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I was [initially] convinced by Friedman and Schwartz that the 1929-33 down turn was induced by monetary factors...I concluded that a good starting point for theory would be the working hypothesis that all depressions are mainly monetary in origin. Ed Prescott was skeptical about this strategy from the beginning... I now believe that the evidence on post-war recessions (up to but not including the one we are now in) overwhelmingly supports the dominant importance of real shocks. But I remain convinced of the importance of financial shocks in the 1930s and the years after 2008. Of course, this means I have to renounce the view that business cycles are all alike!
But with the post-2008 recession looking so similar to the Depression, it seems to have become clear to Lucas that the Law of Large Numbers will no longer do the trick. There must in fact be two types of recessions, with one (more frequent, less severe) type caused by "real shocks", and the other (rarer, more severe) type caused by "financial shocks". That Lucas has now twice changed his ideas about the underlying causes of the business cycle - the most important question in all of business cycle theory - is in my opinion a reason to admire him. When the facts change, Lucas changes his mind, as any scientist should.
The "[micro]foundations" of...models don't guarantee empirical success or policy usefulness. What is important...is that if a model is formulated so that its parameters are economically-interpretable they will have implications for many different data sets. An aggregate theory of consumption and income movements over time should be consistent with cross-section and panel evidence...An estimate of risk aversion should fit the wide variety of situations involving uncertainty that we can observe...Estimates of labor supply should be consistent aggregate employment movements over time as well as cross-section, panel, and lifecycle evidence...This kind of cross-validation (or invalidation!) is only possible with models that have clear underlying economics: micro-foundations, if you like. This is bread-and-butter stuff in the hard sciences. This I completely and utterly agree with. The power of microfoundations is that they allow unification. They give you the hope of explaining many phenomena in terms of one underlying phenomenon. In fact, there really should be no conceptual difference between the terms "microfoundations" and "unification". Microfounded models - when they work -are inherently more useful and powerful than equivalent "ad-hoc" models.
Bourbaki7:04 PMWarning: Physics Troll :)I think this is the best explanation I have heard of the concept behind the relationship of microfoundations to the Lucas Critique.However, since changing the scale of your theory (going from micro to macro) destroys information (e.g. atoms go from having electron structure to being zero size points in the Ideal Gas Law), many of these details can only help to unify different micro-phenomena. They only explain macro-phenomena after being stripped of these details through the scale change.Atomic theory has been a massive boon to the understanding of thermodynamics, but thermodynamics was well developed before atoms had unified chemical phenomena.ReplyDeleteRepliesreason2:56 AMExactly - hence the problems with the use of representative agents hiding most of the really interesting questions.Deletereason3:04 AMThis comment has been removed by the author.Deletereason3:07 AMCan you deduce the behaviour of a swarm of bees by examining the behaviour of an individual bee?No - because the behaviour of each bee is not independent of the behaviour of the other bees.P.S. This is why methodological individualism can lead to dangerously wrong conclusions. (True you can model the behaviour of the swarm with a corrected model of how individuals behave, but without reference to swarm behaviour it is very difficult to get it exactly right because small effects can have big consequences.)DeleteCA11:00 AM"This is why methodological individualism can lead to dangerously wrong conclusions."So can comparing the behavior of bees to how humans make decisions.Deletereason4:32 AM????Idiom, anology? Ever heard of bubbles. Do you really want to label yourself as a narrow literalist?Deletereason4:39 AMThis comment has been removed by the author.DeleteBourbaki2:45 PMBees are not the only critters that "swarm", therefore the macro swarming behavior cannot depend that strongly on the underlying micro degree of freedom (bee).http://en.wikipedia.org/wiki/Swarm_behaviourObserved correlations between the degrees of freedom in the economic microtheory are probably not strongly dependent on the details of that microtheory. If they were, then you have strongly coupled scales -- such a system would likely not admit a macro description at all.It is a possibility in economics, but if the behavior of gasses depended on the details of atoms at all scales, then we likely wouldn't be able to describe an ideal gas.(I may be wrong about this, but I think in models where we understand there is micro behavior that produces correlations in the macro behavior ... Langton's ant, for example ... we actually can't derive the latter from the former except by brute force simulation.)DeleteBen Johannson7:01 AMThis is wrong. You cannot make a comparison between physics and economics and expect to get anything useful out of it. Thermodynamics (the micro in your example) contributed toward understanding of atomic theory (your macro) because so far as we are aware the laws of physics do not change, which is why physics is actually relatively simple.But in economics rules which apply at the micro level often do not translate to the aggregate. The Paradox of Thrift is an enormous glaring flaw in attempting to make it so, as is comparing government budgets to those of households or firms. Recall the bild assertion by the Tories that austerity would spark investor (microeconomic actors) confidence, and their spending would generate economic growth. What actually happened was that withdrawing government spending reduced incomes which reduced employment which reduced output (macro!).DeleteReplyAnonymous8:59 PM the evidence on post-war recessions (up to but not including the one we are now in) overwhelmingly supports the dominant importance of real shocks.------- In fact, the opposite is true. Most recessions are monetary or financial shocks.Real microfoundations require a deeper understanding of the interactions of neuroeconomics, social psychology, institutions etc. This is completely beyond Mr. Lucas. Like RBCers, Lucas is nothing but a right-wing ideologue. ReplyDeleteRepliesAnonymous10:05 PMI am super skeptical of this. Please give me one neuroeconomic insight that has interesting or profound effect on the macro-economy that cannot be derived from conventional economics. The point of useful economic models is to allow for some generality, if you start discussing things at a neural level you have to get insanely specific and rigidly non flexible. Deletereason2:58 AMI thought the evidence from many post-war recessions was that they were deliberately engineered by the Fed to fight inflation (hence the V-Shaped recoveries when the brakes were removed). Why does he think otherwise?Deletereason3:12 AM"Please give me one neuroeconomic insight that has interesting or profound effect on the macro-economy that cannot be derived from conventional economics."The assymetry between the reaction to losses and gains.DeleteCA10:59 AM"The assymetry between the reaction to losses and gains."Can you elaborate? Any risk-averse individual (a standard assumption in neoclassical microeconomic) will exhibit such assymetry. How did neuroeconomics change our view?DeleteAnonymous11:16 AM"The assymetry between the reaction to losses and gains."That is actually an insight from behavioral, not neuraleconomics. What this broadly is, is in fact prospect theory: http://en.wikipedia.org/wiki/Prospect_theoryAnd yet I do not see how this is useful for a macro model, what quantitative insight would this change significantly?Deletereason4:36 AMPlease find me a model that responds assymetrically to changes - i.e. that responds over time in a rachet like manner with gradual rises and sudden plunges - not in response to shocks but endogenously.Deletereason4:37 AMThis comment has been removed by the author.Deletereason4:40 AMThis assymetry is not the