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Cost and Choice: An Inquiry in Economic Theory
The Cost of Public Goods
The predictive science of economics postulates that men behave "economically." They act so as to minimize "cost" in some objectively identifiable sense. By a curious inversion, economists have applied the postulate of behavior that has proved helpful in deriving positive predictions as a norm in a theory of choice. Throughout applied economics, the theory of economic policy, or welfare economics, we find norms that are defined in terms of specified relationships between "costs" and "prices," relationships that embody conceptually measurable objective magnitudes. In effect, though perhaps inadvertently, the applied economist and the welfare theorist alike accept the behavior of Homo economicus as a value criterion. In their zeal to apply economic theory not to an analysis of institutional interactions but to real choice, they indirectly propose that decision-takers, singly or in the aggregate, should minimize objectively measurable outlays. This error is fundamental, and it extends from the estimation of national income to the economics of defense.*50
Only a few of the many applications can be discussed in detail here, but these will perhaps be sufficient to indicate the importance of the methodological distinctions that I have emphasized. Somewhat arbitrarily I shall limit my discussion to three separate areas. In this chapter, I shall examine the various problems that arise when the concept of "cost" is applied to public or collective goods. A discussion of some of the difficulties in Pigovian welfare economics and in nonmarket decision-making follows this.
The Theory of Tax Incidence
The theory of tax incidence commands a lion's share of attention in neoclassical public finance, especially among English-language scholars. A cursory examination of this literature suggests that the aim is to answer the questions: Who pays for public goods and services? Who bears the final burden of payment under specified tax instruments? How does the allocation of "cost" or "burden" differ under different taxes?
The two words "cost" and "burden" seem to be used almost interchangeably. The presumed objectivity of these magnitudes has more or less been taken for granted. The revenues collected by the treasury can, after all, be counted. Someone must be subjected to this "cost"; someone must release command over purchasing power which represents, in its turn, real resources. Certain taxes generate "excess burdens" over and above the actual revenue collections, but these, too, are objectively quantifiable, at least conceptually. There has been little or no attention paid to the possible relationship between taxes as the costs of public goods and taxes in choices for public goods.
Shifting and incidence analysis examines the choice behavior of individuals and firms, but this is not the choice behavior that involves either the financing of public goods or the selection among taxing alternatives. The individual or firm is assumed to be subjected to an imposed change in the alternatives of private or market choice. Here, taxes can affect cost in a choice-influencing context, and, indeed, incidence theory would be empty if this were not the case. Consider the familiar benchmark, the lump-sum tax. No shifting takes place here; incidence is not in question. But surely there is a "cost" of public goods borne by individuals, and "choice" must be made. Contrast this with an excise tax, say, on liquor. Here the tax, if shifted by the seller, modifies the alternatives that the prospective buyer confronts, because the "cost" of buying liquor increases. It is here that the predictive or positive theory is at its strongest. Since both the object of consumption and the numeraire can be readily identified as "goods" in the individual's utility function and since, before the tax, the individual's rates of purchase for all "goods" could be assumed to be in equilibrium, the objectively measurable increase in cost, as reflected in the tax-induced price rise, can be seen as representative of the increase in subjective cost that actually inhibits consumer choice for the taxed commodity. It is erroneous, however, to relate the tax-induced increase in a consumption-goods price—hence, in its "cost" to the buyer—with the wholly different "cost" of the public good which the tax revenues somehow represent. This leads us back to the initial questions. As traditionally developed, does incidence theory really aim at locating the cost of public goods? Orthodox tax-shifting and incidence analysis is concerned almost exclusively with tax-induced changes in the costs of undertaking private activities of production, investment, and consumption and with predictions of the effects of such changes on behavior.
If the analysis yields no information about the costs of public goods, what value does it have for anyone? If the economist can with confidence trace the full effects of a tax, he is able, presumably, to array this tax against others on some postulated scale of equity or efficiency. In this task, he conceives his role as that of advising the decision-maker, hence indirectly influencing the choice that is made among tax instruments. This seems straightforward enough until the sometimes weird results of presuming the objective measurability of cost are recognized. In assessing the consequences—or predicted consequences—of a tax levy, is the economist seeking to determine the measurable changes in the values of empirically descriptive variables such as prices, quantities, and employment levels? Or is he seeking to determine the individuals' evaluations of these changes?
Consider a simple example. Suppose that the pre-tax price of liquor is $10 per bottle and that an individual is observed to purchase 10 bottles per year for a total outlay of $100. A specific excise tax of $1 is imposed; the retail price is observed to rise by the full amount of the tax to $11; and the individual's annual rate of purchase falls to 9 bottles, for an annual outlay of $99. Assuming a linear demand curve over the relevant range, the economist says that the "burden" of the tax is computed at $9.50, with $9 being channeled through to the treasury and 50¢ being an "excess burden." On familiar grounds, the individual is simply assumed to "prefer" a lump-sum tax that would require him to pay only $9. On "welfare" principles, therefore, the economist suggests the desirability of the lump-sum tax as a substitute for the excise tax.*51 To reach this conclusion, the economist must assume that the taxpayer is exclusively interested in the post-tax changes in his position and that he is indifferent among tax instruments otherwise. But there are obviously many reasons why the taxpayer may not evaluate alternative tax instruments in the same way that the applied welfare economist evaluates them. The taxpayer might, in the first place, prefer to suffer the higher measurable cost imposed by the excise tax because of the wider range of personal options that this form of tax allows. This option feature may well outweigh the excess burden. In the second place, the taxpayer may prefer the excise tax on liquor for sumptuary reasons even though he knows that he, too, bears an excess burden. The tax-induced reduction in liquor purchases by others may be more than enough to modify the relative standing of this tax on his preference scale.*52
Even if the applied economist is uninterested in the evaluations of taxpayers in any sense relevant to their possible participation in fiscal choice and relies instead on an externally derived "social welfare function" in establishing his array of tax instruments, the difficulties raised above do not disappear. He would be hard put to defend the objectively measurable "cost" emerging from the orthodox tax-shifting analysis as a criterion for arraying tax devices if such a "cost" did not in some way relate to individuals' own reactions and evaluations.
Costs and Fiscal Decision-Making: The Democratic Model
What are the "costs" of public goods in the genuine opportunity-cost, or choice-influencing, sense? This question itself ties costs directly to choice and immediately requires some identification of the choosing agent. The connection between the political decision structure and public finance cannot be avoided. Traditional incidence theory is presumed useful in providing bases for better informed choices of tax instruments. But it is not possible to discuss these choices without identifying the choice-maker. Who decides? The answer depends on the way in which political decisions get made. This is obvious enough, but what is so often overlooked is that "costs" vary significantly over the many different decision structures.
Let us consider first a simplified collective-decision model, which we can associate with de Viti de Marco. Here the individual who makes the fiscal decision is both the prospective consumer-beneficiary of public goods and the prospective taxpayer. This model has been variously called "individualistic," "cooperative," and "democratic" by different scholars. The great advantage of this model is that the choice within it closely resembles that made by the individual in his market behavior. He chooses to tax himself in order to secure the benefits of the public good. What does the individual forego in making a choice? In making a choice, the individual foregoes the possibility of avoiding the actual tax outlay; and consequently he foregoes the enjoyment of those goods which might have been purchased with this predicted outlay. The subjective value placed on these alternative goods is a relevant choice-influencing cost. This much seems apparent, but is there any reason for thinking that the money outlay, even if this could be accurately predicted, reflects the subjective barrier to the individual's decision?
As our earlier analysis indicated, for this anticipated outlay to measure, even indirectly, the subjective cost, it must be assumed that no profit opportunities exist elsewhere in the economy, including the public sector. But there is an additional complication that must also be recognized, one that was mentioned earlier but not discussed in detail. Collective goods are not purchased individually. Each person cannot adjust his own desired purchases; all must accept the same outcome. At best, the tax side of a fiscal decision is a vector, the components of which represent the levies on each member of the group. Consider, then, the decision calculus of the person who participates in such "democratic" fiscal choice. He "votes for" an outlay on a public good that is to be shared by all members of the community. What are the costs that will influence this choice? What are the genuinely foregone alternatives that he rejects? By not approving the proposed budgetary outlay, the individual's own tax outlay can be avoided, and, under the rigidly restrictive assumptions about the absence of profits elsewhere, this anticipated outlay can be taken to reflect indirectly at least one part of cost. In rejecting the budgetary proposal, however, the individual also avoids, or chooses to avoid, all other consequences of the collective decision. On the cost side, these anticipated consequences are the tax payments made by others than the particular individual whose choice we are examining. If he positively evaluates the foregone enjoyments that others might purchase with these outlays, some cost element emerges. Choice-influencing cost as an obstacle to the individual's approval of a public-goods decision can be measured by his own expected share in the tax payments only in the extreme case where he places no value at all on the relief of others from "suffering."
If this applies for one participant in a group choice, it must apply to all. Hence, the total tax payment that is anticipated, measured in money terms, may be a grossly inaccurate estimate of the "social" cost of the budgetary outlay that is considered. The choice-influencing cost to each participant, and hence to all participants in some additive sense, may far exceed the estimate produced by the simple summation of individual shares.
This does not imply that the group-decision aspects are limited to the cost side. For precisely the same reasons, the individual will reckon the prospective benefits from a proposed public-goods outlay to include not only those that he expects to secure privately and individually, but also the value that he places on the anticipated benefits flows to others as their share in the commonly consumed good. Just as with the cost side, any measure of anticipated benefits derived from a simple summation of separate shares is likely to be grossly in error.
A recognition of these points suggests the limited relevance of modern cost-benefit analysis, which seems aimed at providing some measures of genuine "social" costs and benefits from proposed projects. The assumption that anticipated costs, as measured, will equal anticipated benefits, as measured, implies that the group should somehow be on a margin of indifference in its collective or "social" choice for or against the project. As we have demonstrated, however, there is not the remotest reason for making any such inference, even apart from the important distributional issues that have not yet been raised at all. If the proposed tax should be levied equally on all persons and the proposed benefits shared equally, there would still be no presumption that a measured cost-benefit ratio of unity should imply indifference in group-choice.
