Boeing stems cash burn for first time since 2023 but takes $4.9 billion charge on 777X delays
https://www.cnbc.com/2025/10/29/boeing-ba-3q-2025-earnings.html
Wednesday, October 29, 2025
Friday, October 24, 2025
10/24: Post symposium discussion
Spencer Banzhaf: https://spencerbanzhaf.wordpress.ncsu.edu/
I forgotten to mention that tomorrow Economics Department has a Symposium and I welcome you to attend and want to give you an opportunity to show you are present with the following assignment where you upload your selfie:
Symposium Attendance potential extra credit
Economics Symposium, tomorrow, Thursday, October 23 🕖 7:00 PM 📍 ECU Life Science Building and Biotechnology Building Room 1006
Economics LinkedIn page: https://www.linkedin.com/company/ecu-department-of-economics?trk=public_post_feed-actor-name
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Chat GPT 2025-10-24
✅ Was It True That Economics Initially Focused Only on Market Goods?
Yes — for most of its early history, economics focused almost entirely on goods that were bought and sold in markets. Value was thought to be revealed through prices, and if something had no market price (like clean air, biodiversity, national parks, or scenic beauty), it fell outside traditional economic analysis. Economists viewed these as moral or political issues, not economic ones.
🌿 When Did This Change?
The turning point began in the early 20th century, but became mainstream only after 1950s–1970s.
🌟 Key Pioneers Who Revolutionized Non-Market Valuation
| Economist / School | Revolutionary Idea | Key Contribution |
|---|---|---|
| Arthur Pigou (1920) | Externalities | Showed that some costs/benefits are not reflected in market prices, laying groundwork for valuing pollution, public goods |
| Harold Hotelling (1949) | Valuing public lands | Proposed methods for valuing national parks based on people’s travel costs (Travel Cost Method) |
| Ronald Coase (1960) | Property rights | Demonstrated that environmental goods could be valued through bargaining even when no market exists originally |
| John Krutilla (1967) | "Conservation Reconsidered" | Argued that nature has economic value even without use, introducing idea of existence value |
| Clive Granger and later economists (1960s–80s) | Contingent valuation | Developed survey-based methods to measure people’s willingness to pay for non-market goods |
| Elinor Ostrom (1990s) | Common pool resources | Showed the economic value and governance possibilities of resources without market pricing |
🔥 The Most Revolutionary Idea
John Krutilla's 1967 paper "Conservation Reconsidered" is often considered the birth of modern environmental economics. His radical claim:
"A person may derive satisfaction from knowing that a natural environment exists, even if they never visit it or use it."
This was a new economic category: existence value — value without consumption.
📌 Before This Revolution:
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If there was no market, economists assumed no value could be measured.
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Nature was seen merely as input for production, not as a source of utility in itself.
📌 After This Revolution:
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Economists began using survey methods, travel cost models, and hedonic pricing to infer value from people's behavior or preferences.
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Environmental economics emerged as a formal subfield.
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Today, ecosystem services (like pollination, flood protection, carbon storage) are routinely valued in billions of dollars.
🎯 Final Answer (in simple terms):
Yes, historically economics only valued goods traded in markets.
The revolution began with Arthur Pigou's concept of externalities (1920) and came to full maturity with Harold Hotelling (1949) and John Krutilla (1967), who proved that economists can measure the value of environmental goods even if no market exists. This gave birth to environmental economics and fundamentally expanded the scope of what economics can analyze.
The truly revolutionary step was Krutilla’s idea:
Nature has economic value even if no one ever uses it.
That changed the field forever.
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QUERY: Who was the first one to attempt to put actual value on it, not just argue that it was possible and that there was value?
Great question — you're asking specifically:
Who was the first to actually attempt to measure or quantify the economic value of a non-market good, rather than just argue that such goods have value?*
🎯 The First Real Attempt to Quantify Value of Non-Market Environmental Goods:
Harold Hotelling (1949)
Hotelling is widely credited as the first economist to propose an actual empirical method to measure the economic value of non-market goods — specifically, U.S. national parks.
🔍 What Did He Do?
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In 1947, the U.S. Department of the Interior asked economists how they might justify funding for national parks.
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Hotelling responded (published in 1949) with the idea that:
The value of a national park could be estimated by observing how much people spend to travel to it (gas, lodging, time).
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This became known as the Travel Cost Method, which is still one of the main tools in environmental economics today.
✅ Hotelling was the first to move from philosophy to actual economic valuation using observable behavior.
