My van was parked outside for 11 hours and I drove it forward without any problem on Friday morning. It seemed the issue being resolved after Transmission Fluid and Filter were replaced. I love my Caravan and hopefully I will be able to keep it until April, 2018, its 18th year anniversary! My plan now is to let Eric's technicians replace lub every 5,000 miles until the mileage hit 240,000, then I will have another major maintenance to have brake system replaced. This probably won't happen until late fall this year.
It's Saturday now, I actually park the van outside again and will test out tomorrow morning once more. I did it this morning, after parking it outside for 18 hours, it worked very well when I drove it out this afternoon. Anyway, I may need to try it at 6:00 am tomorrow morning when the transmission system is supposed to be frozen the worst.
Coming back home to have dinner, I finally watched the entire movie of Exodus - Gods & Kings. I had tried to watch it several times in the past but never could do from the beginning to the end. I was impressed by the last episode of the scenes when tides helped them escape successfully.
I finished reading Chapter 4 of Economics Rules - Models And Theories as well. Per author, Models and Theories are interchangeable but they do have the differences especially in the field of Economics. Theories in Natural Science are generally universal but models in Economics are specific. Three questions need to be asked before identifying the differences:
- What is the effect of A on X?
- Why did X happen?
- Are big questions still relevant in modern Economics?
If you read my statement on my Linkedin Pages, you should know that this author's view actually contradicts with my proposal. I am trying to discover and develop a economic theory and model to have universal economics issues resolved and global economy growing perpetually. The theory I name is Modern Socialism and the model I am testing is Multivariate Nonlinear Regression Model. So, I believe big questions are still valid in modern Economics, Adam Smith and Karl Marx are still relevant.
The author introduces the theory of value and its distribution. His point is that classical theory focuses on the supply side, which is represented by production cost. His reference to Karl Marx's theory of Residue Value of workers exploited by capitalists reminded me the theory of Marx's Scientific Socialism we learn in high school in Beijing. He also refers to Marginalists who invented the theory of Marginal Cost, which determines the price. The modern economics theories are more balanced from both sides of Demand and Supply. Not only should I but everyone else agree that Demand & Supply model is fundamental to today's global economy.
Macroeconomics was split from Microeconomics to reflecting economics theories at aggregates per author's argument. Business cycle had become a routine but classical economists didn't think it could be treated differently. Keynes put forward his own theory to rescue Capitalism through government interventions. Though he himself wasn't favorite a model attached to his theory, Hicks did develop a model for him with which he even objected. This demand-side view of macroeconomics had been developed rapidly until oil shock in 70s. UChicago economist, Lucas, started building microfounded models to deal with new issues Keynesianism couldn't resolve. Microfoundation as New Classical Approach had been very popular until financial crisis in 2008. Quantitative Easing was a typical tool of government intervention being effective during the recovery of financial crisis.
Author considers theories should be applied to specific events, I concur. I also think that universal model can be customized to fit specific events. Theories are models in most of the time.
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