same as a tast for risk aversion. It is a sudden change in risk aversion in response to experience.Deletereason4:46 AMi.e. in one word Minsky.DeleteCA11:27 AMWas Minsky a neuroeconomist?DeleteCA11:33 AMNeuroeconomics is not the same as behavioral economics. By the way, what does all that have to do with Lucas? DeleteBen Johannson7:11 AMThe proximate cause of all recessions is an overly high rate of saving in the private sector. There are many different catalysts for such behavior, but it is that behavior which initiates and sustains economic downturns. Economic distress emanates from a lack of aggregate demand.DeleteNathanael1:31 AMBen, that's wrong in a subtle way. The proximate cause of all recessions is a shortage of spending in the private sector. It is possible to generate that without a high rate of saving, under circumstances involving manipulation of the money supply.However, your description is *usually* right -- but it's still misleading. A "high rate of saving" can mean that the billionaires are hoarding all the money, and can't find ways to spend it fast enough, while the rest of the population would love to spend money or save money, but is deep in debt and can't really do either. That is what's actually going on right now.DeleteReplyAlexander Hamilton10:28 PMNoah am disappointed that Lucas gave a 2003 presidential address to the American Economics Association in which he said the issue of stabilizing business cycles had been largely solved and economists should concentrate their efforts on growth.If I were asking interview questions . . . ReplyDeleteRepliesreason3:19 AMWhen was the Japanese meltdown again?DeleteReplyAnonymous10:37 PMNoah:Do you disagree with Krugman's take on the RBC? So do you think that all recessions between 1930 to 2008 were caused by technological shocks? Seems silly to me...FrankReplyDeleteRepliesNoah Smith11:14 PMDo you disagree with Krugman's take on the RBC?No, I pretty much agree with his take.So do you think that all recessions between 1930 to 2008 were caused by technological shocks? Seems silly to me...Yes, very silly.DeleteAnonymous12:23 AMHi! I'm an idiot about economics and don't really understand this post too clearly, but I was still somehow surprised to see you say "As usual, I agree with him on most things," even with the exception that follows, maybe because I associate him with stuff like this:http://delong.typepad.com/sdj/2011/09/department-of-huh-no-department-of-wtf-robert-lucas-edition.htmlI don't think that has anything to do with "value of the RBC modeling paradigm," but like I say I'm not too clear about all this.DeleteNoah Smith1:15 AMBasically, Lucas seems to have been really impressed by the idea that "real shocks" cause recessions - the basis of the RBC paradigm. This doesn't seem plausible to me at all. Then, he seems to have been overly impressed by the supposed internal consistency and "Lucas Critique Invariance" of the RBC models themselves, which A) I doubt, and B) I don't think matter as much as Lucas thinks they matter. The two Lucas quotes that Brad DeLong cites there are interesting because in the first quote he seems very convinced that recessions are caused by real shocks, and that someone who believes otherwise must be bulshitting. But in the second quote, he goes back to thinking that recessions are caused by some sort of demand shocks that call for demand-side remedies. So I think this shows how he is conflicted between the evidence of his eyes (which tells him recessions are caused by demand shocks), and his love of the whole RBC view of the world.DeleteNoah Smith1:46 AMIn any case, I changed the comment to be more specific about where Lucas and I diverge...DeleteAlexander Hamilton8:44 AMhis love of the whole RBC view of the worldman with a hammer syndrome, as correctly identified by Munger (Psychology of Human Misjudgment). Hope this speech frames your approach in your book on the history of modern macro.for your book on Macro, I would suggest that you reach out to Munger, now, asking for a private interview to be used later. Munger will talk to you and answer your letters, as I know from personal experience.I would suggest you do the same with Soros.DeleteCA11:05 AMI don't think Lucas refers to technology shocks only when he talks about "real" shocks. The list inclued changes in taxes, government spending, energy costs, etc. Nevertheless, I think it is hard to argue that the 1981-1982 recession was due to a real, rather than a monetary shock.DeleteLee A. Arnold11:06 AMI remember that in the mid-1980's I was trying to study (as an outside observer; I am not an economist) what economists knew about the '70's stagflation, and it looked like they had come to the conclusion that there are two sorts of shock, supply-side and demand-side. Perhaps we should overlay another grid: real/financial. Then we would have four types of shock, and four different policy sets to deal with them, as a rough first approximation. It could be that the way forward for many macro questions (not all) is a return to "old-school" Keynesian hydraulics with a lot more attention paid to the Bagehot-Fisher-Minsky-Koo dissection of financial disasters, because these are becoming an evermore global, frequent and obvious stupidity and a terrible hindrance. I think that even the intro textbooks should start pushing it in as a major chapter.DeleteAlexander Hamilton11:32 AMI don't think Lucas refers to technology shocks only when he talks about "real" shocks. The list inclued changes in taxes, government spending, energy costs, etc. Nevertheless, I think it is hard to argue that the 1981-1982 recession was due to a real, rather than a monetary shock.What kind of shock was the Jimmy Carter presidency?It is amazing to me that economists are so stupid that they have models that vary behavior according to future expectations about the price of wheat but not whether we have a fool as President or a madman running around in the mid-east with nuclear weapons.DeleteNathanael1:28 AMWhat's a "real shock"?I don't think "technological shocks" have ever caused a recession, and I don't think "taste" shocks could even conceivably cause a recession (people's propensity for consumption doesn't vary that much!).On the other hand, the 1973 Oil Crisis could logically count as a real shock -- people in the US weren't expecting the behavior of OPEC and had no idea how to react to it. That's a very classic supply shock, though. It also seems like that sort of thing can only cause a recession under rare circumstances: specifically, the good with the supply shock has to be *very important* to the economy, and it has to have *no good substitutes* in the period of years. Oil in the US in 1973 fits both criteria. However, you'd be hard pressed to find another example of a supply shock causing a recession, though you might be able to dig one up from ancient Rome or something.DeleteReplyRichard H. Serlin1:17 AM"...or Nash equilibria where the strategy sets of each agent are made explicit in an internally consistent way"What I always disliked about the way a Nash equilibrium was always considered the solution, was that it ignored (rampant) asymmetric information. You can't just choose the best strategy given your competitors' strategies, if you don't know what your competitors' strategies are. So, often rational individuals, even if all perfectly optimizing – given what they know – can choose actions that aren't a Nash equilibrium. I was more interested in seeing what rational, perfectly optimizing competitors would do than what the Nash equalibria were.I told this to one of my game theory professors, who specialized in the area, and he replied that researchers in this area keep this in mind. I'm not so sure how common that is. ReplyDeleteRepliesNoah Smith1:32 AMDo you mean games in which different players think that the strategy space is different?DeleteAnonymous11:19 AMThere are all kinds of game theoretical models with imperfect or asymmetric information.DeleteRichard H. Serlin12:55 AMNo, they could think it's the same strategy space, and it could be the same strategy space, but optimizers don't arrive at the Nash Equilibrium simply because they don't know what the strategy of the other person will be.Take, for example, the game rock, paper, scissors. Here there is no Nash Equilibrium. There's no strategy where both players are doing what's best given what the other player is doing. But suppose you add "turtle" – a fist with your