Re: Re: RE: Re: RE: Re: RE: RE: Re: tax theory/policy
Jesus! That's 75 notes where I come from. Well I suppose that's one way of teaching undergraduate students a lesson. dd n Thu, 23 Jan 2003, Doug Henwood wrote: Devine, James wrote: Doug writes: Say Mankiw's book retails for $40, and he gets a 15% royalty. (Dunno the real numbers, just guessing.) I don't know about the %, but the book's more likely to sell for $100. (My students go on-line to avoid the retail price...) My god. Amazon sez it's $120.70. Assuming 15%, he gets $18.11 apiece. Doug
Re: RE: Re: tax theory/policy
From: Max B. Sawicky [EMAIL PROTECTED] Subject: [PEN-L:34061] RE: Re: tax theory/policy Date: Thu, 23 Jan 2003 09:55:35 -0500 career damage control. January 23, 2003 Report: Bush Economist Hubbard to Leave [Hmm, I wonder what the real story is here.] [Oops, guess the WSJ goofed. Hubbard will still be available to kick around.] January 23, 2003 White House's Hubbard: Departure Report Premature Filed at 9:37 a.m. ET PHILADELPHIA (Reuters) - White House economic adviser Glenn Hubbard said on Thursday a newspaper report that he was planning to leave the administration was premature, but that he did not plan on being a lifer in the White House. It's too soon to write my obituary. It's a bit premature. They didn't talk to me, Hubbard told reporters, referring to a Wall Street Journal newspaper article saying he planned to leave his post as chairman of the White House Council of Economic Advisers and return to academia. Hubbard was speaking to reporters after addressing the Greater Philadelphia Chamber of Commerce. Asked if he was planning to leave the administration by this spring, Hubbard said: At some point I will but I don't want to comment on the specific times. But obviously at some point -- I'm not a lifer. [end] Carl _ STOP MORE SPAM with the new MSN 8 and get 2 months FREE* http://join.msn.com/?page=features/junkmail
RE: RE: Re: tax theory/policy
Title: RE: [PEN-L:34061] RE: Re: tax theory/policy so Mankiw may replace Hubbard? I didn't know he was that conservative. Jim Devine [EMAIL PROTECTED] http://bellarmine.lmu.edu/~jdevine -Original Message- From: Max B. Sawicky [mailto:[EMAIL PROTECTED]] Sent: Thursday, January 23, 2003 6:56 AM To: [EMAIL PROTECTED] Subject: [PEN-L:34061] RE: Re: tax theory/policy career damage control. January 23, 2003 Report: Bush Economist Hubbard to Leave [Hmm, I wonder what the real story is here.] http://www.nytimes.com/aponline/business/AP-White-House-Econo mist.html
RE: Re: Re: tax theory/policy
Title: RE: [PEN-L:34065] Re: Re: tax theory/policy yeah, Mankiw's willing to serve power. But remember that even though Krugman worked for the Council of Economic Advisors under Reagan (and wanted to head the CEA under Clinton), he's pretty good at critiquing Bush (version 2.0) these days. So we might be able to judge the economist by who he or she is willing to work for. Jim Devine [EMAIL PROTECTED] http://bellarmine.lmu.edu/~jdevine -Original Message- From: Bill Lear [mailto:[EMAIL PROTECTED]] Sent: Thursday, January 23, 2003 9:33 AM To: [EMAIL PROTECTED] Subject: [PEN-L:34065] Re: Re: tax theory/policy On Thursday, January 23, 2003 at 09:17:56 (-0800) Devine, James writes: so Mankiw may replace Hubbard? I didn't know he was that conservative. Are you using that in the modern sense of willing to lie to serve power? Bill
Re: RE: RE: Re: tax theory/policy
