to discuss the evolving changes in our economy resulting from the COVID impact. Even though the negative impact is significant, there have been positive changes in the economy also. In this episode we take a look at the upside impacts. Market segments, like real estate, home purchases show growth. The Florida market, specifically the NW Florida area have shown significant demand in 2020. It's almost like home owners are moving from large metro areas to sunny Florida and the beauty of the coast to work remote or work remote and do home schooling. We also chat about the monthly NFP report that was issued on September 4th revealing jobs added for the month and unemployment rate. These also show an economy that is improving with jobs added meeting expectations and the unemployment rate remaining below 10% at around 8.4%. The meat of the discussion is on the economic theory that prices bring the choices of buyers and sellers into balance. We break this down to every day examples to understand the importance of price in the market.

Theory of Price By CAROLINE BANTON Updated Feb 19, 2020 What Is the Theory of Price? The theory of price is an economic theory that states that the price for any specific good or service is based on the relationship between its supply and demand. The theory of price posits that the point at which the benefit gained from those who demand the entity meets the seller's marginal costs is the most optimal market price for that good or service. KEY TAKEAWAYS The theory of price is an economic theory that states that the price for any specific good or service is based on the relationship between its supply and demand. The optimal market price, or equilibrium, is the point at which the total number of items available can be reasonably consumed by potential customers. Supply may be affected by the availability of raw materials; demand may fluctuate depending on competitor products, an item's perceived value, or its affordability to the consumer market.

In this episode about Cyber Security Safeguards with Ben Graybar, we talk about the well known, large-scale public examples of cyber hacks as well as our personal experiences. The hacks that are public may seem like something that happens to someone else, but many times given the vastness of these hacks, we are caught up in them also. Usually, when we are caught in the public hacks that include tens of thousands, we just hope that we are the small fish in a large pond of bigger fish and that our data will not be hacked, even if our personal information has been compromised. Simple measures are the most effective ways to prevent being a victim of any type of hack. So, tune in to see how to safeguard your cyber security and not be a part of the hacked universe.

Cyber attacks seem very complex, and usually they are. However, simple measures are the most effective ways to prevent being victimized. Those simple measures include: (1) Password and (2) Public WiFi.

FSU Economics Professor Joe Calhoun joins the show again. In this episode we discuss the risk/reward decision process regarding COVID. What are you willing to risk when it comes to staying free of the COVID virus? Mental health, economic vitality, and normalcy  are all a cost if we go 100% lock-down to avoid catching the COVID virus. We don't want the cost of avoiding COVID to be greater than the effect of COVID itself. We then discuss the outlook for FSU with on-campus attendance and the financial fall-out to Tallahassee for the reduction in attendance on-campus. This hit is not just a Tallahassee thing ... it will be seen on college campuses across the US. 

We then spent the balance of the episode discussing the economic theory that decisions are made at the margin. Marginal benefit and cost what decisions are based. Check out this show to expand your understanding of this economic theory as Professor Joe uses the Diamonds and Water analysis comparing marginal value of a diamond and bottle of water. Interesting stuff ... check it out.

Professor Joe then turns this theory to the COVID situation and fully opening the economy vs. phased opening. He discusses the marginal cost and benefit of the lock-down continuing. He even applies the analysis to Mask mandates. Decisions are not all or nothing, they are made based on marginal costs/benefits.

Economic Key Element #2 – There are No Free Lunches In our continuing series of interviews with Professor Joseph Calhoun, Economics Professor at Florida State University, we talk about another key element of the Twelve Key Elements of Economics from the Third Edition of “Common Sense Economics, What Everyone Should Know About Wealth and Prosperity.” As the co-author of this book, public speaker and professor at a major university, Professor Joe provides a great perspective of how basic economic theories apply to current economic conditions.

In this interview we discuss key element #2, There is no such thing as a free lunch: Goods are scares and therefore we have to make choices. There are a couple of concepts we discuss in this episode that all relate to this key element, opportunity costs and prioritization of choices. Tune in and check out https://answersthatcount.com/ for articles and other episodes.

Economic Key Element #1 of 12 – Incentives Matter I recently interviewed Professor Joseph Calhoun, Economics Professor for Florida State University and co-author of the Third Edition of “Common Sense Economics, What Everyone Should Know About Wealth and Prosperity.” In this interview we talk about key element #1, Incentives Matter – Changes in benefits and costs will influence choices in a predictable manner.

There are similarities between the Incentives Matter concept to the Laffer Curve, an economics theory developed by Arthur Laffer. The simple description of the Laffer Curve is that reducing tax rates will increase total tax revenue … meaning Americans will work and earn more if taxes are lower than they would at a higher tax rate.

Here is a quote from Common Sense Economics, “Changes in incentives influence everyone’s choices, regardless of the mix of greedy, materialistic goals on the one hand and compassionate, altruistic goals on the other, that drive a specific decision.”

In this episode, we have guest Ron Coury, author of the recently published book entitled Tenacity. Ron talks about his business ventures in the early years in Las Vegas. He used a large dose of hospitality and tenacity to carve a path in the evolving casino and local tavern scene in Las Vegas. What a great story and great lessons in today's climate with COVID fears and realities. 

Ron created the Cheers tavern and local gathering place before the hit TV sitcom. Check out this show about how Ron created a successful business in a place that was about to experience a tremendous economic transformation that would last for decades. 

Born and raised in Brooklyn, New York, Ron Coury arrived in Las Vegas in 1973, following two years of service in the U.S. Marine Corps. Ron has been a casino dealer and a realtor, as well as a partner in restaurants and gaming bars, major graphics and glass companies, and several automobile dealerships throughout the western United States.

He is currently a board member of the Las Vegas Metropolitan Police Department Foundation, as well as several companies and charitable organizations. He has three children and five grandchildren and remains active in business and community service endeavors throughout Southern Nevada.

In these difficult times, businesses will be dealing with difficult vendor and employee decisions, Ron leaves us with the point that it is "never the wrong time to do the right thing". Be kind and considerate as you interact with others who are struggling with the COVID created business hurdles. 

In this episode we talk with Whitney Lee, Founder of Social Lee PR & Media Co about the best practices of social media posting and sending the 'right' message to the target audience. We discuss a wide range of topics from adapting to business and COVID and how the business message should be modified to be sensitive to the conditions caused by COVID.

Here are 5 takeaways from the interview:

1. Post quality content, don't post just to be posting something
2. Use the social media platform that best matches your target audience
3. Either use the platform and post to it, or close it down, don't ignore engagement or don't leave the platform unattended if you have a page on the platform
4. Beware of the reaction to posting political positions
5. Know the time of day to post to get the maximum engagement

Check out this episode for tips and information about communicating your business message the best way through social media and website.