thumb sticking out. Turtle is a tie against anything. If the paper falls on it, he just crawls out from under. Yet he's docile and harmless.With turtle, the Nash Eq. would be turtle-turtle. But a rational optimizer would optimize just as much against a random rational optimizer by picking rock, and so rational optimizers can not end up with a NE.Or look at the battle of the sexes game. If I knew I was playing with an economist steeped in game theory, I know she'd very likely choose opera, so of course I'd choose opera, and there would be no NE – which shows that knowledge of the other players personality and psychology can lead to a non-NE.Of course, whether any of this really matters, and is not just playing chess for fun – which is what game theory often seemed like in my two PhD courses, depends on what real world games are really like. There there is often tremendous asymmetric information, poor information, misinformation, and deception. But also, lots of incentives also for long term cooperation, reputation, and relationships – a great example is the centipede game – where you'd pretty much never see the NE. People would just decide to cooperate, at least eventually, and would keep doing so as long as the other person did, which could be for a long long time.DeleteAnonymous11:23 AMLast time I checked, there was a Nash equilibrium at rock, paper, scissors. Of course, it is in mixed strategies.DeleteRichard H. Serlin1:30 PMGood point, I haven't looked at game theory for many years. If both players choose a mixed random strategy of 1/3R, 1/3P, 1/3S, that's a NE.DeleteNathanael1:23 AMThanks for some interesting thoughts, Mr. Serlin.From what I can tell, theorists in mathematical game theory really *do* keep the limitations of Nash equilibrium in mind, and have been working to develop further useful concepts. I can't speak to the economic game theorists, because I admit I haven't been following them as much as perhaps I should!DeleteReplyEvan1:59 AMhi i don't know if this station takes requests but i would love to see you jump into the thomas nagel mind and cosmos tiffReplyDeleteRepliesNoah Smith8:45 AMHaha I ain't touching that one with a 10 foot pole...DeleteMike Huben1:01 PMIt's not nearly as bad as you think, Noah.What is Wrong with Our Thoughts? A Neo-Positivist CredoDeleteReplyAlex2:28 AM"Though Lucas doesn't mention here whether he thinks financial-shock recessions should last longer."He blames government policies for the slow recovery:http://www.econ.washington.edu/news/millimansl.pdfReplyDeleteRepliesNoah Smith9:12 AMWell, see that DeLong link...it's not clear what Lucas really believes about this...he makes conflicting statements. I think this really just means he doesn't know what's causing the slow recovery, or slow recoveries in general.DeleteReplyAnonymous7:35 AMFriedman and Schwartz was always a simplification meant to frame a monetarist point of view, a counterpoint point for using monetary intervention instead of fiscal intervention. It is understandable that economists adopt simplifications necessary to build a model. Not understandable is losing sight of the fact that the simplification is just that, a simplification that is not robust.I get that historically monetarists had to criticize Keynesian fiscal policy in order to promote their cherished alternative monetary solutions. However, to completely deny that Keynesian fiscal policy worked and worked very well is simply ideological revisionism. Good policies and good solutions to real problems are dismissed out of hand. The Lucas comment about accepting Friedman and Schwartz is telling. This places Lucas in the realm of a narrowly focused expert who can explain at a high level, his own narrow models within the Friedman monetary framework. His limitation and narrow focus does not leave him in a position to evaluate competing ideas. That requires a different type of expert who understands multiple models and multiple policies to an adequate depth.Experts have limits to their expertise. Lucas may have been an expert on past conditions, but conditions since 2008 have moved away from his expertise. He may once again become relevant if we return to the economic conditions of the late 1990s. It is important that our policy elites recognizes the limitations of the experts who advise them.As a fence sitter, someone who prefers the triumvirate of monetary, fiscal and regulatory policy to a "monetary policy rules all" approach, I find the drift to an ideological position of a narrow focus on monetary policy with no interest at all and an arrogant and dismissive attitude to other ideas disturbing. Especially those in the monetarist camp who have championed even convoluted and questionably effective monetary policies over simpler fiscal and regulatory policies with historically proven effectiveness have done a lot of harm to a lot of people under our current economic conditions. Policy elites must recognize the shortcomings of "experts" and seek broad advice from those who understand policy more broadly, not narrowly focused on monetarism.jonny bakhoReplyDeletesibusisodan8:07 AMYou've totally avoided the real question here: namely, who's the poor soul on the receiving end of the Force Lightening in the photo above, and what did they do to deserve it?ReplyDeleteAlexander Hamilton8:38 AMNoahI know your stated goal is to write a history of modern macro, with Lucas at the center.May I suggest a title: Lucas Lied (about everything, all the time).It seems to me an impossible task, when you have nothing but such poor interviews as this on which to go. Lucas is just one of many in a long line of ringers---people who have argued against Keynes mostly to make a name for themselves and who have dissembled every step of the way.I hope your opening chapter is about the best story about Lucas. He was once offered as a witness on economics in an antitrust case in Chicago. The district court judge refused to let him testify because he was unqualified and his opinions were absurd. Posner, who fancies himself as a right wing economist on the 7th Circuit, wrote an opinion affirming that doesn't even mention him by name, as I recall.It is too funny that trial lawyers, like this humble servant, know more about economics than Robert Lucas.ReplyDeleteRepliesmattski9:20 AMNow that you've humbly informed Noah that you know more about economics than Lucas I'm sure he, Noah, is on his seat's edge waiting for more unsolicited, humble advice as per above.DeleteReplyAlexander Hamilton8:49 AMNoahBrad is a little nicer to Lucas, writing yesterdayI conclude, as always, that to the economics profession mathematical analysis of stylized models is taken seriously exactly so long as the conclusions fit the prejudices of economists. Thus when an economist says "Mathematical analysis which you wouldn't understand of my model shows that X is a bad policy" you should hear "I don't like X."ReplyDeleteRepliesAnonymous11:23 AMI am not sure if I have seen you make a single substantive comment, it is all just ideologically charged rhetoric and regurgitated talking points. You are coming off as infinitely more ideological than Lucas.DeleteAnonymous12:50 PMyou will not understand this comment, but the human endeavor most like economics is golf, which is play entirely on a six inch course lying between one's ears. By that I mean that modern economics is entirely a game of confidence and expectations. I don't believe for a moment that Lucas offers anything substantive or that there is much substantive to talk about. My POV is that it is about leadership, vision, not Nash equilibrium.The best economists are Soros and Munger, who have far better ideas than those you will find in the writings and talks of Lucas or Cochrane or SW, but who is naming names.I have no ideology about the subject at all, beyond noting that it is a much harder game than all but a few, like Keynes and Noah, recognize. For example, I don't think that printing money now will help all that much because it will not due enough for confidence. The task before us to restore confidence and economic health is monumental, hardly ever addressed by any economic blog, from Klugman on the left to Taylor on the right.In sum, I believe the How trumps the What. If Obama was convincing as a leader he would succeed by either raising or lowering taxes, for leadership is that much more powerful than policy. Feynman says that you test by experiment and experience. I have lived long