Title: RE: [PEN-L:34061] RE: Re: tax theory/policy He may not have been, but then you have to factor in the effect of getting a $1 million advance for his textbook. Joel Blau Devine, James wrote: so Mankiw may replace Hubbard? I didn't know he was that conservative. Jim Devine [EMAIL PROTECTED] http://bellarmine.lmu.edu/~jdevine -Original Message- From: Max B. Sawicky [ mailto:[EMAIL PROTECTED] ] Sent: Thursday, January 23, 2003 6:56 AM To: [EMAIL PROTECTED] Subject: [PEN-L:34061] RE: Re: tax theory/policy career damage control. January 23, 2003 Report: Bush Economist Hubbard to Leave [Hmm, I wonder what the real story is here.] http://www.nytimes.com/aponline/business/AP-White-House-Econo mist.html
RE: Re: RE: RE: Re: tax theory/policy
Title: RE: [PEN-L:34061] RE: Re: tax theory/policy hey, he's got expenses to pay! ;-) strictly speaking, I'm told that a publisher's advance is not really an advance (i.e., cash on the barrel). There are all sorts of limits on it. But I have no direct knowledge and it would be interesting to hear how advances really work. Jim Devine [EMAIL PROTECTED] http://bellarmine.lmu.edu/~jdevine -Original Message-From: Joel Blau [mailto:[EMAIL PROTECTED]]Sent: Thursday, January 23, 2003 10:17 AMTo: [EMAIL PROTECTED]Subject: [PEN-L:34071] Re: RE: RE: Re: tax theory/policyHe may not have been, but then you have to factor in the effect of getting a $1 million advance for his textbook.Joel BlauDevine, James wrote: so Mankiw may replace Hubbard? I didn't know he was that conservative. Jim Devine [EMAIL PROTECTED] http://bellarmine.lmu.edu/~jdevine -Original Message- From: Max B. Sawicky [ mailto:[EMAIL PROTECTED] ] Sent: Thursday, January 23, 2003 6:56 AM To: [EMAIL PROTECTED] Subject: [PEN-L:34061] RE: Re: tax theory/policy career damage control. January 23, 2003 Report: Bush Economist Hubbard to Leave [Hmm, I wonder what the real story is here.] http://www.nytimes.com/aponline/business/AP-White-House-Econo mist.html
Re: RE: Re: RE: RE: Re: tax theory/policy
Devine, James wrote: strictly speaking, I'm told that a publisher's advance is not really an advance (i.e., cash on the barrel). There are all sorts of limits on it. But I have no direct knowledge and it would be interesting to hear how advances really work. Advances are technically advances against royalties - royalties being a fixed percentage (usually 10-15%) of a book's cover price paid to the author. But you don't get paid royalties until enough books are sold to cover the advance. Say Mankiw's book retails for $40, and he gets a 15% royalty. (Dunno the real numbers, just guessing.) That works out to $6 per copy sold. To earn back the advance, he'd have to sell 166,667 copies. If it sold less than that, he'd get to keep the $1m. If it sold more, he'd get $6 per copy (in addition to the $1m). Generally advances are paid in tranches - e.g. a third on signing the contract, a third on delivery of the ms., and the final third on publication. Details may vary, of course. There's a saying in the biz that if you get paid royalties, your advance wasn't big enough. Doug
Re: RE: Re: RE: RE: Re: tax theory/policy
Title: RE: [PEN-L:34061] RE: Re: tax theory/policy You're right--you don't get $1 million on signing. The typical deal is more likely structured as 50% on signing and 50% on delivery of a satisfactory manuscript. The assumption is that the advance represents the projected first year royalties. The odd thing about Mankiw's advance (I remember this quite clearly from a circa 1994 New York Times article about it, in context of replacing Samuelson) was his discussion of the need for text that was more atuned to the fluidity of the new economy, justaposed to his previous publisher's ruminations about loyalty and the propriety of leaving for $1 million. Joel Blau Devine, James wrote: hey, he's got expenses to pay! ;-) strictly speaking, I'm told that a publisher's advance is not really an advance (i.e., cash on the barrel). There are all sorts of limits on it. But I have no direct knowledge and it would be interesting to hear how