Comments on: Quit cutting chemistry class! http://welkerswikinomics.com/blog/2007/11/04/quit-cutting-chemistry-class/ for students and teachers of AP and IB Economics Sat, 22 Nov 2008 06:43:07 +0000 http://wordpress.org/?v=2.6.3 By: Chris Seah http://welkerswikinomics.com/blog/2007/11/04/quit-cutting-chemistry-class/#comment-3274 Chris Seah Fri, 16 Nov 2007 14:25:40 +0000 http://welkerswikinomics.com/blog/2007/11/04/quit-cutting-chemistry-class/#comment-3274 I don't know about anyone else but i think this is a good thing. The rising prices of oil could force governments to begin putting more money in alternative fuels, so that nations around the world can stop suckling at the teats of oil-producing countries (well, companies). I agree with Alex Goldman's comment that the recent price rises would greatly contribute to the demand for alternative energy, and this necessity will certainly lead to innovation. I don’t know about anyone else but i think this is a good thing. The rising prices of oil could force governments to begin putting more money in alternative fuels, so that nations around the world can stop suckling at the teats of oil-producing countries (well, companies). I agree with Alex Goldman’s comment that the recent price rises would greatly contribute to the demand for alternative energy, and this necessity will certainly lead to innovation.

]]> By: kevinchiu http://welkerswikinomics.com/blog/2007/11/04/quit-cutting-chemistry-class/#comment-3242 kevinchiu Tue, 13 Nov 2007 04:33:57 +0000 http://welkerswikinomics.com/blog/2007/11/04/quit-cutting-chemistry-class/#comment-3242 Whether or not the long-run supply of chemical engineers in the oil industry will remain short, it seems that the wages will continue to be high because the demand for oil will still be at a high because the costs it will continue to rise as it is a scarce resource. Alternatively, studying chemistry may spark an increase in ways to develop an alternative source of energy to replace oil which could continue the demand for chemists, not just in the oil industry. Whether or not the long-run supply of chemical engineers in the oil industry will remain short, it seems that the wages will continue to be high because the demand for oil will still be at a high because the costs it will continue to rise as it is a scarce resource. Alternatively, studying chemistry may spark an increase in ways to develop an alternative source of energy to replace oil which could continue the demand for chemists, not just in the oil industry.

]]> By: Charlie.Gao http://welkerswikinomics.com/blog/2007/11/04/quit-cutting-chemistry-class/#comment-3222 Charlie.Gao Sun, 11 Nov 2007 08:47:04 +0000 http://welkerswikinomics.com/blog/2007/11/04/quit-cutting-chemistry-class/#comment-3222 In response to Helen's comment about continuing to skip chemistry class. What if everyone had that thought? "Oh, I'll continue to skip because others will start to pay attention in class due to an increase in wages". Then, this labor shortage problem will worsen. So no Helen, skipping chemistry class is not a good idea. If you want a change in the world, don't expect others to do it. You be the miracle :) In response to Helen’s comment about continuing to skip chemistry class. What if everyone had that thought? “Oh, I’ll continue to skip because others will start to pay attention in class due to an increase in wages”. Then, this labor shortage problem will worsen. So no Helen, skipping chemistry class is not a good idea. If you want a change in the world, don’t expect others to do it. You be the miracle :)

]]> By: Alex Goldman http://welkerswikinomics.com/blog/2007/11/04/quit-cutting-chemistry-class/#comment-3221 Alex Goldman Sun, 11 Nov 2007 06:20:15 +0000 http://welkerswikinomics.com/blog/2007/11/04/quit-cutting-chemistry-class/#comment-3221 Hopefully people will become more environmentally conscious and start replacing oil with alternative energies. Economically, this may be possible because even though the oil industry can provide lucrative jobs for engineers, the oil industry is limited by a quickly drying pool of oil as well as increasing pressure from governments and environmentalists to clean up their act. This could mean a decreased demand for oil and an increased demand for alternative energy sources. Luckily from chem. Majors, research in alternative fuels requires the same science degree, so the can still get a job and save the environment. Hence, the moral is: don’t skip chemistry. Hopefully people will become more environmentally conscious and start replacing oil with alternative energies. Economically, this may be possible because even though the oil industry can provide lucrative jobs for engineers, the oil industry is limited by a quickly drying pool of oil as well as increasing pressure from governments and environmentalists to clean up their act. This could mean a decreased demand for oil and an increased demand for alternative energy sources. Luckily from chem. Majors, research in alternative fuels requires the same science degree, so the can still get a job and save the environment. Hence, the moral is: don’t skip chemistry.