enough to have experienced leadership. RR did everything wrong economically but trumped with leadership. Think about that lesson.What I do know and oppose are people like Lucas who say they know the way. They don't. No one does. We are in the "fog of war." Under such circumstances, pointing out flaws such as incentive caused bias (including ambition) is my task.Alexander HamiltonDeleteAlexander Hamilton9:42 PMHaving a moment further to write, the historical record shows that FDR and Truman and Lincoln triumphed because of leadership, not policies.Same for Washington and Hamilton (contrast with Jefferson and Madison who together gave us the War of 1812)DeleteNathanael1:11 AMLeadership is policies and policies are leadership. I have no idea what the distinction you are making is.I don't think that you can do things through sheer charisma, though charisma is valuable. There are things which actually matter: for instance, you have to put wealth in the hands of the poor people in order to have a functioning economy over the long term; you can't let it all concentrate in the hands of very rich hoarders. It doesn't much matter how you do that, but you do have to do that.Ronald Reagan wrecked the country using policies which were calculated to create short-term success and long-term failure -- these are a specific class of policies, and they do exactly that. The same class of policies was used by the "ancien regime" in France during the 100 years before the French Revolution; the key features are "kicking the can down the road" and fraud.DeleteNathanael1:12 AMI seem to agree with you on a great deal, Mr. Hamilton, so I may just be confused about what you were trying to say with reference to "leadership".DeleteReplySom Dasgupta9:50 AMNoah,I wonder if one day we discover the Grand Unifying Model in Economics. Somehow I think it is going to be elusive. Much like the one that Physicists have been trying to find (does not mean that we stop trying, I suppose. I just don't know how much time should be spent on it).In the meantime, people should read what Paul Samuelson had to say about Milton Friedman (generally praiseworthy) and Robert Lucas (generally useless). Paul Samuelson and his position in economics is really untouchable. (Look at what Krugman had to say here: http://krugman.blogs.nytimes.com/2010/04/20/samuelson-memorial-2/ )More importantly this interview of Samuelson, sort of puts into perspective what he thought of various contributors in Econ:http://www.theatlantic.com/politics/archive/2009/06/an-interview-with-paul-samuelson-part-one/19572/ReplyDeleteRepliesidiot6:22 PMI'm the anonymous commenter who admitted above to being an idiot, but I guess it would be best to distinguish me from the rest of the anonymice with a different fake name.Anyways, I enjoyed that Atlantic article. Samuelson's point seems to be that Lucas didn't have any practical policy suggestions, good or bad, whereas Friendman at least occasionally had good ones, because he was "street wise." My impression is that Noah is mostly interested in theory, so who cares, or that he figures Lucas may have contributed to something that might possible become useful someday.Also, here's yet another Lucas-dissing link, since that seems to be the thing: http://www.huppi.com/kangaroo/L-chilucas.htmDeleteReplyAnonymous11:22 AMSpoiler alert: A Walrasian equilibrium is Nash.ReplyDeleteRepliesNoah Smith1:41 PMSpoiler alert: A cat is a mammal.DeleteReplyAnonymous10:48 AMLucas' comments just corroborate the need for efficient (Bayesian) estimation of DSGE models.ReplyDeletePreston Urka12:01 PM ... Finally, Lucas on microfoundations: What is important...is that if a model is formulated so that its parameters are economically-interpretable they will have implications for many different data sets...This kind of cross-validation (or invalidation!) is only possible with models that have clear underlying economics: micro- foundations, if you like. This is bread-and-butter stuff in the hard sciences....As a 'hard' scientist (see Noah's bestiary), it pains me to read what Lucas considers bread-and-butter stuff - he misunderstands completely.Chemistry, Physics, etc, did not start out with a Grand Unified Theory; they started out with Newton's Theory of Gravity, Maxwell's Electromagnetism, .... and are still working on putting them into a GUT.Einstein showed that gravity is more generally represented as the curvature of space, but bridges are still designed using Newton's theory - should we be afraid of crossing them?The 'bread-and-butter' is that 'hard' scientists kept working on the macro models - they didn't start with the Electro-Weak Interaction and work backwards to Electromagnetism and the Weak Interaction; they worked forwards from the macro models to the micro.One should not look for cross-validating models; one should look for models that cross-validate (existing) models. Otherwise, as Noah points out, you should junk your hypothesis and move on.To your next reviewer who rejects a paper for lack of micro-foundations, point out that Newton, Priestley, Bohr, et cetera weren't micro-founded either.ReplyDeleteRepliesPreston Urka12:04 PMps - in the 'hard' sciences bestiary, Lucas (for this one comment) would come across as an Astrologer, studying Astrology. Sounds a lot like an Astronomer studying Astronomy, but isn't quite the same. :)DeleteCA4:23 PMBut would it be OK to explain the behavior of solar systems by assuming laws that contradict the behavior of the individual planets within a solar system? DeletePreston Urka1:09 PMCA - I'm not suggesting one start by assuming contradictory laws.As Noah points out, if you have an explanation of the solar system (that doesn't contradict the behavior of individual planets) then it is fine.He ALSO points out, if you have an explanation of individual planets (that doesn't contradict the behavior of the solar system) then that is fine.It would be nice if you can explain the behavior of solar system and planets with one explanation - i.e. gravitational attraction between masses - but it isn't required if the separate explanations are non-conflicting (even Ptolemic epicycles have a fair predictive ability).Additionally, if your solar system and planetary theories do start to conflict, it is not clear which theory (if either) is correct. For example, the understanding of the solar system was surmised incorrect and 'fixed' by adding in Neptune and Pluto. However planetary motion was also surmised incorrect and 'fixed' by correcting for relativity (especially with regard to Mercury).This is why, as a non-economist, I enjoy Noah's blog; he advocates the scientific method, and is thus understandable to a scientist. He doesn't try to 'make it fit' he looks for the 'fit that works'.DeleteNathanael1:06 AMPreston makes a good description of the actual procedure for resolving conflicts.For a long time, geology told us the age of the earth, and physics told us the age of the universe, but physics said the age of the universe was shorter than the age of the earth, which is actually impossible. Which was wrong? (As it turned out, physics.)DeleteReplylarspsyll1:00 PMNoah, I have a go at Lucas too, but I think I end up closer to Brad on this issue ...http://larspsyll.wordpress.com/2012/11/30/oh-dear-oh-dear-robert-lucas-is-talking-nonsense-again/ReplyDeleteNathanael1:03 AMLucas is WRONG. Beyond wrong, even.Perhaps his problem is that he's never studied biology, or the history of biology. The theory of evolution by natural selection, in particular, does not meet *any* of his "microfoundation" requirements. And yet it is the absolute best theory for explaining vast quantities of biology and geology, far better than "microfounded" theories.I have to agree with the people who think that economists suffered from physics envy, when they should have been studying biology.ReplyDeleteMelanie11:19 PMBig fan of Lucas :) His nobel prize lecture is brilliant, both in its exposition of the history of monetary theory and his very modest conclusions about what we know today. Question, you pick on the "Calvo Fairy," why not the "Taylor Fairy" also? ReplyDeleteMike Smitka10:35 AMMonetary theory, monetary theory ... follow the money: that was where you could get research funds, CB conferences and talks to Wall Street types. Let's not ignore self-interest as a component of the direction research takes. From that perspective RE and later developments were gold mines.ReplyDeleteAdd commentLoad more...