advances really work. Jim Devine [EMAIL PROTECTED] http://bellarmine.lmu.edu/~jdevine -Original Message- From: Joel Blau[mailto:[EMAIL PROTECTED]] Sent: Thursday, January 23, 2003 10:17AM To: [EMAIL PROTECTED] Subject: [PEN-L:34071]Re: RE: RE: Re: tax theory/policy He may not have been,but then you have to factor in the effect of getting a $1 million advance forhis textbook. Joel Blau Devine, James wrote: so Mankiw may replace Hubbard? I didn't know he was that conservative. Jim Devine [EMAIL PROTECTED] http://bellarmine.lmu.edu/~jdevine -Original Message- From: Max B. Sawicky [ mailto:[EMAIL PROTECTED] ] Sent: Thursday, January 23, 2003 6:56 AM To: [EMAIL PROTECTED] Subject: [PEN-L:34061] RE: Re: tax theory/policy career damage control. January 23, 2003 Report: Bush Economist Hubbard to Leave [Hmm, I wonder what the real story is here.] http://www.nytimes.com/aponline/business/AP-White-House-Econo mist.html
RE: Re: RE: Re: RE: RE: Re: tax theory/policy
Title: RE: [PEN-L:34076] Re: RE: Re: RE: RE: Re: tax theory/policy Doug writes: Say Mankiw's book retails for $40, and he gets a 15% royalty. (Dunno the real numbers, just guessing.) I don't know about the %, but the book's more likely to sell for $100. (My students go on-line to avoid the retail price...) Jim Devine [EMAIL PROTECTED] http://bellarmine.lmu.edu/~jdevine -Original Message- From: Doug Henwood [mailto:[EMAIL PROTECTED]] Sent: Thursday, January 23, 2003 11:18 AM To: [EMAIL PROTECTED] Subject: [PEN-L:34076] Re: RE: Re: RE: RE: Re: tax theory/policy Devine, James wrote: strictly speaking, I'm told that a publisher's advance is not really an advance (i.e., cash on the barrel). There are all sorts of limits on it. But I have no direct knowledge and it would be interesting to hear how advances really work. Advances are technically advances against royalties - royalties being a fixed percentage (usually 10-15%) of a book's cover price paid to the author. But you don't get paid royalties until enough books are sold to cover the advance. Say Mankiw's book retails for $40, and he gets a 15% royalty. (Dunno the real numbers, just guessing.) That works out to $6 per copy sold. To earn back the advance, he'd have to sell 166,667 copies. If it sold less than that, he'd get to keep the $1m. If it sold more, he'd get $6 per copy (in addition to the $1m). Generally advances are paid in tranches - e.g. a third on signing the contract, a third on delivery of the ms., and the final third on publication. Details may vary, of course. There's a saying in the biz that if you get paid royalties, your advance wasn't big enough. Doug
Re: RE: Re: RE: Re: RE: RE: Re: tax theory/policy
He also probably gets something from the supplements. On Thu, Jan 23, 2003 at 02:39:11PM -0800, Devine, James wrote: Doug writes: Say Mankiw's book retails for $40, and he gets a 15% royalty. (Dunno the real numbers, just guessing.) I don't know about the %, but the book's more likely to sell for $100. (My students go on-line to avoid the retail price...) Jim Devine [EMAIL PROTECTED] http://bellarmine.lmu.edu/~jdevine -Original Message- From: Doug Henwood [mailto:[EMAIL PROTECTED]] Sent: Thursday, January 23, 2003 11:18 AM To: [EMAIL PROTECTED] Subject: [PEN-L:34076] Re: RE: Re: RE: RE: Re: tax theory/policy Devine, James wrote: strictly speaking, I'm told that a publisher's advance is not really an advance (i.e., cash on the barrel). There are all sorts of limits on it. But I have no direct knowledge and it would be interesting to hear how advances really work. Advances are technically advances against royalties - royalties being a fixed percentage (usually 10-15%) of a book's cover price paid to the author. But you don't get paid royalties until enough books are