Costs and Decision-Making: The Authoritarian Model
Choice-influencing costs of public goods differ with the location of effective decision-making power in the collectivity. Even in the most naive of democratic models in which the decision-maker is assumed to be both the prospective taxpayer and the prospective beneficiary in some "representative" sense, genuine opportunity costs must include the individual's evaluation of enjoyments foregone by others. The fact of collective decision requires this. It is clear that when more complex models of decision-making are introduced, this nonpersonal aspect of costs becomes more significant. To illustrate this, we may shift attention to the nondemocratic extreme of the spectrum and examine an authoritarian decision-structure.
Assume that all decisions for the collectivity are made by a single person who has dictatorial powers. Limiting analysis to public finance, what are the choice-influencing costs in such a setting? What are the obstacles to the dictator's decision on the levy of a tax to finance a specific governmental outlay? In the limit, he will not personally bear any share of the prospective tax to be imposed. The "costs" that might be avoided by a decision not to impose the tax are, therefore, exclusively represented in the dictator's evaluation of the enjoyments which others than himself might secure in the absence of the tax. In such a decision context as this, it seems almost meaningless to use anticipated outlay or payment as an indirect representation of that cost which influences choice. As mentioned above, cost-benefit analysis may produce wildly inaccurate estimates even in the most unsophisticated of democratic models, because the collective aspects of both costs and benefits are ignored. The results of such analysis are not, however, without some relevance. By contrast, cost-benefit analysis of the orthodox variety when applied to the authoritarian model becomes absurd since no part of the anticipated outlay, as measured, is expected to be borne by the man who makes the choice.
Costs and Decision-Making: Mixed Models
In any real-world political setting, collective decisions are made through institutional processes that usually reflect some mixture of the purely democratic and the purely authoritarian models. Most individuals participate, directly or indirectly, in the formation of group decisions, but some persons participate more fully than others. That is to say, the effectiveness with which particular individuals and groups influence decision-making is widely variable. In such a setting, the costs that influence the choice calculus of an individual participant depend, first, on his own personalized or individualized share in an anticipated payment or outlay and his evaluation of this outlay in terms of his own foregone enjoyments. In addition, he must evaluate the enjoyments that he thinks others must forego as they are subjected to the taxing process. Only if each participant in the group-decision process should evaluate the foregone enjoyments of all others as equally important with his own would the distribution of the anticipated tax payments make no difference in the "costs," as these influence or modify decisions. If each individual, no matter what his power over collective decisions, should subjectively value the prospective tax dollar paid by each other person equally with his own, then neither the distribution of decision-making power nor the distribution of tax shares would modify the costs which are the obstacles to choice. In such a limiting case, orthodox cost-benefit measurements might be reasonably accurate representations of choice-influencing costs and benefits. Merely the requirements of such a model are sufficient to indicate its manifest absurdity.*53
Defenders of cost-benefit estimation may respond here by stating that collective decisions, however and by whomever made, should be guided by the project comparisons that the estimates reveal. The purpose of cost-benefit analysis, this argument suggests, is not that of ascertaining genuine opportunity costs in a choice-influencing context, but rather that of laying down rules for choice. But why should objectively measurable costs be taken to reflect "social cost" under any reasonable meaning of this term? The evaluations of individuals should be relevant in any attempt to derive normative statements, but these evaluations bear little direct relationship to measured outlays for the several reasons noted, the most important of which are, of course, distributional.
At this point, the defender of cost-benefit orthodoxy may reject the implied limitation of his estimation procedure to objectively measurable cost and benefit streams. He may suggest including in predicted costs and benefits some estimates for subjectively valued, but objectively immeasurable, characteristics of alternatives. With this step, however, the whole analysis is subtly converted from one that can claim potential agreement among competent scientists to one that is purely subjective, not to the actual decision-makers, but to the economist who offers his normative advice. The cost-benefit expert cannot have it both ways. He cannot claim "scientific" precision for his estimates unless he restricts himself rigidly to objectively observable magnitudes. But if he does this, he cannot claim that his estimates reflect reasonable norms upon which "social" choices should be based.
The Choice Among Projects
To this point, attention has been limited to the cost side of a possible decision to impose a tax for the purpose of financing a specific government project. This particular choice involves a cost, but one that is quite different from that which arises when different choices are considered. One of these is the selection of one from among many public projects. Here the choice-influencing cost will be quite different from that involved in the decision to impose the tax. To each particular decision there is attached a unique opportunity cost and this depends on the particular characteristics of the decision.
Economists have often noted that the genuine opportunity costs of projects undertaken during periods of massive unemployment are nonexistent. Care must be taken, however, to specify the precise meaning of this conclusion and to examine the particulars of the decision in question. First, consider the decision as to whether or not to issue new currency to finance any new spending, public or private, during a period of deep depression. The alternatives are, first, those of doing nothing about the deficiency in aggregate demand and, second, financing new spending from taxation or public loans. Since, by assumption, unemployed resources are available, the issue of currency promises to generate no inflationary pressures. To the decision-maker who is properly informed, there are no "real costs," in the sense of enjoyments to be foregone either by himself or others. Since either of the alternative courses of action, even if the identical benefits stream is promised, will impose such real costs, he will tend to choose currency issue. For this choice, it is correct to say that there is, or should be, no cost obstacle. If, however, despite the presence of unemployed resources, taxation is selected as the financing device, the choice here necessarily involves a cost. The alternative uses to which money paid out in taxes might be put are foregone by the decision-maker and others once taxation is decided upon; and these foregone alternatives must be evaluated at the time of choice. The existence of unemployment may cause even these choice-influencing costs to be low relative to the choice-influencing benefits of the new spending, but there is no denying that "real costs" exist.
The financing choice, that which is involved in a potential decision to issue currency or to finance new spending through other means, must be sharply distinguished from the spending choice, which arises when a selection among projects must be made. There is, first, the choice between using the funds to expand private-sector or public-sector spending. The choice of a public-sector project involves an opportunity cost that is represented in the anticipated foregone enjoyments from the possible expansions in private-sector spending that might be generated by the same funds. Once the option has been made for a public-sector project, still another choice must be confronted, and this also involves a choice-influencing cost, an obstacle to decision. Once currency has been issued, and the decision has been made to expand public-sector spending, the choice among separate public employments of the funds must be faced. The choice-influencing cost of the new post office building is the subjective value that the decision-maker places on the new school building that might be constructed instead. The familiar statement, "The post offices built during the 1930's cost very little in terms of sacrificed alternatives" tends to be misleading. These projects did involve genuine opportunity costs to the decision-makers, and these were represented as the prospective values of other public and private projects that were never undertaken. The issue of currency, to the extent that this was carried out in the conditions of the 1930's, was the choice that should have cost very little in terms of sacrificed alternatives.
The Costs of Debt-Financed Public Goods
Nowhere has the elemental confusion in cost theory been more in evidence than in the sometimes acrimonious discussion of public-debt incidence. Indeed, it was precisely through my own involvement in the modern debt-burden controversy and my subsequent attempt to reconcile my notions with those of respected fellow economists that my attention was directed to cost theory.*54 The debt-burden problem illustrates the necessity of distinguishing between choice-influencing and choice-influenced cost on the one hand, and the necessity of relating cost directly to choice on the other.
Consider, first, the view that was very widely held by sophisticated economists prior to 1958. It was alleged that the "real burden" of debt-financed public goods, the genuine opportunity costs, must be experienced during the time period when the real resources were actually used. In the case of the debts of World War II, the steel was used to make guns in 1943 and not in some later period. It seemed manifest nonsense, a violation of the most elementary opportunity-cost reasoning, to claim that public-debt burden was "shifted to future generations."
As difficult as it may seem in 1969 to hold such a view (despite its continued espousal in nonsophisticated textbook discussion), orthodox opportunity-cost reasoning, which measures real costs in terms of real resources objectively quantified and which concentrates on costs independently of the particulars of decision, leads quite logically to this conception. Who gives up command over the real resources that are secured for public use under debt financing? The obvious answer is those who purchase the debt instruments from the treasury. These bond purchasers are not at all concerned about the decision to issue debt; their choice is simply whether to purchase debt or to purchase privately available investment or consumption goods. These bond purchasers surely do not participate in the fiscal choice as such. They cannot be said to bear the "cost" of the public goods that the debt issue finances. To locate the genuine cost of public goods, a cost which influences fiscal choice, we must look at the fiscal alternatives. What is avoided if debt is not issued and the public goods not provided?
If public debt is not created, if bonds are not marketed, the decision-maker, along with others in the collectivity, avoids the necessity of servicing and amortizing the debt in future periods. The costs of debt issue, in the way that they may influence a decision among fiscal alternatives, must be reflected in the decision-maker's subjective evaluation of these subsequent outlays. In the choice-influencing sense, these costs are concentrated in the moment of choice and not in the later periods during which the actual outlays must be made. But the choice-influencing, subjective costs exist only because of the decision-maker's recognition that it will be necessary to make future-period outlays. The concentration of choice-influencing cost in the moment of decision arises from the simple fact that a decision is made; this cost has no relationship whatsoever to and is not influenced by the fact that resources are used up in the initial period.
The choice-influenced costs of debt-financed projects, the losses in utility as a result of choice, are borne exclusively in periods subsequent to decision. These actual payments, which may also be measured in money, may reduce the utilities of others than those who participate in the decision. In one sense, this burden of debt is always deadweight, and its location in time has no relationship whatever to the time period during which the public projects yield their benefits.