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Upside down drawing #5 and 6
More Richard Scarry copied - Mr. Frumble and Lowly Worm! I'm still having my drawings come out larger than the one I'm copying for some reason, but I've noticed my brain is now thinking in terms of angles and curves rather than upside down parts of a picture. 4 more of these and then on to negative space drawing!

type: global

value: Blogger is an American online content management system (CMS) which enables multi-user blogs with time-stamped entries. Pyra Labs developed it before being acquired by Google in 2003.


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Affiliate Travel Booking Engine | PHP | XML
We are looking to build a travel booking XML Web Services Interface([url removed, login to view]). The requirements are based loosely on [url removed, login to view], which is [url removed, login to view]'s own frontend implementation to their backend. I
R-P1) LAMP - Linux Apache2 Mysql PHP5
R-P2) Javascript using your framework of choice (yui, prototype/scriptaculous, dojo ,jquery,etc), but please no overlapping of frameworks unless you have a really good reason to.
R-P3) IAN XML Web Services backend booking system ([url removed, login to view])
R-P4) Effectively, a clone of [url removed, login to view] (also uses IAN) with a better interface. [url removed, login to view] can be used as a guideline for most functionality, but we would like some prettier javascript on the air booking interface as specified below.
Code should be maintainable and understandable. This means:
* Use tabs to make it readable!
* Name variables, functions, etc appropriately – i.e. var airline_name[]
M1.) site framework and page layouts - 20%
M2.) site functional and working with live xml/web services interface - 30%
M3.) site functional and meeting all visual requirements - completion - remaining 50%
Funcational Requirements (Milestones 1 & 2)
Based on [url removed, login to view], which also uses IAN's backend (everything [url removed, login to view] does, we can do with IAN's web services.)
R-F1) Simple 3 tab structure with tabs for Air, Car, and Hotel. This page should be pretty and looked web 2.0-ish.
Hotel Booking Pages
R-F2) Hotel functionality of travelnow.com.
Car Booking Pages
R-F3) Car booking functionality of travelnow.com.
Air Booking Pages
Javascript Requirments
R-F4) Results of available fares are pre-loaded into page for speed in selection (essentially, hidden with javascript) (backend returns all options, including returns - no second server hit is required to display return fares.)
R-F5) Animations in javascript framework similar to example i will provide (selected folds out, unselected fold up).
R-F6) City names should be auto complete (there are tons of examples of this all over the web).
R-F7) Based on 4 steps below(use to [url removed, login to view] (which is ALSO done in IAN, but more simple looking like [url removed, login to view])
1a.) SIMPLE(subset of ADVANCED) Entering flight information into front page (to(autocomplete), from(autocomplete), date out, date in, num of adults, option to go to ADVANCED page (1b)
1b.) ADVANCED Entering flight information into front page which has all of the options available on [url removed, login to view]'s entry page.) - ADVANCED "page" should just be a javascript call to bring these additional options into view.
2.) Searching javascript popup box showing that we're searching for fares - should fade background - examples on web - i can also provide examples.
3.) Display/Selection of Flights (Javascript should be used when possible instead of hitting the server every click! - i have a coded example of this.)
4.) Entering billing data and confirming flight (same functionality as [url removed, login to view])
5.) confirmation (thank you) page, sending confirmation over web services, saving booking data).
R-F8) Can sort available results in the same fashion as [url removed, login to view] can.
Additional Service Price Included in Booking
R-F9) Displays prices inclusive of base fare, taxes, and a dynamically calculated fee for a service we are offering.
Non-Functional Requirements - (Milestone 3)
R-N1) MUST work in both IE and Firefox (on Windows, Linux, Mac).
R-N2) Font must be readable and Web 2.0 style – round and comfortable
the site should have a friendly feel: see [url removed, login to view] for inspiration.
R-N3) Tables must be rounded (see [url removed, login to view], [url removed, login to view])
R-N4) Tables must have a hard-glass 3d effect (like [url removed, login to view]) Tables roll out when selected (I'll show you a simple example I did in javascript of what I want this to look like) (please use a light-weight ajax framework). - Buttons are rounded and 3d “hard plastic” look as in examples above
R-N5) When “searching” or “booking” flights, everything except java-script “searching” dialog box should be dimmed out until the query is done. (example: [url removed, login to view] .. check the screenshot)
R-N6) Pages load in a graceful manner. (don't do anything that causes flashes or redraws halfway through, or various components, borders elements, to appear and disappear during loading).
R-N7) Results must have some whitespace between lines and sections - for a clean look.
R-N8) Confirmation page (at end) must show all details gathered throughout booking process.
R-N9) Please design for performance - avoid excessive DOM crawling and use innerHTML() whenever available.
You must: 1) Complete and fully-functional working program(s) in executable form as well as complete source code of all work done.
See more: travel booking engine affiliate, travel xml affiliate, affiliate travel wiki, affiliate travel booking engine, xml data entry form, www php code for web design org, www e fashion com, www dom com, www car org, www booking com, www apple com, wiki services, wikipedia's website, wikipedia build website using visual, wiki navigation, whitespace in web design, what is searching in data structure, what is in a background check, what is background check, what is ajax framework, what is a good data entry speed, what does data entry do, what does a background check show, what are milestones, web travel design
Project ID: #246815
21 freelancers are bidding on average $2419 for this job
Hi, need to raise some cost so that we can offer our services, please check pmb for more detail!!! Regards, Tarun
Hi, I am working on a similar affiliate portal. I have understood the requirement and can do it for you . Thanks Hemant
we would like to help you get it done Thanks, Roman.
dear rashad78, We have looked through your information and are interested in your [url removed, login to view] to give us one opportunity. We have a strong team in webapps' [url removed, login to view] we assure to comply with your deadline. W More
Hi, Please see the PM for more details. Regards, Rahul
rosybonerich
chiragnandaniya
I have already worked on IAN Affiliation program with XML Data transfer by using pear library. so,i think, I can do very well for second [url removed, login to view] interested,then kindly contact me.
webmamtatech
Greetings from AWC, we are an established U.S. based Website Design and Development Company with offices in Tampa, Florida and Mumbai, India. ``````> • We provide positive solutions for Internet Entrepreneurs More
RVSinfotech
Hi, We are basically a web development company, based on Coimbatore, INDIA. If we build your website, it will have standards & Brands. If you are giving to a freelancer, he needs to switch for flash or design help, More
PAD Software Directory ($100-300 USD)
Setup USPS Shipping in Prestashop ($10-30 USD)

value: Freelance (sometimes spelled free-lance or free lance), freelancer, or freelance worker, are terms commonly used for a person who is self-employed and not necessarily committed to a particular employer long-term. Freelance workers are sometimes represented by a company or a temporary agency that resells freelance labor to clients; others work independently or use professional associations or websites to get work.