🧠 Why Hotelling is Considered the First:
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Pigou (1920) talked about externalities in theory but didn't estimate actual dollar values.
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Coase (1960) discussed property rights and bargaining but didn’t calculate values.
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Krutilla (1967) argued for existence value but did not measure it.
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Hotelling (1949) actually gave a workable method to measure a non-market good using real data.
🚩 Therefore:
The first serious attempt to put a numerical economic value on a non-market environmental asset (like a national park) was by Harold Hotelling in 1949.
He didn’t complete an empirical study himself, but his method directly led to Clawson & Knetsch (1966), who carried out the first full empirical valuation using the travel cost method based on Hotelling’s framework.
🧾 Summary Answer:
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First to propose a practical valuation method: Harold Hotelling (1949)
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First to actually implement it in a measured study: Marion Clawson and Jack Knetsch (1966)
Would you like a simplified timeline table showing how valuation evolved from theory → method → measurement?
Wednesday, October 22, 2025
10/22: CBS Evening News: Why is an Amazon Web Services outage able to disrupt vast parts of the internet?
Survey Link:
Why is an Amazon Web Services outage able to disrupt vast parts of the internet?
https://www.youtube.com/watch?v=vrg6mY5fYwo
https://www.youtube.com/watch?v=s567jUtkgEU
https://www.youtube.com/watch?v=KFvhpt8FN18
Monday, October 20, 2025
ECN6111 class
Sas Course: https://learn.sas.com/course/view.php?id=118
SAS Studio: https://welcome.oda.sas.com/
SAS Programming 1: Lesson 4, Part 2, Video 1: Demo: Using Expressions to Create New Columns
SAS Programming 1: Lesson 4, Part 2, Video 2: Using Numeric Functions to Create Columns
SAS Programming 1: Lesson 4, Part 2, Video 3: Demo: Using Character Functions
SAS Programming 1: Lesson 4, Part 2, Video 4: Demo: Using Date Functions
10/20 (IN-CLASS): Level 1: Creating New Columns and Level 2: Creating New Columns with Character and Date Functions
10/20: CNBC: Amazon Web Services outage hits major websites: What we know so far as recovery begins
Amazon Web Services outage hits major websites: What we know so far as recovery begins https://www.cnbc.com/2025/10/20/amazon-web-services-outage-takes-down-major-websites.html
as of 14:05
https://health.aws.amazon.com/health/status
RSSIncreased Error Rates and Latencies
Oct 20 10:38 AM PDT Our mitigations to resolve launch failures for new EC2 instances are progressing and the internal subsystems of EC2 are now showing early signs of recovering in a few Availability Zones (AZs) in the US-EAST-1 Region. We are applying mitigations to the remaining AZs at which point we expect launch errors and network connectivity issues to subside. We will provide an update by 11:30 AM PDT.
Oct 20 10:03 AM PDT We continue to apply mitigation steps for network load balancer health and recovering connectivity for most AWS services. Lambda is experiencing function invocation errors because an internal subsystem was impacted by the network load balancer health checks. We are taking steps to recover this internal Lambda system. For EC2 launch instance failures, we are in the process of validating a fix and will deploy to the first AZ as soon as we have confidence we can do so safely. We will provide an update by 10:45 AM PDT.
Oct 20 9:13 AM PDT We have taken additional mitigation steps to aid the recovery of the underlying internal subsystem responsible for monitoring the health of our network load balancers and are now seeing connectivity and API recovery for AWS services. We have also identified and are applying next steps to mitigate throttling of new EC2 instance launches. We will provide an update by 10:00 AM PDT.
Oct 20 8:43 AM PDT We have narrowed down the source of the network connectivity issues that impacted AWS Services. The root cause is an underlying internal subsystem responsible for monitoring the health of our network load balancers. We are throttling requests for new EC2 instance launches to aid recovery and actively working on mitigations.
Oct 20 8:04 AM PDT We continue to investigate the root cause for the network connectivity issues that are impacting AWS services such as DynamoDB, SQS, and Amazon Connect in the US-EAST-1 Region. We have identified that the issue originated from within the EC2 internal network. We continue to investigate and identify mitigations.
Oct 20 7:29 AM PDT We have confirmed multiple AWS services experienced network connectivity issues in the US-EAST-1 Region. We are seeing early signs of recovery for the connectivity issues and are continuing to investigate the root cause.
Oct 20 7:14 AM PDT We can confirm significant API errors and connectivity issues across multiple services in the US-EAST-1 Region. We are investigating and will provide further update in 30 minutes or soon if we have additional information.