Some of the contributors to the modern discussion of public-debt theory have acknowledged that, by comparison with tax-financing, debt issue does impose a relative "burden on future generations." They reach this conclusion, however, because debt-financing is alleged to reduce private capital formation to a relatively greater degree than tax-financing. Hence, "future generations" inherit a somewhat smaller capital stock under current public-debt financing than they would under current tax-financing for similar public outlays. This line of argument, which can be associated with Vickrey and Modigliani,*55 is also based on the failure to relate cost to choice. Whether or not private capital formation is or is not relatively reduced by debt-financing is irrelevant to the location of debt burden in periods subsequent to choice. Even should all funds for the purchase of bonds be drawn from current consumption, the subjective costs of debt issue still consist in the decision-maker's evaluation of the enjoyments that must be foregone, by himself and by others, in future periods when the outlays for servicing and amortization must be made. The decision of a prospective bond purchaser is, of course, relevant to the rate of private capital formation, but this is not the same decision as that of the prospective bond seller. If the bond purchaser draws down private investment, he does impose a "burden" on his heirs in future periods, and the recognition of this will be the obstacle to his choice. If he draws down current consumption, no such burden is imposed. But the point to be emphasized here is that his choice is quite a separate and different one from that made by the debt issuer. The emphasis on the capital-formation aspects of public debt seems to arise from a confusion of the results of not one, but two decisions, and the calculus of not one, but two sets of decision-makers.
Ricardo's Equivalence Theorem
Ricardo advanced the theorem that a rational person should be indifferent between the levy of an extraordinary tax and the issue of a public loan of equal value. In his model, he assumed that the individual held an infinitely long time horizon and that capital markets were perfect in the sense that the individual could borrow at the same rate as the collectivity. Under such conditions, the individual could without cost transform one of these two fiscal alternatives into the other via transactions in the capital market. It follows that he should be indifferent between them.
As such, the analysis is elementary and obvious. But a similar analysis could be extended to any act of individual choice. If, for example, the individual is informed that he may always exchange one orange for one apple through the market, he will be indifferent between a gift of an orange and an apple because of the possibility of costless transformation. This does not imply, however, that one orange will be equal to one apple in the individual's subjective evaluation. The latter equality emerges only if the individual is allowed to adjust quantities bought and sold to a point where behavioral equilibrium is fully attained. In isolated, nonequilibrium situations, no such subjective-valuation equality may be presumed. Hence, as applied to the public-loan-taxation alternatives, the individual remains indifferent because he can make the costless transformation, not because the two alternatives are of equal value in his subjective consideration of them.
The recognition of this simple point suggests that the conversion of the public-loan alternative to a present-value equivalent may not accurately measure, or represent, the genuine choice-influencing cost that the debt issue embodies. If the individual is observed to opt for the public-debt alternative, it is an indication that its cost is below that of the tax alternative, which is defined to be equal to the present value of future debt-service and amortization charges. It cannot be inferred that the choice of the individual is marginal. The choice-influencing opportunity costs, the subjective evaluation of the sacrifice of future-period enjoyments, may be substantially below the figure represented by the current capitalized value of the necessary payment obligations. Only if it is presumed that the individual has fully adjusted his spending-saving patterns so as to bring his own rate of time discount into equality with the market rate, can it be alleged that the individual should be on a subjective margin of indifference between the two fiscal instruments. Indeed, it is precisely the differences among the subjective valuations of equal present-value instruments with differing time dimensions that causes the individual to behave so as to move toward full equilibrium. From a methodological point of view, it is surely illegitimate to derive implications for choice among equal present-value instruments, assets or liabilities, from the characteristics of the equilibrium toward which such choice behavior aims.
Tax Capitalization
The Ricardian theorem is related to a separate fiscal-theory application that consistent cost theory may clarify. What, precisely, do fiscal theorists mean when they say that a tax may be fully capitalized under certain conditions? The arithmetic is straightforward: the present value of the asset subjected to a newly imposed tax is written down to reflect the weight of expected future taxes as charges against income. A purchaser of the asset, after the moment of capitalization, will not bear any part of the tax burden; this will rest exclusively on the owner of the asset at the time of imposition.
There is nothing wrong in this summary statement of the orthodox analysis provided that the conditions where capitalization can occur are carefully specified. The presumption is often made, however, that the "burden" of the tax is experienced, subjectively, only in the period when the asset's capital value is written down and that no further sacrifice of utility is involved. This is based on elementary confusion. The moment of capitalization corresponds to the moment of choice in our earlier discussion of cost, and it may clarify the analysis to think of an asset owner's making a choice which involves giving up, either in taxation or in some other form, a claim to a part of the asset's future income stream. There will be a choice-influencing opportunity cost here, a purely subjective evaluation of the alternatives that must be foregone by the fact of the abandonment of future-period claims to income. However, just as with debt issue, this subjective cost arises only because of the expectation that, in future periods, some payment must be made from income, that some potential enjoyment from the use of income must be foregone. Once the choice is made and the tax or other claim against the asset's income is imposed, consequences follow, and these include the contracted necessity of making the required payments. These become the choice-influenced costs of the decision taken earlier, and these can be measured objectively as well as evaluated subjectively. The owner of the asset experiences utility losses in such later periods. These cannot be eliminated by the process of capitalization since, in fact, the anticipation of these future-period utility losses is the only basis for the subjective costs experienced at the moment of choice or of capitalization.
There has been here some confusion between the transfer of burden among asset owners and the temporal location of this burden. Capitalization concentrates the tax burden on the owner of an asset at the moment of the initial levy. But "at the moment" refers to the ownership pattern, not to the tax burden. Even if the owner should sell the asset immediately after full capitalization, he will still experience the choice-influenced costs in subsequent time periods.
In tax capitalization, as in ordinary economic choice, there are two costs, not one, and it is necessary to keep these distinct. Fully analogous to the choice-influencing cost of any decision, there is the purely subjective realization that future income streams are reduced. This is experienced in the sensation of evaluating the future enjoyment of opportunities that have suddenly been foreclosed. Analogous to choice-influenced cost, there is the experienced utility loss that was anticipated and which has its objective equivalent in the payment obligations made. The asset owner cannot, therefore, fully capitalize future tax payments in the sense of suffering all real burden at the moment of imposition under any conditions. There is nothing at all contradictory in this conclusion once the duality of cost in any choice is fully recognized. An anticipated cost is not and cannot be a substitute for a realized burden, nor can these two be dimensionally equivalent. "The coward dies a thousand deaths" before he dies.
Notes for this chapter
For a critical discussion of the measurement of national product which is grounded on analysis that is related to, although quite different from, the analysis developed here, see S. H. Frankel, The Economic Impact on Under-Developed Societies (Cambridge: Harvard University Press, 1953), esp. Chapter III.
I am not concerned here with various modern qualifications on this proposition, all of which derive from some version of second-best limitations. My criticism holds even if all of the welfare conditions are fully satisfied elsewhere in the system.
In an earlier work, I have tried to relate the effects of different fiscal instruments on the individual's behavior in fiscal process. See my Public Finance in Democratic Process (Chapel Hill: University of North Carolina Press, 1967). See also Charles Goetz, "Tax Preferences in a Collective Decision-Making Context" (Unpublished Ph.D. dissertation, Alderman Library, University of Virginia, 1964).
It is interesting to note that sophisticated cost-benefit analysts recognize the relevance of the distribution of tax shares (or benefit shares), while at the same time they fail to recognize the relevance of the distribution of decision-making power. The oversight of this second distributional effect stems, of course, from the paradigm in which "costs" exist as objectively quantifiable magnitudes, unrelated to the choice process. Among the applied welfare economists who have examined the methodology of cost-benefit analysis, only Roland N. McKean seems to be aware that a problem so much as exists here. See his paper, "The Use of Shadow Prices," in Samuel B. Chase, Jr. (ed.), Problems in Public Expenditure Analysis (Washington, D.C.: Brookings Institution, 1968), pp. 33-65. For a specific discussion of the importance of the distribution of tax or benefit shares, see the paper by Burton A. Weisbrod, "Income Redistribution Effects and Benefit-Cost Analysis," pp. 177-208 in the same volume.
In my early book, my ideas on cost were confused. See my Public Principles of Public Debt (Homewood, Ill.: Richard D. Irwin, 1958). Somewhat later, in response to critics, I traced the differences in debt theory to cost-theory confusions. My contribution, along with other papers, is contained in James M. Ferguson (ed.), Public Debt and Future Generations (Chapel Hill: University of North Carolina Press, 1964).
See their contributions in Ferguson, op. cit. A similar error is made by Feldstein and endorsed by Prest and Turvey in their review of cost-benefit analysis. In Feldstein's view, the cost of a project depends, in part, on whether or not the funds are withdrawn from current consumption or from investment. However, to the extent that cost-benefit measurements are helpful at all, the persons from whom funds are secured, presumably in this case through taxes, must be assumed to be in equilibrium between consumption and investment outlays. In this case, the utilities per dollar's worth have been equalized at the margin. As suggested earlier, unless such full equilibrium is assumed, the whole approach, which is limited at best, becomes worthless. See M. S. Feldstein, "Opportunity Cost Calculations in Cost-Benefit Analysis," Public Finance, XIX (1964), 126, as cited in A. R. Prest and R. Turvey, "Cost-Benefit Analysis: A Survey," Economic Journal, LXXV (December 1965), 686-87. Interestingly enough, Davenport seems to have indirectly warned against this error a half-century ago. He stressed that the cost to a borrower (that which he must give up in order to secure funds) has no direct relationship to the cost to the lender (that which he must give up when he makes a consumption-saving decision). Two distinct choices are involved and hence two costs. See H. J. Davenport, Value and Distribution (Chicago: University of Chicago Press, 1908), p. 260.
End of Notes
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With every pair of shoes you purchase, TOMS will give a new pair of shoes to a child in need. One for One®
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TOMS run true to size and are available in medium width only. We recommend ordering the size you normally wear. If you are typically in between sizes, we recommend going with the smaller one since TOMS will stretch slightly as you break them in.