]]> By: Helen http://welkerswikinomics.com/blog/2007/11/04/quit-cutting-chemistry-class/#comment-3218 Helen Sat, 10 Nov 2007 16:54:58 +0000 http://welkerswikinomics.com/blog/2007/11/04/quit-cutting-chemistry-class/#comment-3218 Just for this article's purpose, with nothing personal against chemistry, those who hate chemistry right now shouldn't stop cutting just for what the article said. This is because due to the increase in wages for petroleum engineers, in a few years the high wages would attract more people into the chemistry area (thus increasing the "supply" of this type of labor). This would in turn cause the wages to fall back to where they began. So for those who start studying chemistry expecting a high-paying job in the petroleum industry, chances are that the wages would have fallen by the time they graduate from college. Just for this article’s purpose, with nothing personal against chemistry, those who hate chemistry right now shouldn’t stop cutting just for what the article said. This is because due to the increase in wages for petroleum engineers, in a few years the high wages would attract more people into the chemistry area (thus increasing the “supply” of this type of labor). This would in turn cause the wages to fall back to where they began. So for those who start studying chemistry expecting a high-paying job in the petroleum industry, chances are that the wages would have fallen by the time they graduate from college.

]]> By: yunqimok http://welkerswikinomics.com/blog/2007/11/04/quit-cutting-chemistry-class/#comment-3214 yunqimok Sat, 10 Nov 2007 15:34:54 +0000 http://welkerswikinomics.com/blog/2007/11/04/quit-cutting-chemistry-class/#comment-3214 Well, supply and demand. If the demand for experts in the petroleum field is high but the supply of graduates in the field is low, then wow their wages sure will be sky high. However, despite wages, the problem is that engineering just isn't a "hot" field at this point in time. The trends seem to be lying with business and economics. So, which will prevail? Old fashioned thinking that business will lead to prosperity rather than working for others, or the lull of a high pay and comfortable working situation? Well, supply and demand. If the demand for experts in the petroleum field is high but the supply of graduates in the field is low, then wow their wages sure will be sky high. However, despite wages, the problem is that engineering just isn’t a “hot” field at this point in time. The trends seem to be lying with business and economics. So, which will prevail? Old fashioned thinking that business will lead to prosperity rather than working for others, or the lull of a high pay and comfortable working situation?

]]> By: Shan Verne Liew http://welkerswikinomics.com/blog/2007/11/04/quit-cutting-chemistry-class/#comment-3193 Shan Verne Liew Tue, 06 Nov 2007 05:16:33 +0000 http://welkerswikinomics.com/blog/2007/11/04/quit-cutting-chemistry-class/#comment-3193 I believe our supply curve for oil, in absolute terms, is shifting outwards with oil demand rather than inwards (though in relative comparison to each other the supply curve is indeed shifting inwards). The figure in the link provided below indicates currently and forecasts further an outward increase in supply, but demand is simply rising about twice as fast, resulting in higher prices. True, recent shortages in human resources are increasingly chronic, but its influence in overall price per barrel of oil likewise remains largely ineffectual, these boastive near-100k salaries overshadowed by the tripling in oil discovery and development costs (mostly due to the high price of capital goods) Still, being an oil engineer in the next few years sounds pretty awesomebut then we might have to live on an oil rig X.X OUTWARD SUPPLY INCREASE: http://www.eia.doe.gov/pub/oil_gas/petroleum/feature_articles/2004/worldoilsupply/oilsupply04.html ETC: http://www.iht.com/articles/2007/10/08/business/polar.php I believe our supply curve for oil, in absolute terms, is shifting outwards with oil demand rather than inwards (though in relative comparison to each other the supply curve is indeed shifting inwards).

The figure in the link provided below indicates currently and forecasts further an outward increase in supply, but demand is simply rising about twice as fast, resulting in higher prices.
True, recent shortages in human resources are increasingly chronic, but its influence in overall price per barrel of oil likewise remains largely ineffectual, these boastive near-100k salaries overshadowed by the tripling in oil discovery and development costs (mostly due to the high price of capital goods)

Still, being an oil engineer in the next few years sounds pretty awesomebut then we might have to live on an oil rig X.X

OUTWARD SUPPLY INCREASE: http://www.eia.doe.gov/pub/oil_gas/petroleum/feature_articles/2004/worldoilsupply/oilsupply04.html
ETC:
http://www.iht.com/articles/2007/10/08/business/polar.php

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