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PHP 951.45 ~ 1139.08
SAR 67.60 ~ 80.93
INR 1267.97 ~ 1518.02
KRW 21523.55 ~ 25768.16
TRY 110.87 ~ 132.74

value: DHgate.com (simplified Chinese: 敦煌网; pinyin: Dūnhuángwǎng) is a Chinese business-to-business (B2B) and Business-to-consumer  cross-border e-commerce marketplace that facilitates the sale of manufactured products from suppliers to  small and medium retailers. It is the one of the largest B2B-cross-border e-commerce trade platforms in China.


text:
student retention | The Innovative Instructor
Posted in Best Practices, Engaging Students, Teaching Methods, Technology	| Tagged Facebook, Macie Hall, social media, student retention	| 4 Replies

value: A library is a collection of materials, books or media that are easily accessible for use and not just for display purposes. It is responsible for housing updated information in order to meet the user's needs on a daily basis.


text: Wilmington's 'The Great Escape' with Hot Tub! - Guest suites for Rent in Wilmington, North Carolina, United States

value: Airbnb, Inc. (pronounced  AIR-bee-ehn-bee and stylized as airbnb) is an American company that operates an online marketplace for lodging, primarily homestays for vacation rentals, and tourism activities.


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value: Walmart Inc. ( ; formerly Wal-Mart Stores, Inc.) is an American multinational retail corporation that operates a chain of hypermarkets (also called supercenters), discount department stores, and grocery stores from the United States, headquartered in Bentonville, Arkansas.


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OK, not from space, but above are the planters on our deck as seen from my eye level. It's peak bloom time with the saponaria, lewisiia, dianthus, silene, asperula, and even a poor abused weigela blooming. The hen-and-chicks are hatching chicks. The blue spruce sedum is close to being exiled for its over-exuberance. It's good to just sit in the house and stare out. Below is a more conventional, say three-year-old's, point of view.
The rain continues to pour down in NJ, mocking my attempts to do anything in the garden. Was I really hand-watering things last week? What's with all of our spring rain coming in the course of 5 days.
Things continue to bloom, even without me outside worshiping them daily. Nelly Moser is singing like a soloist above a shady bed of tiarellas, epimediums and yellow hakonechloa grass. The blue garage really flatters her. She's got class.
The silene above is one of my favorites. It seems to love its high and dry position in the trough. I look forward to it all year long. Don't judge it in its rain-battered state.
The mountain laurel buds below are soooo gorgeous right now, maybe even better then the open flowers. At least the cardinal flowers to the right of the kalmia love all of this rain.
Is it time to start building the ark?
Kalmia 'Tiddlywinks'
Natural rock face with alpines
On Friday we visited the Leonard J. Buck Garden in Far Hills, NJ. I last visited in April and was amazed at how much things had changed in a month. It was a nice cool day for a stroll and even my three-year old was a notch slower than normal. I'm kind of in love with this garden. Or at least it's a crush.
Shady little glen
Saponaria ocymoides with dwarf iris leaves behind
Both of these plants are wonderful in bloom but also secretly satisfying to me in that I've killed both of them before by planting them in the ground. I tried to mix in gravel and raise them up when I planted them but being in the ground was death to them. Both are happy as can be in the more inhospitable (drier, hotter) climate of a hypertufa trough. Whatever it takes...
I'll be selling my planters at the Friends of the Frelinghuysen Arboretum plant sale this Friday, May 6th from 4-7PM (members only) and Saturday, May 7th from 9AM to 3PM. There will be lots of knowledgable plant folks around if you need advice about the botanical offerings. I'll be there to help load the containers should you buy one. Since they're made of a mix of portland cement with perlite and peat moss, they're not as heavy as they look. I've even planted up a bowl and donated it to the raffle at the sale (below).
emerging flowers of Mt. Airy fothergilla in mid-April
The first fall that we lived here I went with my neighbor/plant guru to a few nurseries to pick through the end-of-season leftovers to get some woody bones for our infant garden. I was looking for viburnums, which we found, but my neighbor pointed me towards a Mt. Airy fothergilla. I'd never heard of it but bought it on his recommendation. I'm so glad I did. Thought to be a cross of fothergilla gardenii and fothergilla major, this shrub has thrived in full sun in rather poor soil, rewarding us with its year-round show.
I love the mix of opened, opening and unopened flowers in late April
This week it's fully open
Mt. Airy fothergilla is admittedly a background player in the summer, with its tasteful-looking blue/green leaves reminiscent of witch hazels, to which it is related. It is in fall when it steps to the front and takes another solo. The autumn foliage is a mix of yellow to orange to near red as seen below. Winter exposes its intricate branching structure. Now that I've grown it for four years, I can't imagine being without it.
red pulsatilla vulagaris
The aptly named Pasqueflower, pulsatilla vulgaris, has been quite content in a shallow trough the past couple years. Its purple relative started blooming a couple weeks ago since it's planted in the ground. Behind it is fall-blooming sedum sieboldii and in front is an unknown passalong sedum. Once the flowers are gone the fantastic seedheads persist.
Pass-along comfrey For six years I volunteered at a NYC community garden called Green Dome at North 12th St./Union/ Driggs in Brooklyn. Although I don't miss the "gardening by committee" feeling, I do miss the tenacious people and plants. Green Dome is no vegetable-plotted garden but a great mix of perennials, trees, shrubs and hardscaping. It feels like a little oasis in McCarren Park, of which it is technically part. Because the garden is open daily to the public (unmonitored) and mostly unwatered, the plants need to be tough to survive. Comfrey (genus symphytum, I'm unsure of the species), one of the toughest, came along with me to New Jersey when we left Brooklyn in 2006. This is a plant with serious territorial ambition and it took me a year or two of moving it around to find the right spots for it. I planted it on both sides of the dominating and thirsty silver maple that towers over our garden. The soil near the root flare of this tree is full of roots, some major, but the comfrey has dug in and flourished. I always welcome its elegant downward-facing white bells in the spring but cherish its toughness in out-competing all the other weeds year round. That lean situation is probably what keeps it from taking over the whole garden.
Another plus is that comfrey foliage is especially high in nitrogen, phosphorous, and potassium. When I remember, I sometimes throw a few comfrey leaves into the planting hole of new plants. Supposedly they break down quickly and supply a nutritional boost to the new plant. In the end, I know that if the comfrey gets out of hand in the garden, it can always enrich the compost pile. Posted by