text: Source: petsc Version: 3.2.dfsg-2 Severity: normal User: firstname.lastname@example.com Usertags: alpha X-Debbugs-CC: email@example.com petsc built in the past on Alpha, I believe, but Alpha has very recently been removed from the architecture list for building petsc. I have verified that the current version, 3.2.dfsg-2, does in fact build to completion on Alpha (but did not tried to install and run it). I was wondering what the reason was for the removal of Alpha and whether Alpha can be added back to the architecture build list? Thanks Michael.


text:
[QUOTE=live4romance;3069582;]All's I can say is that there are some vivid imaginations here. I sure as heck can't see a thing.
live4romance - the picture was showing Jesse and Dee in what looks like a sleigh, which matches the episode description of the HTD and it looks like they are finally going to kiss. The reference to Matt and chelsea is from last season when they had their 1 on 1 date in the sleigh and in the previews it looked incredibly awkward. Also, Chelsea was F2.


text: It's been six years since Smokie Norful released a full album, but we are happy to report the gospel singer is back! On August 5, the Grammy Award winner will debut his latest project, "Forever Yours," and he stopped by our office to tell us a little bit about it as well as how he feels about faith-based reality TV and why he's careful about whom he associates himself with in the industry. The singer and pianist also opened up to us about the key to a lasting marriage and his thoughts on how the church handles single women. Watch the interview above and tell us what you think.


text:
Western Sydney Wanderers were "found guilty of bringing the game into disrepute" by Football Federation Australia.
The FFA announced the Wanderers were fined $50,000 and imposed a suspended three (3) competition point deduction after finding the club guilty of bringing the game into disrepute following the misconduct of some of its supporters last Saturday.
The Wanderers accepted the punishment from the FFA.
Wanderers CEO John Tsatsimas speaking to the media after the FFA handed down its verdict:
"We have always been consistent in our stance on anti-social behaviour and use of flares – that is one of zero tolerance," said Wanderers CEO John Tsatsimas.
"We have 18,000 members who represent our club and our region in a fantastic manner who are being tarnished by the few selfish and narcissistic individuals who are tearing down all our community has created as a Club.
An FFA statement said the Wanderers fans "took part in a pre-meditated and coordinated series of incidents including the ignition of flares and detonators and the display of unauthorised banners."
The FFA said if they find any future "serious incident" occurs, the club must lose three points "immediately".
"This will apply to incidents that occur in or around any matches the club participates in and will be in place for a period of 12 months, through to February 6 2017,'' the statement said.
Mr Tsatsimas said fan behaviour wasn't just a Wanderers issue.
"This issue is not isolated to our Club and requires a whole of game response to not just reduce, but eliminate the incidence of flares and anti-social behaviour inside and outside our football matches,'' he said.
FFA has also announced it will be formulating a National Flare Management Policy, which will be part of the Fan Banning Process review to be considered by the FFA Board next week.


text:
Slide 10
In Afghanistan's capital Kabul, Dr Chan visited the newly launched Malaria and Leishmaniasis Centre. "Reliable health data and statistics are the foundation of health policies, strategies, and evaluation and monitoring. The confidence of donors, nationally and internationally, depends on our ability to show measurable results," she later said at the 60th World Health Assembly.


text:
A culinary pioneer at the trendier end of Åsögatan, this local Italian (named after the Italian football league trophy) is not what it seems at first sight. It's rustically styled down, the walls sparsely decorated with portraits of Swedish footballers, and has an adjoining hole-in-the-wall bar with a TV always tuned to the local sports station. But don't expect simple spaghetti here - this is a marvellously subtle Italian kitchen, and the bresaola, ravioli and tiramisú are all prepared with a loving and skilful hand. One of the city's few genuinely top-class Italians. Reservations essential.
Area Stockholm
Transport T-bana Medborgarplatsen/bus 2, 59, 66, 76, 53.
Telephone 640 42 15
Open 5pm-midnight Mon-Sat. Closed 4wks from Midsummer.
Main courses 130kr-235kr.