Oct 20 6:42 AM PDT We have applied multiple mitigations across multiple Availability Zones (AZs) in US-EAST-1 and are still experiencing elevated errors for new EC2 instance launches. We are rate limiting new instance launches to aid recovery. We will provide an update at 7:30 AM PDT or sooner if we have additional information.
Oct 20 5:48 AM PDT We are making progress on resolving the issue with new EC2 instance launches in the US-EAST-1 Region and are now able to successfully launch new instances in some Availability Zones. We are applying similar mitigations to the remaining impacted Availability Zones to restore new instance launches. As we continue to make progress, customers will see an increasing number of successful new EC2 launches. We continue to recommend that customers launch new EC2 Instance launches that are not targeted to a specific Availability Zone (AZ) so that EC2 has flexibility in selecting the appropriate AZ.
We also wanted to share that we are continuing to successfully process the backlog of events for both EventBridge and Cloudtrail. New events published to these services are being delivered normally and are not experiencing elevated delivery latencies.
We will provide an update by 6:30 AM PDT or sooner if we have additional information to share.
Oct 20 5:10 AM PDT We confirm that we have now recovered processing of SQS queues via Lambda Event Source Mappings. We are now working through processing the backlog of SQS messages in Lambda queues.
Oct 20 4:48 AM PDT We continue to work to fully restore new EC2 launches in US-EAST-1. We recommend EC2 Instance launches that are not targeted to a specific Availability Zone (AZ) so that EC2 has flexibility in selecting the appropriate AZ. The impairment in new EC2 launches also affects services such as RDS, ECS, and Glue. We also recommend that Auto Scaling Groups are configured to use multiple AZs so that Auto Scaling can manage EC2 instance launches automatically.
We are pursuing further mitigation steps to recover Lambda’s polling delays for Event Source Mappings for SQS. AWS features that depend on Lambda’s SQS polling capabilities such as Organization policy updates are also experiencing elevated processing times. We will provide an update by 5:30 AM PDT.
Oct 20 4:08 AM PDT We are continuing to work towards full recovery for EC2 launch errors, which may manifest as an Insufficient Capacity Error. Additionally, we continue to work toward mitigation for elevated polling delays for Lambda, specifically for Lambda Event Source Mappings for SQS. We will provide an update by 5:00 AM PDT.
Oct 20 3:35 AM PDT The underlying DNS issue has been fully mitigated, and most AWS Service operations are succeeding normally now. Some requests may be throttled while we work toward full resolution. Additionally, some services are continuing to work through a backlog of events such as Cloudtrail and Lambda. While most operations are recovered, requests to launch new EC2 instances (or services that launch EC2 instances such as ECS) in the US-EAST-1 Region are still experiencing increased error rates. We continue to work toward full resolution. If you are still experiencing an issue resolving the DynamoDB service endpoints in US-EAST-1, we recommend flushing your DNS caches. We will provide an update by 4:15 AM, or sooner if we have additional information to share.
Oct 20 3:03 AM PDT We continue to observe recovery across most of the affected AWS Services. We can confirm global services and features that rely on US-EAST-1 have also recovered. We continue to work towards full resolution and will provide updates as we have more information to share.
Oct 20 2:27 AM PDT We are seeing significant signs of recovery. Most requests should now be succeeding. We continue to work through a backlog of queued requests. We will continue to provide additional information.
Oct 20 2:22 AM PDT We have applied initial mitigations and we are observing early signs of recovery for some impacted AWS Services. During this time, requests may continue to fail as we work toward full resolution. We recommend customers retry failed requests. While requests begin succeeding, there may be additional latency and some services will have a backlog of work to work through, which may take additional time to fully process. We will continue to provide updates as we have more information to share, or by 3:15 AM.
Oct 20 2:01 AM PDT We have identified a potential root cause for error rates for the DynamoDB APIs in the US-EAST-1 Region. Based on our investigation, the issue appears to be related to DNS resolution of the DynamoDB API endpoint in US-EAST-1. We are working on multiple parallel paths to accelerate recovery. This issue also affects other AWS Services in the US-EAST-1 Region. Global services or features that rely on US-EAST-1 endpoints such as IAM updates and DynamoDB Global tables may also be experiencing issues. During this time, customers may be unable to create or update Support Cases. We recommend customers continue to retry any failed requests. We will continue to provide updates as we have more information to share, or by 2:45 AM.