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Ponte Vedra Beach Kids Activities - Deals in Ponte Vedra Beach, FL | Groupon
Kids Activities in Ponte Vedra Beach, FL
Categories Things To Do (40) Activities (40) Kids Activities (35) Sporting Events (4) Bowling (3) Trampoline & Bounce Houses (3) Laser Tag (2) Museums (2) Martial Arts (2) Amusement Parks (1) Mini Golf (1) Swimming (1) Water Sports (1) Classes (9) Sightseeing (5) Tickets & Events (4) Tours (3) Two Games of Bowling with Drinks
Jekyll Island Authority Summer Waves Water Park
Zipline Tour for Two, Four, or Six from Cable Junction Zipline Adventures (Up to 53% Off) Cable Junction Zipline Adventures Sanderson
North Florida Music Academy Bellair-Meadowbrook Terrace
Shiva Robotics Sans Souci
Orange Park School of Music Orange Park
Great Puzzle Pursuit - St. Augustine Jacksonville
Battle Jax Jacksonville
Ii-v-i Music, Llc Multiple Locations
A&T Enterprise Garden City
Glitter & Pearls Boutique & Bounce Drum Point
Read More 13611 Normandy Blvd.
Enjoy the tranquil nature offered by Guana River State Park in Ponte Vedra Beach.
Read More 2690 South Ponte Vedra Boulevard
Take your family outings up a notch -- maybe several stories up? Have a ball riding the coasters at Global Amusements in Ponte Vedra.
Read More 150 Hilden Road
Take a Break: The Wave Riders Grill serves snacks such as french fries, fruit, and popcorn
Read More 1944 Beach Blvd.
Read More 818 Beach Blvd.
For some good old-fashioned fun, play a game of mini golf at Adventure Landing in Jacksonville Beach.
Adventure Landing is located near a parking lot, which many customers take advantage of.

value: Groupon is an American global e-commerce marketplace connecting subscribers with local merchants by offering activities, travel, goods and services in 15 countries. Based in Chicago, Groupon was launched there in November 2008, launching soon after in Boston, New York City and Toronto.


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Wabash Columbia Branch
My modeling activities are currently going to my new project. I think I'll come back to the Wabash after a little bit of modern urban modeling.
Until then check out my Detroit Connecting layout.
http://detroitconnecting.blogspot.com/
switching layout,
Wabash railroad DCC
The Columbia Branch Book
Marty Paten has written a book on the Columbia branch. The timing couldn't be more....interesting. Just as I thought I was ready to move on to new theme for the next layout something like this comes along and makes me think about the possibility of Wabash Columbia Branch layout V3.0. I have my copy on order and anxiously wait.
Braking the analysis paralysis
Over the last year or so I have been researching and
thinking about different themes for my next layout. Sketching track plans, collecting
some rolling stock, misc. building kits, reading forums and websites, etc. But
very little actual modeling. My goal was
to have the next layout come out at least as good as the finished portion of
the last one. The down side is that in the same amount of time I could of built
two or three bad layouts and learned more and at least had a layout while I did
it. So with that said, I think it is
time to build something, anything, while I contain to work on the bigger plan.
Something simple, something small, but something that gets built and runs and I
can experiment with different construction techniques. I spent Sunday along the Michigan Southern, a
short line in south central Michigan. It seems to be a little line just begging
to be modeled. I think it is time to start building.
I’m finally getting settled in the new house to the point I can really start thinking about the next layout. I have been exploring a couple different themes and evaluating my potential layout space. I have also been researching different brands and construction methods for track. I think I’m about ready to start on a small test bed layout. Something simple, just a short shelf, Central Valley tie strips and turnout parts, code 70 and 55 rail, and gasp…..maybe modern era industrial park. We’ll see.
CVT tie strips,
The decision to dismantle the layout came about for a couple reasons:We are moving to a new home with a finished basement. While the layout was planned and constructed to be moveable, the new space isn’t near the same size or shape. From the very beginning this layout was planned as a chainsaw layout, it probably lasted longer than it should have. The only reason it lasted so long was because the track work ran flawlessly.The good and the bad:Bench work, track work and my DCC system all worked better than expected and where a great learning experience that I can carry on to the next layout. I’d use hardboard for the backdrop next time so I could curve the corners, other than that I’d give all of that a B+ grade.From a design standpoint it was ok but the duck under proved to be a problem. Not so much for me but for older guest operators. The track plan met the goals of representing Columbia, Mo. In the mid ‘60’s but because I uncovered more accurate track charts after I had the track work done it always bothered me. I’d give the overall plan a C.Atlas, Athearn, Proto200, Digitrax, Tsunami, and NCE. All of these companies products I give high marks too. My locomotives from these manufactures ran excellent with little to no tweaking and I was able to install decoders/sound decoders with no problems and once I started using JMRI to program them it was a snap to get them just how I liked them. I’d give the electronics side of the layout an A. The only product I was ever disappointed in was some MRC sound decoders. While MRC was more than happy to keep repairing or sending replacements I grew tired of it. The MRC’s are the only decoders I ever had fail. I can only assume that the newer ones are better.Modeling Columbia, Mo. In the mid 1960’s. This ended up being more of a problem than I had thought it would be. My goal was to make a reasonable accurate representation. The problem with that was to do this right would have taken more scratch building than I really had the time to do. And representing a time period before I was born just didn’t work either. I felt like I was creating more of a caricature than an accurate model. While I was just getting started with the details, it would of ended up more generic mid-west in the 60-70’s than Columbia, Mo. In 1964. I’d give myself a C- on that.Will I model the Wabash again? Not sure of that. Like many I currently have the more modern era bug. I have a pretty substantial investment Wabash motive power and 60’s time period rolling stock so we’ll have to see. I salvaged all the structures, details, and turnout from the layout. We’ll just have to get settled into the new place and see what’s next.
Digitrax Duplex Radio,
Stored, serviceable.
Like many steam locomotives at the end of steam they went into storage and later the dead lines in serviceable condition, so too has my layout. When some major home renovations started I removed all the rolling stock and details that where not glued down from the layout and covered it to protect it from all the dust best I could. Now with a move to a new home on the horizon the layout will be dismantled soon. It was designed and built to be “moveable” but the new space is a different size and will now be in a more finished space, something I had wished all along. It may simply be time for the chainsaw.
Like an Erie Lackawanna E unit displaying the “Radio Equipped” lighting bolt under the cab windows the Wabash Columbia Branch is now Duplex Radio equipped. Up until now the layout has been operated using tethered Digitrax UT4 throttles. I recently installed a UR92 panel and added UT4D throttles. The system works flawlessly and has zero delay, unlike the infrared systems I have used. Dose a small layout like mine really need Duplex Radio? No, but if I’m going to spend the money to upgrade to wireless I might as well do it with the most current technology.


