Statistics Midterm grade: 93/100

Economics class: 6 hours

Finding out you are part of a wage-earning bracket responsible for more than 60% of your country's income tax revenue:
Eye-opening.

One of the fringe benefits of getting an advanced education is the gee-wiz factor of some of the things you learn. Example: the top 50% of wage earners in the United States accounts for 95% of the income taxes gathered by the IRS. That means half of the country pays little or no taxes.

While the love of money can be argued to be the root of all evil, I find the philosphy of economics to be simply fascinating. Once we get beyond the fact that all money is merely paper (or digital bits), we can see what values societies and individuals place upon the necessities of life and pleasure. But those measurements are merely samplings and quantifiable representations of opinion and values.

The real requirements are resources. Living in the Bay Area of California creates a somewhat myopic perspective on salaries, costs, and values. What is a survivable income here is a king's allotment elsewhere.

We all need food, shelter, and some degree of companionship. At some point we want recreation. We want a break from work. It just so happens the next generation of work distraction may not be so cost-effective for those not paying the lion's share of Uncle Sam's bills.

So, will this be the generation where the price hike leaves many interested interactive media consumers without an outlet? After all, economists teach us producers supply where the costs are in their favor, or at least do not hurt them in the long run. Where the demand level and the supply line cross, the price is frequently set. Anybody unable to meet that quantified exchange rate does not consume the product in question.

Thus, if the price is too high, fewer Sony fans will buy the PS3. I can tell you my reservation price for a PS3 is well below $800 a unit . . . especially if I have to buy controllers for visitors to use. But if you bring your own, I'll gladly get a controller to use.