Environmental Economics

Friday beer post: another unsolicited beer suggestion from someone who has tasted a beer or two

From the inbox:

Torpedo Extra IPA: tasty

Link: http://www.sierranevada.com/beers/torpedo.html

What I'll be doing this weekend

Friday Beer Post: A Cinderella Story

Every May/June, my current town of residence, Dublin, OH, hosts the PGA's Memorial Tournament at Muirfield Village, Jack Nicklaus' self-designed 'home' course.  Every tournament Saturday, friends of ours host a Caddyshack themed party at their house on the course, complete with costume contests and open bar.  Last year, I won for most authentic costume for my Dalai Lama costume. 

So I jump ship in Hong Kong and make my way over to Tibet, and I get on as a looper at a course over in the Himalayas. A looper, you know, a caddy, a looper, a jock. So, I tell them I'm a pro jock, and who do you think they give me? The Dalai Lama, himself. Twelfth son of the Lama. The flowing robes, the grace, bald... striking. So, I'm on the first tee with him. I give him the driver. He hauls off and whacks one - big hitter, the Lama - long, into a ten-thousand foot crevasse, right at the base of this glacier. Do you know what the Lama says? Gunga galunga... gunga, gunga-galunga. So we finish the eighteenth and he's gonna stiff me. And I say, "Hey, Lama, hey, how about a little something, you know, for the effort, you know." And he says, "Oh, uh, there won't be any money, but when you die, on your deathbed, you will receive total consciousness." So I got that goin' for me, which is nice.

Here's a write-up on the party at the PGA Tour's Website (Mother of All Theme Parties):

Where I'll be drinking beer this weekend

We're headed out for our annual Memorial Day weekend trip to Lake Cumberland, Kentucky.  Let's hope fo no repeats of last year's 'incident.'

Friday Beer Post: Preakness Edition

John hails from the hoity-toity, prim and proper, frilly hat wearing, mint julep drinking home of the Kentucky Derby.  Me, I'm from the blue-collar, slightly dirty, t-shirt wearing, beer drinking home of the Preakness.  That's why stories like this, make me long for the good old days:

Organizers of the Preakness Stakes, the second event in horse racing’s Triple Crown, want a tamer experience on Saturday for the 134th running of the race. Fans can no longer bring their own beverages to the infield. Sixteen-ounce beers will be sold for $3.50, and they will come in plastic cups instead of unopened cans.

Blasphemy!  What's next?  You gonna clean up The Block?  Why oh why?

[Tom Chuckas, the president and chief operating officer of the Maryland Jockey Club] said infield ticket sales were down about 15 percent from this time last year, though he expected potential losses to be offset by the increase in beverage sales. The price of admission remains $50 for tickets bought in advance and $60 for those purchased on race day.

Oh.  That makes sense.  I thought it was to stop this (WARNING, turn the sound off or this is NSFW):

Hat Tip: Lonestar

I love when someone else does my work for me

Today's Econ 101 topic--actually AED Economics 200 but same diff--the deadweight loss from taxes in otherwise well-functioning markets. In my neverending--futile?--attempt to stay current, I plan to use this example from today's Wall Street Journal:

Senate leaders are considering new federal taxes on soda and other sugary drinks to help pay for an overhaul of the nation's health-care system.

The taxes would pay for only a fraction of the cost to expand health-insurance coverage to all Americans and would face strong opposition from the beverage industry. They also could spark a backlash from consumers who would have to pay several cents more for a soft drink.

The Center for Science in the Public Interest, a Washington-based watchdog group that pressures food companies to make healthier products, plans to propose a federal excise tax on soda, certain fruit drinks, energy drinks, sports drinks and ready-to-drink teas. It would not include most diet beverages. Excise taxes are levied on goods and manufacturers typically pass them on to consumers.

...

The Congressional Budget Office, which is providing lawmakers with cost estimates for each potential change in the health overhaul, included the option in a broad report on health-system financing in December. The office estimated that adding a tax of three cents per 12-ounce serving to these types of sweetened drinks would generate $24 billion over the next four years. So far, lawmakers have not indicated how big a tax they are considering.