text:
This is the root of the common Lisp Directory. The whole tree of tags starts here.
If you are new to the Common Lisp Directory, you should probably first have a look at the "By topic" link below or at the "Tags" and "Index" links above.
The items lists (Libraries, documents, events, etc.) are limited to about 20 items randomly taken from the whole lists. Click on the titles or the "View all (n more)" links to see the full lists of items with their descriptions.
The CLD is written in Common Lisp.
By Topic (681 items) Resources for Common Lisp sorted by topic
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Gsharp - The Extensible, Interactive Score Editor | The Common Lisp Object System MetaObject Protocol | The Common Lisp Object System: An Overview | Loving Lisp, or the Savvy Programmer's Secret Weap... | Tutorial for Gigamonkeys Markup | Practical Common Lisp - IT Conversations | The Rise and Fall of Lisp at the Jet Propulsion La... | CLoX: Common Lisp Objects for XEmacs | Common Lisp FAQ for comp.lang.lisp newsgroup | cmucl and multiprocessing | A Guided Tour of the Common Lisp Interface Manager | Common Lisp: A Gentle Introduction to Symbolic Com... | Calendrical Calculations | NCITS/J13 Document Repository | Functional Jobs | Early CL History | A GUI Library For Lisp On OS X | Episode 2: (Re)writing Reddit in Lisp is 20 minute... | MOP Retrospective - Gregor Kiczales speaks to lis... | Lisp Starter Pack
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Daniel Barlow | Jon Philpott | Iban Hatchondo | Tim Bradshaw | Marijn Haverbeke | Raymond Toy | Scott Williams | Nathan Froyd | Bruno Lartillot | John Pallister | Barry Margolin | William Proffitt | James A. Crippen | Duane Rettig | Teemu Kalvaas | Pascal Costanza | Erik Huelsmann | JP Massar | Félix Hernández del Olmo | Leonardo Varuzza | Sandro Pedrazzini | Ingvar Mattsson | Cyrus Harmon | Ian Eslick | David McClain | Manuel Odendahl | Didier Verna | Mikael Jansson | John Wiseman | Kilian Sprotte
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International Lisp Conference 2009 | European Common Lisp Meeting 2008 | International Lisp Conference 2007 | 3rd European Lisp Workshop | LispNYC May 2006 Meeting - Peter Seibel | European Common Lisp Meeting 2006 | LispNYC November 2005 meeting | 2nd European LISP and Scheme Workshop | International Lisp Conference 2005 | European Common Lisp Meeting 2005 | 1st European Lisp and Scheme Workshop | International Lisp Conference 2003 | Japan Lisp User Group Meeting 2000
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The Tech Co-op | SISCOG - Sistemas Cognitivos Lta | Core Group | bese | Common-Lisp.biz | Debian | Consequor Consulting AG | lispvan | Association of Lisp Users | CRISPYLOGICS | Ystok-Systema | Lispworks Ltd. | Algorithme - Information Technology services | Lisp.se | HPC Platform | RavenPack | Department of Computer Science and Engineering, FE... | Lisp-it | Franz Inc. | Clozure Associates
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YstokCard - smart card API (PC/SC)(Modified)| YstokGrid(Modified)| CL-Typesetting(Modified)| CL-PDF(Modified)| Jean-Philippe Paradis(Added)| Armed Bear Common Lisp(Annotated)| Allegro Common Lisp(Modified)| CLFSWM - A(nother) Common Lisp FullScreen Window M...(Modified)| Ystok-URI - library for representing, parsing, and...(Added)| Clon, the Command-Line Options Nuker(Modified)| Common Lisp Reasoner(Modified)| ASDlite(Modified)| Ystok-Library(Modified)| Ystok-Local-Time(Modified)| YHTML-Template(Modified)| cl-gdata(Added)| Michael Filonenko(Added)| cl-portaudio(Added)| YstokHTML - collection of HTML generator, parser a...(Added)| Common Lisp User Space File System(Added)| cl-btree(Added)
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Submitted by admin 4479 days 2 hours 53 min ago
Comments added to RSS feeds
Now the commented items are added to the RSS feeds so that it's possible to see what have been commented recently.
Submitted by marc.battyani 4419 days 6 hours 43 min ago
unicode possibilities
It would be nice if cl-user would display unicode input for CJK text. With PCL and On Lisp getting new printings in Japan, it might be beneficial to attract more brain-share from that side of the world. Would this be considered out of cl-user.net's scope?
Submitted by charliemac 3515 days 28 min ago
Perhaps it would be interesting to open up a "universities" category (or subcategory of Organization) to list universities that teach lisp?
Submitted by informatimago 3507 days 15 hours 45 min ago
re: universities
This is a good idea. Done.
Submitted by marc.battyani 3504 days 19 hours 59 min ago
re: unicode possibilities
I have to think about it.
The use of English as the standard language is prefered so that the information is useable by most lispers.
I don't mind some other language content though.
Submitted by marc.battyani 3504 days 19 hours 30 min ago
Change descriptions may accept invalid characters
Attempting to view the "Last Modified Items" RSS feed in the Google Chrome browser gives the error: "error on line 10 at column 2048: PCDATA invalid Char value 12". Adding the feed in Mozilla Thunderbird: "<feed URL> is not a valid feed."
Submitted by WalterGR 2632 days 2 hours 29 min ago
Repository access
Many sites have a link to view the repository such as:
Source code repository http://common-lisp.net/cgi-bin/viewcvs.cgi/?cvsroot=cl-semantic
however, I can't find any place that describes how to convert that link into something that can be used to actually check out the source code. I'm very suppressed this hasn't been an issue before.
Submitted by blake1024 2266 days 15 hours 10 min ago


text: On Mon, 17 Mar 2003, Greywolf wrote: > Hey, all, > > with -current kernel and userland as of a week ago (and, it seems, as > far back as 1.6M, if not farther), df(1) does The Wrong Thing. Hm. I'd say it does the right thing. I didn't know it ever could take a device as an argument and treat that specially, nor does the documentation support that. df takes a file or a file system as an argument. Device names are just special files. File systems are mount points as I read it. It behaves exactly as I would expect it to. I'd say you are looking at a change request. But I might be totally confused of course. Johnny Johnny Billquist || "I'm on a bus || on a psychedelic trip email: firstname.lastname@example.com || Reading murder books pdp is alive! || tryin' to stay hip" - B. Idol


text:
Tere Naal Love Ho Gaya: Music ReviewTNN | Updated: Feb 10, 2012, 21:53 IST
Music Composer: Sachin Jigar
Lyrics: Mayur Puri, Priya Panchal
In this movie's soundtrack, 'Piya O Re Piya' is a melodious track rendered by Atif Aslam abd Shreya Ghoshal and is sure to be a hit. The song is also available in a remix version and a slow version. Another number that deserves mention is 'Jeene De' sung by Mohit Chauhan. Mohit Chauhan seems to have become synonymous with chart busters. His 'Jeene De' is a romantic number that displays a hint of Sufi. This song may well be another feather in Mohit's cap. The song is also available in another version giving a suggestion of live performance.
The film's title track - 'Pee Pa Pee Pa Ho Gaya' - has been rendered by Diljit Dosanjh and Priya Panchal. With a great Punjabi element to it, this peppy number is also available in a desi-mix version in the album.
Atif Aslam's 'Tu Mohabbat Hai' is another song to watch out for. Sung in the trademark Atif Aslam style, this romantic number boasts of some western influence and is very melodious. Also featured in a remix version, this track has been ably rendered by Monali Thakur and Priya Panchal.
Sunidhi Chauhan's 'Fanna Ban Gayi' doesn't manage to catch the pulse. Supposed to be an item number, this is one song that drops the quality of the album. The lyrics and the music fail to impress.
On the whole, the album of 'Tere Naal Love Ho Gaya' is one to consider. Catering largely to the young audience, the music of this one may have a big hand to play in its success.
Get latest news & live updates on the go on your pc with News App. Download The Times of India news app for your device.


text:
Windows 64 bit Software - the latest is here right now! But that's not all. We update our collections every single minute -
150 Pipes + stitches + abstract brushes for Adobe (R) Photoshop (R) Creative Cloud, CS6-6 (and the standalone versions) + Adobe (R) Photoshop (R) Elements 11-1 + PNG brushes for use in other applications such as Paint Shop Pro (R)
The pipe line brushes are for PC (windows 8, windows 7, windows vista etc) + MAC OS X.
All pipe line brushes are royalty-free, for use in commercial and hobby projects.
The brushes are hi-impact designs, all stored in native Photoshop (R) brushes format (ABR). Load the line ABR brushes via the brushes palette load / replace. You can also load the line brushes via the edit menu preset manager. All the brushes can be used with the brush tools in the Photoshop toolbox such as brush tool, pencil tool, art history and others
Set also includes the equivalent PNG brush files for adding to Paint Shop Pro (R) and others, simply open file and then load into the brush palette of the application
Up to 700 x 700, 300 DPI
Line Brushes are easy to use, easy to install and use with all the tools. In Photoshop and Elements, add to the presets brushes folder and then access the brushes via the brush tools and the brush palette or the edit> preset manager. Modify brushes in 100s of different ways and save your own presets from the brushes
Use brushes to create web designs, leaflets, scrap booking, templates, items for sale, records, illustrations, drawings, books, packaging, merchandise and a whole lot more
Adobe and Photoshop are registered trademarks of Adobe Systems Incorporated
All the brushes have been created by graphicxtras.com (Andrew Buckle)
Part of an ongoing series of Photoshop (R) brushes from the graphicxtras.com site, along with custom shapes and patterns and styles. Download - electronic distribution
Add this link to your website: Or to a forum:
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text:
Is there any window API can be used to trim/page out a certain process ?
such as pageout(processid,memoryAmount) or trimProcessMemory(processid,memoryAmount)
Please click the Mark as Answer button if a post solves your problem!
I'd probably ask them over here.
Regards, Dave Patrick ....
Microsoft Certified Professional
Microsoft MVP [Windows]
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text:
She moves, she gestures, she grimaces, she yells. Watching Heather Nedohin curl is like watching someone walking up and down a sheet of ice in bare feet. She's non-stop excitable, win, lose or draw to the button.
And at this point in the 2012 Scotties Tournament of Hearts, she's got good reason to be animated.
Carrying the provincial colours into the national championship, Nedohin has experienced a wide range of emotions and results. Her rink lost two of its first three games, rebounded nicely then lost a 6-5 decision to Quebec on Wednesday.
In that game, Nedohin serenaded one of her shots by asking her teammates, "Why isn't anyone saying anything?" The crowd at the Enmax Centrium burst out in laughter. Nedohin also spiced the air with an amusing profanity.
Nedohin has lost much of her voice from all the yelling she did at the Alberta provincials. She laughingly calls herself "the Russ Howard of women's curling."
Howard is best known as the Bull Moose for his bellowing on-ice directions. Apparently, Nedohin asked Howard what he does to fix his ravaged throat.
Going mute would help, but not this week.Report Typo/Error
Follow @AllanMakion Twitter:


text:
If Richard III gave his kingdom for a carpark in Leicester, might we find St Edmund resting below a tennis court?
Public interest in the king who inspired a Shakespeare villain has aroused interest in the grave of a king who was once England's patron saint.
Alan Jary, chairman of the Bury Society, said yesterday: "I'm sure it's a fantastic idea.
"Wouldn't it be wonderful if they did find him — they might make him patron saint of England again."
He called for the formation of a St Edmund Society in the town and said the Bury Society would want to be involved.
Part of St Edmundsbury Borough Council's bid for Heritage Lottery Funding for the Abbey Gardens had included an archeological investigation of the tennis courts.
Bury Society historian Martyn Taylor said: "There is every possibility St Edmund is still in the Abbey Grounds."
The last formal inspection of St Edmund's body was in 1198 and Mr Taylor said that during the War of the Barons in the 12th century, the French Dauphin Lewis (old spelling) claimed to have taken the remains to Toulouse.
The alleged remains were brought to Arundel Castle, Sussex, in 1901. But in 1992 they were found to be 12 individuals' bones, so Lewis did not steal the real thing.
Unknown graves were found in the abbey in the last century, including those of five abbots in 1903 as the result of documents discovered by author M R James in France.
Mr Taylor said: "It could well be that a document turns up in the future that says where he was buried."


