Japan Travel

Outdoor Japan - Your guide to travel and the outdoors in Japan Outdoor Japan Magazine is the only bilingual magazine about travel and the outdoors in Japan. Have fun, meet friends, plan trips, buy gear , get inspired and get out there! OUTDOOR JAPAN MAGAZINE - CURRENT ISSUE OUTDOOR STORE DIRECTORY OUTDOOR JAPAN CLASSIFIEDS OUTDOOR OPERATORS - EXCITING ACTIVITIES GREAT PLACES TO STAY AROUND JAPAN EVENT & RACE CALENDARS A search for my fathers birthplace brought me to the land of rising suns and falling pink blossoms. Locals dubbed me KintaroGolden Boyafter the legendary Japanese character, and so began Kintaros journey that would last more than four months and 3,000 kilometers with nothing but an old sketch as a clue... I t had been raining since the previous day, and I could feel the thick moisture spread through the air, falling through the crevices of tree branches that covered the sky above. My rain gear was completely wet with humidity and sweatwhat a messyet my heart was like a sunny day filled with joy, soaking in the precipitous scenery. Yakushima is rain. Subscribe & Win! Subscribe to Outdoor Japan Magazine in until Nov. 30 for a chance to win tickets to the Banff Film Festival, Kintaro DVDs and a Deluxe Room for two nights with breakfasts (up to 4 people) at the Hotel Grand Mer in Okinawa! 購読して、当てちゃおう！ １０月にアウトドアジャパンの雑誌を購読すると、バンフ・フィルムフェスティバルのチケット、「金太郎日本をゆく」のDVD、沖縄のグランドメールホテルのデラックスルームにて２泊（朝食付き）無料宿泊（最大４名様）のチャンス、いずれかが当たるよ！ * News & Notes: Tokyo Real Ale Festival - Marianas Cup Beach Volleyball Tournament - Shin Yokohama 2006 Ski Trips - Japan Underwater Explorers * OJ Feature Story in BEPAL Magazine * OJ booth at the Kudos Travel Fair 2005 * New Video section! * OJ / JA Monthly Hiking Trips * Listen to Outdoor Japan's Adam Clark on Kanaz@wee! Podcast The Vault [Past Features] Join the OJ Newsletter . It's free and a great way to keep up with what's going. Just type in your e-mail address below. CLICK FOR LATEST NEWSLETTER OUTDOOR JAPAN WINTER SPORTS SECTION INTRODUCTION AREA GUIDE RESORT SPOTLIGHTS FEATURE STORIES WINTER GIVEAWAY COMING SOON! LATEST FEATURES Traveling this summer, I walked into Forest Rhythms, a pottery studio deep in the woods of the North Eastern United States owned Steve Hodgkin. A narrow strip of road leads four hours northward from Jaipur, through the desert to the land of Shekhavati, to extraordinary frescoed mansions in the sand. The castle town of Mandawa serves as the ideal anchor for a visit to Shekavati. By now most of us here in Japan are enjoying a bit of a reprieve from the stifling heat and humidity of summer. HyakumeizanJapans 100 Famous Mountains: #82 Yarigatake Traveler's Tune: Ben Folds' Island Retreat With a careful eye for deserted mountain roads, a cool late summer morning in Iwate Prefecture brought about a sensational downhill longboard carving session. The Local Brew: The Fishmarket Taproom, Numazu, Shizuoka（静岡県沼津市） Eco Corner: Choices for Sustainable Lifestyles The North Face Tadpole 23-Convertible Made for Japans humid weather Trail Recipes: Tamago Oziya (Egg & Rice Soup) Spirit of Silence: Like most people, I love traveling. However, I explore a soundless worldas I was born deaf. The samurai warriors who were exiled to Hokkaido set the tone for the type of rugged individualists that became the Dosanko (children of Hokkaido) of today. Off the tourist trail is about about little-known places such as Omine-okugake Trail spanning Nara and Wakayama Prefectures. If you are looking for a quick escape with the family, look north to Saitamas Chichibu Youth Outdoor Activity Center. OJ Video Section See some fun video clips of great places and activities in Japan. Outdoor Japan Classifieds (Japan & Int'l) NEW OUTDOOR OPERATORS Westylife specializes in VW Westfalia Campers. Sales, repair and customization in Japan. Come to The Outpost and learn to snowboard in English in beautiful Nozawa Onsen Village in Nagano. Great skiing and snowboarding in a traditional Japanese hot spring town. Skybus Sapporo is a great way to get to and from New Chitose Airport in Sapporo and where you are staying. Niseko, Furano & more. OkinawaAdventure in paradise! OAC is committed to providing the safest possible eco-friendly outdoor adventure experience that is also a lot of fun. NEW PLACES TO STAY Kanzanso is an onsen ryokan located in a quiet Oigami hot spring village in Gunma Prefecture. The Oigami area is surrounded by mountains rivers. Hotel Heights is located in Northern Nagano in the Shiga Kogen Ski Resort area, one of Japans most scenic and natural sites. Hotel Matsushima is the home of budget travelers in Tokyo, offering quality service and making life easy for foreigners, backpackers and travelers in Japan. Hotel Grand Mer brings you affordable luxury and impeccable style in the heart of Okinawa, Japan's tropical paradise. Fontana is a leading international real estate provider with over 800 furnished apartments and guesthouses conveniently located throughout Tokyo. BIGAIR Fukuoka Hakata, Fukuoka Studio Nada Ocean View Cottages Kashima, Ibaraki We welcome comments, suggestions, reviews and contributions. Enjoy! home ׀ write for oj ׀ send in a review ׀ advertise ׀ contact us All contents Outdoor Japan Y.K. All rights reserved.