sold to cover the advance. Say Mankiw's book retails for $40, and he gets a 15% royalty. (Dunno the real numbers, just guessing.) That works out to $6 per copy sold. To earn back the advance, he'd have to sell 166,667 copies. If it sold less than that, he'd get to keep the $1m. If it sold more, he'd get $6 per copy (in addition to the $1m). Generally advances are paid in tranches - e.g. a third on signing the contract, a third on delivery of the ms., and the final third on publication. Details may vary, of course. There's a saying in the biz that if you get paid royalties, your advance wasn't big enough. Doug -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail [EMAIL PROTECTED]
RE: Re: RE: Re: RE: RE: Re: tax theory/policy
Title: RE: [PEN-L:34061] RE: Re: tax theory/policy the odd thing about his advance is that it doesn't seem justified by his abilities. Jim Devine [EMAIL PROTECTED] http://bellarmine.lmu.edu/~jdevine -Original Message-From: Joel Blau [mailto:[EMAIL PROTECTED]]Sent: Thursday, January 23, 2003 1:19 PMTo: [EMAIL PROTECTED]Subject: [PEN-L:34081] Re: RE: Re: RE: RE: Re: tax theory/policyYou're right--you don't get $1 million on signing. The typical deal is more likely structured as 50% on signing and 50% on delivery of a satisfactory manuscript. The assumption is that the advance represents the projected first year royalties. The odd thing about Mankiw's advance (I remember this quite clearly from a circa 1994 New York Times article about it, in context of replacing Samuelson) was his discussion of the need for text that was more atuned to the fluidity of the new economy, justaposed to his previous publisher's ruminations about loyalty and the propriety of leaving for $1 million.Joel BlauDevine, James wrote: hey, he's got expenses to pay! ;-) strictly speaking, I'm told that a publisher's advance is not really an advance (i.e., cash on the barrel). There are all sorts of limits on it. But I have no direct knowledge and it would be interesting to hear how advances really work. Jim Devine [EMAIL PROTECTED] http://bellarmine.lmu.edu/~jdevine -Original Message-From: Joel Blau [mailto:[EMAIL PROTECTED]]Sent: Thursday, January 23, 2003 10:17 AMTo: [EMAIL PROTECTED]Subject: [PEN-L:34071] Re: RE: RE: Re: tax theory/policyHe may not have been, but then you have to factor in the effect of getting a $1 million advance for his textbook.Joel BlauDevine, James wrote: so Mankiw may replace Hubbard? I didn't know he was that conservative. Jim Devine [EMAIL PROTECTED] http://bellarmine.lmu.edu/~jdevine -Original Message- From: Max B. Sawicky [ mailto:[EMAIL PROTECTED] ] Sent: Thursday, January 23, 2003 6:56 AM To: [EMAIL PROTECTED] Subject: [PEN-L:34061] RE: Re: tax theory/policy career damage control. January 23, 2003 Report: Bush Economist Hubbard to Leave [Hmm, I wonder what the real story is here.] http://www.nytimes.com/aponline/business/AP-White-House-Econo mist.html
Re: RE: Re: RE: Re: RE: RE: Re: tax theory/policy
Devine, James wrote: Doug writes: Say Mankiw's book retails for $40, and he gets a 15% royalty. (Dunno the real numbers, just guessing.) I don't know about the %, but the book's more likely to sell for $100. (My students go on-line to avoid the retail price...) My god. Amazon sez it's $120.70. Assuming 15%, he gets $18.11 apiece. Doug
RE: Re: RE: Re: RE: Re: RE: RE: Re: tax theory/policy
Entire texts now exist on line, or can be pieced together from places on-line. There are also course notes and slides from lectures that can be used to cover most or all of the topics in a principles course. Why make your students buy a $100 book? You would think the profs are getting the 18 bucks. My god. Amazon sez it's $120.70. Assuming 15%, he gets $18.11 apiece. Doug