text:
Lj-MD55A2000V Anti-Reverse Diode
|FOB Price:
|US $4 / Piece
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Request a custom order and have something just for you!Send Customized Request
- Model NO.: LJ-MD55A2000V
- Material: Element Semiconductor
- Model: Lj-MD55A
- Brand: Liujing
- It(AV): 55A
- Delivery: 15days
- Transport Package: Express
- Origin: China
- Manufacturing Technology: Liujing
- Application: Inverter
- Batch Number: 2016+
- Vdrm Vrrm: 2000V
- Warranty: 18month
- Trademark: liujing
- Specification: 200g
- HS Code: 8504409109
Electrically -isolated chip and baseboard AC 2500V
Sealing package according to international standard
Full crimping structure,sensitive to temperature and power cycle duty
Modules under 350A with compulsive ind-cooling .Modules under 400A either with wind-cooling or water-cooling
Convenient installation ,use and maintenance
Compact and lightweight
Welding technique under the protection of vacuum and hydrogen gas
Typical Applications
DC power supply for instrument and equipment
AC/DC motor controls
Various rectifying power supplier
Soft start
Battery charge and discharge


text:
Here is what you need to know on this Tuesday, December 22, four days before the Washington Redskins travel to Philadelphia to play the Eagles.
Final thoughts on Redskins vs. Bills
—It looks like the Redskins are peaking at the right time. Against a Bills defense that is more pedestrian than awful they posted their second highest total yards of the season and their most total passing yards. The defense is playing well; the final numbers on Sunday weren't pretty but they didn't give up much until it was 28-3. The Bills had one possession, their first one, with a chance to tie or take the lead. The Redskins not yet the team nobody wants to face in the playoffs but in a couple more games they could be.
—The Redskins appear to be back on track when it comes to converting third downs. After a three-game stretch where they went a combined 12 for 40 on third down (30.0%) they have converted on 14 of 23 (60.8%) over the last two games. On the season they have a conversion rate 43.6 percent, sixth in the NFL. That is a quantum improvement on their 31.5 percent conversion rate they had last year, which was 30th in the NFL.
—One reason for the solid improvement on third down is the play of Kirk Cousins. In the last two games is nine for 12 on third down for 100 yards with one touchdown and no interceptions. That is a 127.1 passer rating. However, that isn't all that impressive considering his rating on all passes over the last two games has been higher than that, a sizzling 131.6.
—I don't normally get riled up over play calling especially in a game they won comfortably but I was a bit annoyed with the calls in the latter stages of the fourth quarter with the Redskins trying to run out the clock. When it was apparent that the Redskins weren't going to be able to run the clock out by keeping it on the ground Gruden and McVay kept trying. The defense had been on the field a lot but a futile run was called twice in third and four situations. Certainly a pass to Jordan Reed or Pierre Garçon would have moved the chains and given the defense the rest of the day off. A small complaint in the big picture but if the game was a bit closer it could have been an issue.
—Losing to the Redskins doesn't make the locals happy. Here is the start of my friend Vic Carucci's rant in the Buffalo News:
Rex Ryan promised his team wouldn't quit. He lied. On the way to officially eliminating themselves from postseason contention for the 16th consecutive season, the Bills gave a pathetic effort, especially on defense. There was no point in this game where it even felt as if the Bills would be able to stop Kirk Cousins and the Redskins' offense, which produced touchdowns on its first three possessions. Cousins is a solid starter, but the Bills made him look like an absolute superstar.
At least Rex won't get fired like his brother Rob did after his Saints defense was shredded by the "solid" Cousins.
—Today's schedule: Player meetings; no media availability
—Days until: Redskins @ Eagles 4; Redskins @Cowboys 12; start of NFL playoffs 18
In case you missed it
- Andre Roberts is one for the season
- Gruden reacts to Redskins fans chanting 'You Like That'
- One stat puts Cousins ahead of Brady, Manning, Brees, others
- B-Mitch: Jordan Reed could end up 'better than Gronkowski'
- Gruden on 'team-building' preseason brawl with Texans
- Where could RG3 land? Possible new teams for Robert Griffin III
- Cousins on contract: 'I want to be where I'm wanted'
- Redskins fans need to get used to seeing Cousins behind center
- Tarik's Takeaways: 5 highlights from Redskins' win over Bills
- After big game, Jackson wants to go 'get it' in Philly
- Despite blowout loss, Eagles defender issues warning for Redskins
- Eagles' loss creates an alternate path to the playoffs for the Redskins
- Notes and numbers—Redskins match 2013-14 win total


text:
I've had two experiences with companions so far. Khem Val and Mako. Heres some feedback about both.
Mako: I played a BH during the course of the beta and Mako is pretty crappy for a starting BH companion IMO. She seems to frown on every little negative thing I do. In the end I felt really annoyed by her presence and as soon as I got the Devaronian (can't remember his name it was the last day of the beta) I dropped her like a hot potato.
Khem Val: Khem Val is fucking awesome. I'm sorry, hes a PERFECT fit for an SI. He approves of me shocking the crap out of people and then demands that I heal him. His character seems so exotic in many ways, and I like finding out tid bits about his story. The SI story so far has been kinda bland for me but I stick around for lightening and Khem Val.
Share some of your experience with companions. I'd like to know who else is a fairly interesting companion to get.


text:
Tom Cruise and Katie Holmes helped comfort a pair of shaken accident victims Saturday night, PEOPLE has learned.
A rep for the couple confirms that Cruise, 44, and Holmes, 27, were on their way home from the airport after a trip to Salt Lake City, Utah, for an exhibition soccer game (their friend David Beckham and his team, Real Madrid, beat Real Salt Lake 2-0), when they saw a couple on L.A.'s 101 Freeway who had apparently just been in a car accident.
The engaged pair and parents to 4-month-old daughter Suri checked to make sure the passengers, Jon Henningsen and his wife, were not seriously injured, then waited with them until the police and fire department arrived on the scene.
for some reason i remember some bull story about tom doing this like ten years ago. it just seems like such a publicity stunt


text:
Ancient forest threatened by industrial logging to make cheap copy paper and magazines.
The indigenous Sámi peoples still practice traditional reindeer
herdingin Arctic Lapland, relying on remaining old-growth forests
to providevital food for their reindeer during the cold winter
months. But theirforest is being industrially logged for the
production of pulp andpaper - ending up as magazine and copy paper
throughout Europe.
This is why Xerox's announcement is good news for Finland's
ancientforests. In fact it should be good news for many forests if
Xerox keepsits word. As part of our ongoing correspondence, Xerox
has informed usof the adoption of a new procurement policy,
ensuring that suppliers donot source timber from 'old-growth
forests, conservation areas or otherareas designated for
Under siege
Finnish reindeer forest is still under siege as many othercompanies
are profiting from the destruction. The Finnish state
loggingcompany logs supposedly protected areas. Most of these logs
go toFinland's largest paper company StoraEnso to be turned into
paper andsold as magazines and copy paper.
Up in the frozen north, we have our Forest Rescue Station to
helpdefend the rights of the Sámi peoples against industrial
logging. Wehave been helping mark their lands as protected for
reindeer herding.We are pressuring the Finnish government to stop
logging in protectedareas. We are asking StoraEnso to stop
profiting from the destructionand writing to ask StoraEnso
customers to pressure the company. Xeroxhas been one of the first
to respond.
Help save the Reindeer forests!
We can't do this alone - we need your help. We are still here
inArctic Lapland working with the Sámi reindeer herders to ensure
thatthe Finnish paper industry doesn't sell out these forests to
make cheapmagazine and copy paper products. Help us defend these
forests frombeing logged by the Finnish government's own logging
company,Metsähallitus and sold for pulp and paper production.
Write to StoraEnso
and the Ministry of Finance,who are the largest single
shareholder in the company. We already knowthey are feeling the
international pressure and ministers arecomplaining about getting
1000's of messages - so keep up the pressure!
More information
Read the report "Lapland: State of Conflict - How the Finnish
government is abusing the forest rights of Sámi reindeer
Check out the Forest Rescue
Station weblog to keep in touch with, and show your support
for, our icy activists!
You can also
read more about the Forest Rescue Station or
check out the FAQ.
Read the
full letter from Xerox.
Play Eco Quest 3 - The Reindeer Herders


