Janet Yellen, the next Fed Chair?

Speaking of creating one's own brand .....

Here's a link to an article about Janet Yellen, current Vice-Chairperson for the Federal Reserve System, and a second link describing the difference between Hawks and Doves regarding monetary policy (thanks Nancy, for bringing those terms up in class!).  Ms. Yellen seems especially qualified for this potential Fed appointment, and certainly displays the highly-desired characteristics of intelligence, integrity, and class --- qualities necessary and associated with the world's most powerful banker.

Strengths -- Your Unique Talent and Skills!

What other less obvious "skills" do you bring to the labor market, other than education, experience, and job-specific training?  Are you good communicator, do you get along well with people, are you a natural leader, extremely organized, good with computers, or numbers, detail-oriented, creative, trustworthy, musically-gifted, willing to take risks, etc.?  What I was alluding to in my 9/14/13 post was that everyone has certain talents and gifts that they were born with.  When you think about what you enjoy doing, but also what you're extremely good at (these characteristics do tend to go hand-in-hand), you'll have a sense of what unique talent and skills you can offer an employer.  In a word, what are your strengths?

The best part of finding employment that utilizes your strengths, and doesn't just offer a paycheck, your job will never seem like "work"!  Difficult to figure out what your strengths are?  Think about what you loved doing when you were 9-10 years old. Knowing this will point you in the right direction.

                        "Be yourself.  The world worships the original."    
                                                                     -- Ingrid Bergman

Marketing Your Strengths

Once you have a good idea what your strengths are --- think about how those strengths are unique to only you.  This is your chance to create your own brand, similar to what businesses do for products and services.  And just like businesses, what you can do doesn't have to be radically different than someone else, it just has to be perceived that way.  Though, if what you can offer is truly superior, never, never hesitate to point that out.

                                                  

                                                                  Source:  Google Images

HC Investment

Not satisfied with the value of your HC?

Though we can't control, in a general sense, what employers are willing to pay, including benefits, we can control what we bring to the negotiation table.  Human capital (HC) "investment" is the increase and growth in the value of your HC, over time.  Certainly, education, experience, and job-specific training represent the most important aspects of one's personal HC investment, but other less obvious "skills" count too.  Use your imagination in determining what these might be.

Human Capital Defined

This topic has been on my mind lately, and since Labor Day was recently celebrated (Monday, 9/2/13), I think HC and HC Investment is an appropriate direction for the next few posts.  First, a definition.  Human Capital is a set of knowledge, skills, and talent that can potentially be "sold" in the marketplace.

                                               

                                                                             Source: Google Images

Might there be a way to determine the current value of your human capital?  Yes, absolutely!  Just figure out what you'd be able to earn in the labor market by "selling" your knowledge, skills, and talent.  Be realistic in your HC estimate, but don't underestimate yourself:  How much money would a potential employer pay for what you can offer them, right now?

Videos for the Macro class .....

For more information on the following economic concepts, click on the links below.

    Scarcity, Choice, Rational Self-Interest, etc.

    Macroeconomics vs. Microeconomics 

    Positive vs. Normative Economics

    Graphs

    Individual PPF

    Opportunity Cost
Just a short note about the definition of "full cost" shown in the Opportunity Cost video.  It should read:  Opportunity Cost = Direct (or Explicit) Cost + Indirect (or Implicit) Cost

    Law of Demand 

    Demand vs. Quantity Demanded

    Law of Supply

    Market Equilibrium

    Price Floors & Price Ceilings

 Refer to chapters 6, 7, 8, and 9 for more information about the topics below.

    GDP

    Real GDP

    Economic Growth

    Business Cycles  

    Inflation and Price Indexes 

    Real Income

    Unemployment

    Types of Unemployment

Refer to chapters 9, 10, 11, 12, and 13 for more information about the topics below.

    Krugman regarding John Maynard Keynes

    Krugman's advice to Econ Students

    AD & AS

    Macroeconomic Viewpoints 

    Fiscal Policy

The next two videos are a bit technical .....

    Should we use Fiscal Policy? --- Crowding Out & Lags

    Taxes & Budget 

Refer to chapters 14 and 15 for more information about the topics below.

  What is Money?

  Creating Money 

  The Fed

  Monetary Policy 

                                                                                Source: YouTube

Benefits of unemployment

Certainly, there are benefits that result from unemployment too.  If the unemployment is frictional, meaning voluntary, then the time away from work allows the individual to search for a better job.  In the longer run, and once employed again, the worker will (hopefully) be happier and more productive, meaning everyone benefits.

If unemployment is involuntary and structural, there are still some benefits.  An active job search forces an individual to become better trained, to work on their resume and job search skills, get better at networking, etc., allowing them to become more effective overall.

Does the above also apply to involuntary and cyclical unemployment, i.e., the type of unemployment that rises during a recession?  Perhaps or perhaps not.  One thing is certain ... there will always be individuals that favor the "tough-love" approach and who will argue that what doesn't kill you will indeed make you stronger.