The Soviet Union associated through economic assistance with Latin America in the 1980's, and some studies say around 1 million died related to that friendship. Friendship then can have costs looking at history. Some dictionaries define economics as the study of income, expenditures, and material needs of people, but spiritual issues also have costs, income, needs associated with them. Today's 10/10/2011 Nobel Prize in economics is a good choice, but Sims and Sargent's interest ideas ALSO do not exist in a black box and always are altered given circumstances. The Old Testament book Micah asks us to walk humbly, the New Testament discusses "greatest of these is love of God and love of neighbor." Ideas like "He who saves one life saves the whole world in time" from the Yad Vashem memorial and Jewish history have economic effects;people try to save lives as a result in some cases. Religious guidance can be associated with the following of the advice like people tried to imitate diversified portfolios and investment strategies. If we repeatedly tell people to walk humbly, economic effects are costs for blisters, foot pain, inflammation, exercise and ankle pain. Names have economic impacts too. Cassius Clay changes his name in 1964 to Muhammad Ali and some boxing persons and Martin Luther King question the name change with increased support for Islam associated with Ali's name change as we see an Islamic name more. Cassius Clay was 100-5 as an amateur and was not defeated with the name Cassius Clay. LaSalle Bank is taken over by Bank of America, Bank One by Chase, and money is spent changing the bank name. We can discuss economic, income, expenditure, material need effects of any event or phenomena. "Economic narrative" is an economic method I developed or named in 2009 where one discusses an event with economic terms like income or cost without extensive math or statistics. A few years ago in 2009, I described the use of the "Economic simplicity indicator" where a person subjectively describes if an economic phenomenon is complicated or simple. One can say "printing money is a simple solution to economic problems," while others can see the solution as "complicated with regard to the effect on interest rates and inflation." On Yom Kippur today, I should make clear that economic conspiracies have played a role in loss of life. The Protocols of the Elders of Zion, according to much scholarship see for example wikipedia.org articles on the document as forgery and plagiarism, was a conspiracy to blame Jewish persons for the takeover of Russia written by persons associated with Russian secret police. Conspiracies can be seen as simple economic phenomena-blame some party for economic loss or benefit, and complicated phenomena, effects of a conspiracy are unclear. The economic simplicity indicator's value lies in making completely clear that interpretations of economic phenomenon are subjective and arbitrary at times. Not only are economic actions not taken in black boxes as Sims and Sargent were recognized for today, but the interpretation of those phenomena is opinionated, arbitrary and subjective too.
Available at: http://works.bepress.com/james_struck/21/