Oct 20 1:26 AM PDT We can confirm significant error rates for requests made to the DynamoDB endpoint in the US-EAST-1 Region. This issue also affects other AWS Services in the US-EAST-1 Region as well. During this time, customers may be unable to create or update Support Cases. Engineers were immediately engaged and are actively working on both mitigating the issue, and fully understanding the root cause. We will continue to provide updates as we have more information to share, or by 2:00 AM.
Oct 20 12:51 AM PDT We can confirm increased error rates and latencies for multiple AWS Services in the US-EAST-1 Region. This issue may also be affecting Case Creation through the AWS Support Center or the Support API. We are actively engaged and working to both mitigate the issue and understand root cause. We will provide an update in 45 minutes, or sooner if we have additional information to share.
Oct 20 12:11 AM PDT We are investigating increased error rates and latencies for multiple AWS services in the US-EAST-1 Region. We will provide another update in the next 30-45 minutes.
Affected AWS services
The following AWS services have been affected by this issue.
Impacted (104 services)
AWS AppConfig
AWS Application Migration Service
AWS B2B Data Interchange
AWS Batch
AWS Billing Console
AWS Client VPN
AWS Cloud WAN
AWS CloudHSM
AWS CodeBuild
AWS Config
AWS DataSync
AWS Database Migration Service
AWS Deadline Cloud
AWS Direct Connect
AWS Directory Service
AWS Elastic Disaster Recovery
AWS Elastic VMWare Service
AWS Elemental
AWS End User Messaging
AWS Global Accelerator
AWS Glue
AWS HealthImaging
AWS HealthLake
AWS HealthOmics
AWS IoT Core
AWS Lambda
AWS Launch Wizard
AWS Outposts
AWS Parallel Computing Service
AWS Partner Central
AWS Payment Cryptography
AWS Private Certificate Authority
AWS Resource Groups
AWS Secrets Manager
AWS Security Incident Response
AWS Security Token Service
AWS Site-to-Site VPN
AWS Step Functions
AWS Storage Gateway
AWS Systems Manager for SAP
AWS Transfer Family
AWS Transform
AWS Transit Gateway
AWS Verified Access
AWS WickrGov
Amazon AppStream 2.0
Amazon Athena
Amazon Aurora DSQL Service
Amazon Bedrock
Amazon Chime
Amazon CloudFront
Amazon CloudWatch
Amazon CloudWatch Application Insights
Amazon Cognito
Amazon Connect
Amazon DataZone
Amazon DocumentDB
Amazon EC2 Instance Connect
Amazon EMR Serverless
Amazon ElastiCache
Amazon Elastic Compute Cloud
Amazon Elastic Container Registry
Amazon Elastic Container Service
Amazon Elastic File System
Amazon Elastic Kubernetes Service
Amazon Elastic Load Balancing
Amazon Elastic MapReduce
Amazon EventBridge
Amazon EventBridge Scheduler
Amazon FSx
Amazon GameLift Servers
Amazon GameLift Streams
Amazon GuardDuty
Amazon Interactive Video Service
Amazon Kendra
Amazon Kinesis Data Streams
Amazon Kinesis Firehose
Amazon Kinesis Video Streams
Amazon Location Service
Amazon MQ
Amazon Managed Service for Apache Flink
Amazon Managed Service for Prometheus
Amazon Managed Streaming for Apache Kafka
Amazon Managed Workflows for Apache Airflow
Amazon Neptune
Amazon OpenSearch Service
Amazon Pinpoint
Amazon Polly
Amazon Q Business
Amazon Quick Suite
Amazon Redshift
Amazon Relational Database Service
Amazon SageMaker
Amazon Security Lake
Amazon Simple Notification Service
Amazon Simple Storage Service
Amazon Simple Workflow Service
Amazon Timestream
Amazon Transcribe
Amazon VPC IP Address Manager
Amazon WorkSpaces
Amazon WorkSpaces Thin Client
EC2 Image Builder
Traffic Mirroring
Resolved (26 services)
AWS AppSync
AWS CloudFormation
AWS CloudTrail
AWS Elastic Beanstalk
AWS Firewall Manager
AWS IAM Identity Center
AWS Identity and Access Management
AWS IoT Analytics
AWS IoT Events
AWS IoT FleetWise
AWS IoT SiteWise
AWS NAT Gateway
AWS Network Firewall
AWS Organizations
AWS Support API
AWS Support Center
AWS Systems Manager
AWS VPCE PrivateLink
Amazon API Gateway
Amazon AppFlow
Amazon Comprehend
Amazon DynamoDB
Amazon Simple Email Service
Amazon Simple Queue Service
Amazon VPC Lattice
Amazon WorkMail
As of 2025-10-20 at 18:00
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