text:
U.K. Jobless Rate Hits Nine-Month Low, Defying Recession
U.K. unemployment fell to a nine- month low in the quarter through May as the London Olympics helped to create jobs, underlining the resilience of the labor market in the face of a recession and Europe's debt crisis.
The jobless rate based on International Labor Organization methods fell to 8.1 percent from 8.2 percent in the period through April, the Office for National Statistics said today in London. Jobless-benefit claims rose 6,100 in June. The increase, though larger than the 5,000 median forecast in a Bloomberg News Survey, was inflated by a benefit-rule change that took effect May 21.
The strength of the labor market is providing a boost for Prime Minister David Cameron as his government axes hundreds of thousands of state jobs to help cut the budget deficit and struggles to lift the economy out of its second recession since 2009.
"The big question is can the labor market remain resilient given the economy's ongoing weakness and the current very worrying and uncertain outlook," said Howard Archer, an economist at IHS Global Insight in London. "In the very near term, the staging of the Olympics is likely to help matters further. However, further out the jobs outlook seems more problematic."
The pound extended declines against the dollar after minutes showed Bank of England policy makers considered the case for an interest-rate cut. Sterling was trading at $1.5609 as of 1:20 p.m. in London, down 0.3 percent on the day.
Stimulus Vote
The Monetary Policy Committee voted 7-2 to increase quantitative easing by 50 billion pounds ($78 billion) to 375 billion pounds, the minutes showed. Chief Economist Spencer Dale and Ben Broadbent dissented in favor of no change to the asset- purchase target.
The labor-market figures suggest firms are hoarding workers, leaving scope for a renewed round of job shedding if the economy fails to improve. Another possible explanation, say economists, is that lost jobs are being replaced by new ones with lower levels of pay and productivity.
ILO unemployment fell 65,000 to 2.58 million in the three months through May, the lowest level since June to August last year. The 8.1 percent jobless rate compares with 11.1 percent in the euro region, 8.2 percent in the U.S. and 4.4 percent in Japan.
It is also below the peaks reached after recessions in the early 1980s and early 1990s, when unemployment climbed above 10 percent.
Olympics Boost
The number of people in work climbed 181,000 to 29.4 million, the highest since September-November 2008, with full- time work accounting for three-quarters of the increase. London accounted for 61,000 of the gain, partly reflecting hiring for the Olympic Games that open on July 27. London also posted the biggest drop in unemployment.
The rise in the number of people claiming jobless benefits last month left the claimant-count rate at 4.9 percent. Claims rose 6,900 in May instead of the 8,100 rise initially reported. June was affected by a rule change that restricted eligibility for lone-parent income support, forcing more people onto Jobseeker's Allowance, the benefit on which the claims data are based.
Long-term unemployment increased, with those out of work for more than two years up by 18,000 since February to 441,000, the most since 1997. The number without work for more than a year rose by 3,000 to 885,000, a third of the total. Unemployment among 16-24-year-olds fell 10,000 to 1.02 million. The number of vacancies increased by 10,000 in the quarter through June to 471,000.
'Encouraging' News
Employment Minister Chris Grayling welcomed the figures as he visited a postal delivery center in central London opened by TNT Post UK. "This is an encouraging set of figures in what is still an incredibly difficult economic climate," he said.
The opposition Labour Party said the government is not doing enough to get people back into work.
"The headline fall in unemployment is a welcome respite in a blizzard of bad economic news, but it's alarming that many regions in Britain saw unemployment continue to spiral up, the number of young people on the dole long-term has now quadrupled in a year and long-term unemployment rose sharply again," said Liam Byrne, Labour's pensions spokesman.
Today's report showed that pay growth quickened to 1.5 percent in the three months through May from 1.4 percent in the period through April. Excluding bonuses it was unchanged at 1.8 percent. The figures underscore the squeeze on household budgets at a time when inflation, though slowing, is running at 2.4 percent.
To contact the reporter on this story: Scott Hamilton in London at firstname.lastname@example.com
To contact the editor responsible for this story: Craig Stirling at email@example.com


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Home » Beijing Tour » Beijing Trip Planner » Beijing Tours from United States » UBPT-05
Beijing Hong Kong 7 Day Highlight Tour
|Beijing Hong Kong 7 Day Highlight Tour - Beijing Shanghai 7 Day Tour
|Duration: 7 days
|Tour Type: Private Tour
|Tour Code: UBPT-05
Day By Day Itinerary ( B-Breakfast, L-Lunch, D-Dinner )
Day 01
Arrival at Beijing
Day 02
Beijing (B L)
After lunch,drive to the Underground Palace ( Dingling, one of the 13 Ming Dynasty Tombs complex ). From the Yongle Emperor onwards, 13 Ming Dynasty Emperors were buried in this area. You will visit Dingling, the tomb of the Wanli Emperor, which is the only one of the Ming Dynasty Tombs to have been excavated.
Day 03
Beijing (B)
Day 04
Beijing - Hong Kong by air ( B ) ( Flight tickets to be self-prepared )
Day 05
Hong Kong ( B )
Day 06
Hong Kong ( B )
Day 07
Hong Kong Exit ( B )
|Travelling Party
|Luxury Class
|Standard Class
|Comfortable Class
|2 persons
|3-5 persons
|6-9 persons
|10 persons up
|Single room supplement
|Hotels in use
|Crowne Plaza Beijing or same class
|Sunworld Hotel Beijing or same class
|King Parkview Hotel Beijing or same class
|Harbour Grand Hongkong
|Harbour Plaza Noth Point Hongkong
|Harbour Plaza Noth Point Hongkong
|Remark: The prices above are based on two persons sharing one standard room. If you prefer a single room on your own, please pay single room supplement.
|Price inclusion:
1. All transfer and city transportation
2. Entrance fees as listed
3. Meals listed as B-Breakfast, L-Lunch
4. Local English speaking tour guide
5. Hotels ( two sharing room ) with daily reakfast
|Price exclusion:
1. Optional tour & Personal expenses of laundry, drinks telephone, etc.
2. Insurance coverage of personal loss, illness
3. Tips to the tour guide and driver
4. International flights
5. Beijing - Hong Kong flights
Reservation Notes


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October 12, 2005
Name change for Philadelphia shipyard
It's official. Kvaerner Philadelphia Shipyard is now Aker Philadelphia Shipyard.
The change in name reflects the yard's status as the shipbuilding subsidiary of newly-established Aker American Shipping. Other subsidiaries were formed to administer the new company's ship ownership and leasing functions. All are members of the the Norwegian-based Aker ASA group of global companies.
CEO David E. Meehan said the new name signals another positive chapter in recent shipyard history and that he fully expects employment at the facility to remain strong and steady.
"We are determined to be an industry leader in not only building ships, but in owning and leasing them in the domestic Jones Act market," he explained. "While our name is changing, our dedication to our mission hasn't changed a bit and we are proud to be building ships in Philadelphia to serve a vital need of our nation and our customers."
Demonstrating the company's commitment to the greater Philadelphia region, Meehan said Aker American Shipping is proud to serve as the lead sponsor of a new exhibit of the works of legendary Norwegian artist Edvard Munch at the Philadelphia Museum of Art. The exhibition, which is on display through the end of the year, presents Munch's "Mermaid" painting along with nearly two dozen of his drawings, paintings and prints and coincides with the centennial of Norwegian independence.
Meehan noted that earlier this year, with the help of former President Bill Clinton, Pennsylvania Gov. Ed Rendell, and Philadelphia Mayor John F. Street, as well as customer OSG, Inc., the company celebrated a historic $1 billion product tanker order.
Leif-Arne Langoy, president and CEO of Aker ASA, says the company is proud of its heritage abroad and in Philadelphia where it has successfully rebuilt from the ground up the commercial shipbuilding industry.
"Every member of the Aker family, starting with our main shareholder, Kjell Inge Rokke, applauds our Philadelphia operations for the accomplishments to date, and is optimistic for the future as America's premier commercial shipbuilder," says Langoy.
Aker American Shipping is listed on the Oslo Stock Exchange (ticker symbol AKASA).