Proponents of the tax cite research showing that consuming sugar-sweetened drinks can lead to obesity, diabetes and other ailments. They say the tax would lower consumption, reduce health problems and save medical costs. At least a dozen states already have some type of taxes on sugary beverages, said Michael Jacobson, executive director of the Center for Science in the Public Interest.

Questions to consider:

1. How do you reconcile the seemingly conflicting goals of reducing soda consumption and raising revenues to pay for health care?
2. Which effect do you expect to dominate: reduction in quantity demanded due to higher prices or increased revenue from higher prices?
3. Assuming the market for sodas (pop around here) is currently working efficiently, what effect do you expect a new tax to have on consumer well-being, producer well-being, government revenue and total social welfare?
4. What role do the elasticity of demand and elasticity of supply play in your answers to 1,2 and 3?

Friday Beer Post

Why should you consider an undergraduate degree from The Ohio State University?  Because we have classes like these in Food Science and Technology:

Chocolate Science: Introduction to science and business of chocolate. Students develop and market a chocolate product as part of a virtual company. Students taste commercial products weekly.

Wine and Beer in Western Culture: The role of wine and beer in western culture with emphasis on the geographic origins, production techniques, and stylistic considerations.

What, no weekly taste tests of commercial products in the Beer class? 

More burgoo

Here is the burgoo recipe I'm making tomorrow at the best Derby party in Boone, NC:

Kentucky Burgoo by Chef Mark Williams for Brown-Forman Corporation (slightly modified by John Whitehead)

1 pound lamb shoulder roast, cut into 1" cubes
1 pound pork loin, cut into 1" cubes
1 pound chicken thighs
2 quarts beef stock
2 quarts chicken stock
1 bay leaf water as needed
2 cups diced potatoes
1 1/2 cup diced onion
1 cups diced red pepper
1 1/2 cups diced green pepper
1 cups diced peeled carrots
2 cups shoepeg corn kernels
2 cups butter beans or lima beans
2 cups okra, diced
1-quart can of diced tomatoes
1/4 cup minced garlic
1/4 cup Bourbon
1/4 cup Worcestershire Sauce
1 cup minced parcely
salt and pepper to taste

Combine lamb, pork and chicken in stockpot with bay leaf, chicken, and beef stock. Bring to a boil, skim, and let simmer, covered, for 2 hours. Remove the chicken, shred and return to pot. In ten minute intervals, add potatoes, onion, peppers, carrots, beans, and finally corn. Simmer for 2 hours, adding more water if stew becomes too thick. Add okra, tomatoes, garlic, bourbon and worchestshire. Simmer for 1-1/2 hours more, adjust seasoning, and stir in parsley. Will keep for several days in refrigerator.

Getting ready for the Kentucky Derby Party

In the 1932 Kentucky Derby, Burgoo King, little-heralded before the race, got to feeling his oats as he turned down the homestretch and overcame favorite Economic to win by four lengths. Burgoo King was the first horse to be adorned with the blanket of roses, the drapery given to the winner ever since.That early Depression-era race was perhaps the most national notice that burgoo, arguably one of Kentucky's signature dishes, has garnered before or since.

Source: Stirring up Burgoo's Past

More Kentucky Derby Fun here: http://www.courier-journal.com/kentucky-derby-fun

Where I'll be tomorrow at 8 a.m.

From the inbox:

DON'T MISS IT!!!!
Appalachian State University
RED WINE STUDY
(SPRING 2009)
OVERWEIGHT/OBESE MALES/FEMALES NEEDED
 
We are still looking for overweight or obese, non-smoking volunteers (males or females, aged 40 or over, no prescription medications).

Study summary:

Wine has been shown to exert many health benefits. This study will investigate the effects of red wine consumption on weight loss, body fat, and other indicators of health.

From the outbox:

How overweight does one need to be? 6' 190?

From the inbox:

Any amount overweight is what we are looking for and you qualify. ... I have attached instructions for orientation Saturday April 25th at 8am.  You will need to come in fasted after midnight with nothing to eat or drink.  ...  We look forward to seeing you.