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Regimental Quartermaster Inc - Gettysburg, PA | Groupon
+17173381850
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Chances are if you need any artistic or craft material, the wonderful folks at Regimental Quartermaster in Gettysburg can help you out.
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Forgiveness and Relationship With God – StopAndPrayTV
October 3, 2018 by StopAndPrayTV
Forgiveness and Relationship With God
When someone wrongs you, what is your biggest concern? Most of us would have to admit we are concerned mainly for ourselves or loved ones. We’re filled with anger or hurt, and forgiveness is the last thing on our minds. But how often do we consider that the way we respond will affect our relationship with God?
Sometimes as we say the Lord’s Prayer, we may quickly recite, “Forgive us our debts, as we also have forgiven our debtors” (Matt. 6:12) without giving the words much thought. But the two verses that follow this prayer remind us how serious forgiveness is. If we don’t move past our hurt and anger toward forgiveness, then God will not forgive us. For those of us who have repented of sin and by faith received Jesus Christ as our Savior, all our sins have been forgiven, based on Christ’s substitutionary payment on the cross (Col. 2:13-14). Therefore, these verses in Matthew cannot mean a loss of salvation. They instead refer to the barrier unforgiveness causes in our fellowship with God.
Holding on to grievances is a sin. If we allow that to continue, our communion with the Lord will be disrupted until we confess our attitude and forsake it. We understand what this is like when a child refuses to obey his parents. Although their love for him hasn’t diminished, there’s an unresolved conflict in their relationship.
As God’s children, we are called into intimate fellowship with Him. Let’s not be like disobedient children who remain under the Father’s discipline and therefore miss out on blessings He wants us to have.
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Shaun Prater Pictures - Minnesota Vikings - ESPN
Shaun Prater#27 CB5' 10", 190 lbsMinnesota VikingsBornOct 27, 1989 in Omaha, NE (Age: 25)Drafted 2012: 5th Rnd, 156th by CINExperience4th seasonCollegeIowa2014 SeasonCOMBFFINT200Career1101Complete Stats »Go toShaun PraterPlayer ProfileStatsSplitsGame LogVideosPhotosShop Shaun Prater PicturesMINNEAPOLIS, MN - DECEMBER 29: Kevin Ogletree #11 of the Detroit Lions carries the ball against Shaun Prater #27 of the Minnesota Vikings during the third quarter of the game on December 29, 2013 at Mall of America Field at the Hubert H. Humphrey Metrodome in Minneapolis, Minnesota. The Vikings defeated the Lions 14-13. (Photo by Hannah Foslien/Getty Images)Shaun Prater Photos »4 of 10

value: ESPN (originally an initialism for Entertainment and Sports Programming Network) is an American multinational basic cable sports channel owned by ESPN Inc., owned jointly by The Walt Disney Company (80%) and Hearst Communications (20%). The company was founded in 1979 by Bill Rasmussen along with his son Scott Rasmussen and Ed Egan.


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The Oakland Press Blogs: Nascar: Beyond the Track: Indycar racing returns to Detroit, with Belle Isle Grand Prix in 2012 RSS
Indycar racing returns to Detroit, with Belle Isle Grand Prix in 2012
If you're in the Detroit area and like Indycar racing (and I'm sure a few of you still exist), you got some good news Wednesday.Grand Prix racing is returning to Belle Isle. The Chevrolet Detroit Belle Isle Grand Prix weekend will be June 1-3, 2012 at the 2.1-mile Raceway at Belle Isle Park road course. “Chevrolet has a long, storied history in Indy car racing,” said Mark Reuss, president, GM North America. “This year we celebrated the shared centennial of Chevrolet and the Indianapolis 500. We're excited to see that history continue with the help of Penske Corporation and INDYCAR bringing back open-wheel racing to Detroit in 2012. This city is a natural for racing – it put the world on wheels and the roar of engines is something that simply belongs here."Combined with the two Michigan Speedway race weekends in the summer, this means even more opportunity for Motor City race fans to get their fix. I can remember hearing Formula 1 and Indycar racing downtown from miles away when I was a young boy, so it will nice to hear those sounds again in 2012 and beyond, and I hope the fans show up and enjoy it.As is usually the case when discussing auto racing and Michigan, NASCAR team owner Roger Penske is involved, as says the return of the race is good for the city, which is on the rise after a few tough years.“Chevrolet has been instrumental in bringing motorsports back to Detroit,” said Penske Corp. Chairman Roger Penske. “The Grand Prix will draw international attention and visitors to Belle Isle – which is one of the most-scenic race venues in the United States. We believe the Chevrolet Detroit Belle Isle Grand Prix will be one of the most-popular races in the IZOD IndyCar Series and will play a major role in continuing the renaissance of Detroit.”Four races will be held during the three-day event, including: — The Chevrolet Indy Grand Prix presented by shopautoweek.com, where Chevrolet’s new twin-turbo V-6 race engines will compete in the IZOD IndyCar Series— The Chevrolet Detroit Sports Car Challenge where Chevrolet Daytona Prototypes and Camaros will compete in the first GRAND-AM Rolex Series race held on Belle Isle— The Cadillac V-Series Challenge at Belle Isle, where Cadillac CTS-Vs will compete in the second Pirelli World Challenge series race held on Belle Isle— The Firestone Indy Light Series race, featuring the rising stars of open-wheel racing The Detroit Belle Isle Grand Prix was last held in 2007 and 2008. Based on estimates from the Detroit Metro Convention and Visitors Bureau, those two events combined attracted more than 200,000 visitors, and brought more than $100 million to the Detroit Metro economy. "We are thrilled to be able to bring the Detroit Grand Prix back to Belle Isle,” said Detroit Mayor Dave Bing. "Thanks to the support of INDYCAR, Penske Corporation and Chevrolet we will once again host one of the world's most prestigious motorsports events." For more information and to sign up for tickets to the Chevrolet Detroit Belle Isle Grand Prix, please visit www.detroitgp.com. Learn more about the event through social media by visiting www.twitter.com/detroitgp and www.facebook.com/detroitgp.Become a fan of the Facebook page NASCARBeyondFollow me on Twitter:Follow @MattMyftiu
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Penetraitt Masque | Groupon
Goods › Health & Beauty › Hair Care › Styling Products (1,510)
Penetraitt Masque 5.1 oz
Is a deep conditioning treatment for the stressed, dull and chemically damaged hairs. Its active rescue system penetrates the hair, repair them and reconstructing its natural health for superstrong and silky soft style. Use Apply to freshly washed hair. Massage into hair and scalp for 510 minutes then rinse. Ingredients Water aqua/eau, stearyl alcohol, behentrimonium chloride, cetyl alcohol, bisaminopropyl dimethicone, isopropyl alcohol, fragrance parfum, benzyl alcohol, phenoxyethanol, methylparaben, propylparaben, disodium edta, cyclomethicone, butylphenyl methylpropional, hexyl cinnamal, hydroxyisohexyl 3cyclohexene carboxaldehyde, cyclotetrasiloxane, hydrolyzed silk, oryza sativa rice bran oil, simmondsia chinensis jojoba seed oil, propylene glycol, astragalus gummifer gum.
Is a deep conditioning treatment for the stressed, dull and chemically damaged hairs
Its active rescue system penetrates the hair, repair and reconstructing its natural health for superstrong and silky soft style
Gently cleanses and clears away residue
Dimensions: 8.4 inches (H) x 1.4 inches (W) x 1.5 inches (L)