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It's been a long time since I was able to just sit down and relax with a good book in hand. I miss those days. So, as a kind of New Year resolution, I made a promise to myself to read at least one book per month. That being said, I am going to share with you all my monthly readings. That way, I will have a reason to keep going.
Out of all the mysterious boarders who call Sanctuary home, no one is more antisocial or withdrawn than Maxis Drago. But then, it's hard to blend in with the modern world when you have a fifty foot wingspan.
Centuries ago, he was cursed by an enemy who swore to see him fall. An enemy who took everything from him and left him forever secluded.
But Fate is a bitch, with a wicked sense of humor. And when she throws old enemies together and threatens the wife he thought had died centuries ago, he comes back with a vengeance. Modern day New Orleans has become a battleground for the oldest of evils. And two dragons will hold the line, or go down in flames, in Dragonbane, the next explosive Dark-Hunter novel from #1 New York Times bestselling author Sherrilyn Kenyon.
Ten Count by Takarai Rihito
Corporate secretary Shirotani suffers from obsessive-compulsive disorder. One day he meets Kurose, a therapist who offers to take him through a ten-step program to cure him of his compulsion. As the two go through each of the ten steps, Shirotani's attraction to his counsellor grows.
Blood Vow by J.R. Ward
A tough vampire warrior in training and a quick-witted aristocrat develop an irresistible attraction and work together to uncover a mystery. The second in a new spin-off paranormal romance series set in the world of the #1 New York Times bestselling Black Dagger Brotherhood.
Trainees at the Black Dagger Brotherhood' training centre continue to prepare for the fight against the Lessening Society, but fighting is the last thing on Axe's mind. Still plagued with the guilt of his father's death, the brooding loner finds himself battling an unlikely attraction to Peyton's bright, aristocratic cousin, Elise.
Elise feels it too - and when the two are thrown together in unusual circumstances Elise must decide whether she can trust Axe to help her uncover the mystery surrounding her sister's death.
Meanwhile, Mary and Rhage are in the process of adopting Bitty, a young pretrans orphan, until the appearance of a young male claiming to be Bitty's blooded uncle threatens to tear the new family apart.
Body Talk Paradox by Panco
Tattoo artist Shidou is very negative and unsociable. He can't call people close to him friends and he has no lovers. Even when he feels lonely, he only goes for one-night stands. But then Takita, whom Shidou had slept with previously, approaches him without any hesitation! Takita comes to visit him every day at work, and Shidou can't refuse him because he owns the building. Takita's expressions of love for Shidou are escalating day by day!
Doushiyoumo nai Keredo by Isaku Natsume
Doushiyoumo nai Keredo by Isaku Natsume
Hardworking, good-looking, and heir to daddy's company, Shimano thinks his life's just about perfect. Except that he's working from the bottom up in the company, and he can't seem to get along with Kurosawa, his manager. Competent but flippant, Kurosawa always seems to pay extra attention to Shimano, whether it's teasing him to make him work harder or covering up for his mistakes, which of course drives Shimano crazy. So he has Kurosawa firmly blacklisted until he realizes that Kurosawa's private life isn't a bundle of roses and begins to sympathize...and how are you supposed to hate someone you sympathize with, anyway?


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Defending champions Dublin name unchanged side
Defending champions Dublin have named an unchanged side from the team that beat Monaghan for their All-Ireland SFC semi-final with Donegal.
The Ulster champions, who had an intensive five-day training camp in Johnstown House hotel in Meath last week and reportedly have a clean bill of health, are not expected to name a team until just before throw-in.
Mayo, like opponents Kerry, have named an unchanged team for today's semi-final replay in Limerick, even though Andy Moran and Tom Parsons made strong claims to start after replacing Alan Freeman and Jason Gibbons, who were late inclusions themselves before throw-in last week.
DUBLIN (SF v Donegal) - S Cluxton; M Fitzsimons, R O'Carroll, P McMahon; J McCarthy, J Cooper, N Devereux; MD Macauley, C O'Sullivan; P Flynn, K McManamon, D Connolly; A Brogan, E O'Gara, B Brogan.
MAYO (SF v Kerry)- R Hennelly; T Cunniffe, G Cafferkey, K Higgins; L Keegan, C Boyle, D Vaughan; J Gibbons, S O'Shea; K McLoughlin, A O'Shea, J Doherty; C O'Connor, A Freeman, A Dillon.
Online Editors
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FLUSHING MEADOWS, N.Y. — Venus Williams withdrew from the U.S. Open shortly before her second-round match was scheduled to begin Wednesday, suffering from an autoimmune disorder that causes fatigue and joint pain.
The condition, known as Sjogren's syndrome, is not life-threatening and need not be career-ending for a world-class athlete. But it was unclear in the aftermath of Williams's announcement whether or when she would return to competition.
Williams, 31, gave no hint that she was contemplating retirement in the statement she issued, saying: "I enjoyed playing my first match here and wish I could continue, but right now I am unable to. I am thankful I finally have a diagnosis and am now focused on getting better and returning to the court soon."
The news came as a shock at the Billie Jean King National Tennis Center, where Williams, a two-time U.S. Open champion, made an impressive return to competition Monday after pulling out of the hard-court season this summer with what was described as a virus.
Williams showed no sign of illness Monday in cruising past Vesna Dolonts, 6-4, 6-3, to advance to Wednesday's second round.
Hall of Famer Chris Evert, now an ESPN analyst who provided commentary for that match, said she was "surprised and shocked" by the development.
"She looked healthy to me," Evert said of Williams's performance on Monday. "She was playing well. She was moving well. She didn't look like she was gasping for air, so I was very surprised. I think she would have had a tough match on her hands today [against 22nd seed Sabine Lisicki]. She would have had to have been healthy to win that match."
Sjogren's syndrome is a disease in which a person's white blood cells attack moisture-producing glands. Roughly 4 million Americans suffer from it — 90 percent of them women, according to Steven Taylor, chief executive of the Sjogren's Syndrome Foundation.
The most common symptoms are dry eyes or dry mouth, but the disease can affect all organs and body systems. It can also trigger moderate to severe fatigue as well as joint pain, Taylor added. While it can't be cured, the symptoms can be managed with medication.
"Surely the disease does affect quality of life," Taylor said. "It's life-altering but not life-threatening. We see people who are very healthy, doing the things they have always done — but just monitoring themselves and taking care of themselves."
It's unclear how long Williams has suffered the symptoms or when the condition was diagnosed. Following her straight-sets victory Monday, she mentioned a recently diagnosed health challenge.
"A lot of the battle is just trying to be fit and stay healthy," Williams said. "Sometimes I've been losing that battle a lot. . . . No one is more in one-match-at-a-time mode than me now at this tournament. It will just be one match at a time, for sure."
Evert said she would be surprised to see Williams return this year given that the U.S. Open marks the symbolic end to the season in many players' minds.
"It gets harder and harder when you get older to commit because you're not as hungry," said Evert, who retired at 34. "Looking ahead to 2012, she's just going to have to do some soul-searching on how much she wants to play because these [younger] players are getting better and better."
Also Wednesday, Andy Roddick, the last American to win the U.S. Open's men's title (in 2003), survived a scare from little-known compatriot Michael Russell, 33, who has never won any of his seven U.S. Open matches over his 13 years as a pro.
Roddick, who turned 29 Tuesday, is mired in a slump. A shoulder injury in May and an abdominal strain in July sidelined him much of the summer, and his confidence and ranking have suffered badly. He fell from the top 20 for the first time in a decade and is ranked a career-low 21st at the U.S. Open.
After a commanding start Wednesday, Roddick lapsed into an oddly passive stretch, allowing the 5-foot-8 Russell to muscle him around the court while he retreated farther behind the baseline. But with the crowd cheering him on, he prevailed 6-2, 6-4, 4-6, 7-5.
With Roddick's prospects shaky and Williams's future in question, a new wave of Americans asserted themselves at the U.S. Open. New Jersey native Christina McHale, 19, scored the biggest victory of her career, knocking off 2007 Wimbledon finalist and No. 8 seed Marion Bartoli, 7-6 (7-2), 6-2.
After her 2-6, 6-3, 7-5 upset of 14th-seeded Dominika Cibulkova, American Irina Falconi pulled out the American flag that she carries in her bag for good luck and waved it in celebration.
"I've heard so much about the media talking about American tennis, and I really wanted to portray that there's a huge wave of American players," said Falconi, 21, who grew up in New York. "I strongly believe in all that is USA, and I wanted to represent it and show the world that it's coming. It's coming! No need to wait any longer."
Also advancing: 2006 U.S. Open champion Maria Sharapova, who routed Anastasiya Yakimova, 6-1, 6-1, and No. 4 seed Andy Murray, a 7-6 (7-5), 6-2, 6-3 victor over Somdev Devvarman (U.-Va.). Americans John Isnerand 18-year-old Jack Sockalso reached the third round.


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It is starting to look like the Tablet thing will be an Apple only affair, according to analysts Gartner.
Big G said that mounting competition will see Apple's share of the touchscreen tablet market decline but the iPad will still make up nearly half of all tablets sold in 2015. The iPad will account for 47 percent of worldwide sales of 294.3 million tablets in 2015, down from 63.5 percent of 108.2 million units to be sold in 2012 and 68.7 percent of 69.7 million tablets to be sold this year. This year Apple has 83.9 percent of the total 17.6 million tablets sold in 2010.
Google's Android operating system will see its market share rise steadily from 14.2 percent last year, to 19.9 percent this year, to 24.4 percent in 2012 and 38.6 percent in 2015. You can forget all about RIM, which will have opnly 10 per cent by 2015 but Gartner was optimistic about HP's WebOS operating system acquired from Palm. WebOS tablets will have 4.0 percent of the market by the end of 2011, 3.9 percent by 2012 and 3.0 percent by 2015.
Gartner seemed to have forgotten all about Microsoft. The risk is that the tablet thing is entirely an Apple fad, in which case it will disappear if punters get bored. Rather than be a game changer that could mean that the iPad becomes a technology dead end.
Published in News
iPad will rule the Tablet market claims Gartner
by Nick Farrell on12 April 2011
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No serious challenges