France Travel

France Travel Guide - French Trip Planning, French Culture and Destinations  You are here: About > Travel > France for Visitors Travel Go France Essentials New Year's Eve in Paris and France Worst of France 2005 Paris Travel Guide Top French Ski Resorts Best New Year's Eve Champagne Articles & Resources Destinations Trip Planning Transportation Interests & Situations Money, Safety & Issues Things to Do in France Where to Stay in France Staying Connected Blogs Picture Galleries Culture, Language & People Fun, Freebies & Quizes Relocating to France Nudism, Sex & Gay Travel D-Day & Historic Travel Buyer's Guide Before You Buy Top Picks Sites Selling French Products Before You Buy the Gift of Travel Gifts for the France Fanatic Product Reviews Forums Help FREE Newsletter Sign Up Now for the France for Visitors newsletter! See Online Courses   Search France for Visitors From Kelby Carr , Your Guide to France for Visitors . FREE Newsletter. Sign Up Now! Lose Weight with the French Diet The French eat rich foods, drink lots of wine and smoke. So why are they so thin and fit? Recent news reports have touted the wonders of the so-called French diet. Just what is the secret to the French paradox? During the time I lived in France, I ate whatever I wanted (think chocolate croissants for breakfast, tartes aux fruits rouges at night for dessert). I never dieted, and I never went to the gym. I indulged in wine. Yet I lost a significant amount of weight during that time. My theories why the French diet works are in my article, Lose Weight with the French Diet: Unraveling the Mysteries of Why it Works . Wednesday December 28, 2005 | permalink | comments (0) Worst of France 2005 The year 2005 was a tough one for France, as rioting spread throughout the nation and the grand city of Paris lost its front-runner bid for the Olympics. Here is a recap of the bad headlines of 2005 for France with Worst of France 2005 . Wednesday December 28, 2005 | permalink | comments (0) Top Ski Resort Hotels in France France features some of the world's best skiing, be it in the mesmerizing Pyrenees mountains lining the Spanish border or the magestic Alps along the Italian and Swiss borders. France also encompasses no less than five other mountain ranges. The hotel accommodations at some of these resorts range from upscale and luxurious to inviting and cozy. This list of Top Ski Resort Hotels in France features the best places to stay for French ski enthusiasts. Monday December 26, 2005 | permalink | comments (0) New Year's Eve in Paris and Other French Cities The French really know how to celebrate New Year's, whether it's clubbing in Paris or the sublime midnight grape-picking event in the Midi Pyrenees or an upscale, medieval celebration in a Loire castle. Find out how to plan a New Year's Eve visit to Paris or France , and which events and festivals are planned for the turn of the new year. Even if you can't zip over to Paris to celebrate, you'll also find tips on finding French New Year's Eve parties in your town or even how to plan a France-themed New Year's Eve party at your own house! Bonne fete! Wednesday December 21, 2005 | permalink | comments (0) Top French Champagnes and Sparkling Wines Looking for a last-minute gift idea? Planning a New Year's Eve get together? If you plan to celebrate with some bubbly, you want to be sure you do it in style. You can get a crappy grocery store sparkling wine, but only vintages from the Champagne region are truly called Champagne. There is also a small village in France that claims it, in fact, invented sparkling wine centuries ago. Here is a list of the Top French Champagnes and Sparkling Wines for New Year's Eve, wedding toasts, celebrations or just for fun for all price ranges! Friday December 16, 2005 | permalink | comments (0) Christmas 2005 Gift Guide for Francophiles, Travelers and Foodies Here is the Christmas 2005 Gift Guide , filled with some of the top gifts for travelers, francophiles and foodies. The guide also includes buying advice for choosing travel guidebooks as gifts, how to create a French gift basket, as well as tips on giving the gift of travel. Whether the recipient on your list loves gourmet food gifts, French wine, home decor items, is planning a honeymoon or simply adores anything trs francais , you can find the perfect gift and buying advice here. Friday December 16, 2005 | permalink | comments (0) Most Romantic Paris Hotels Paris is the city of romance, and a tremendously popular destination for couples, lovers and honeymooners. The city is filled with cozy, intimate romantic hotels and accomodations. Be sure you get the best of this snuggle time with this list of Most Romantic Paris Hotels . Thursday December 15, 2005 | permalink | comments (0) Top Budget Paris Hotels Paris is one of the world's most expensive cities, but it's also one of the top tourist attractions. Find out how to conserve your cash for the finer thinks, like a fabulous dinner or incredible shopping, with this list of Top Budget Paris Hotels . It features high-quality cheap places to stay in Paris. Monday December 12, 2005 | permalink | comments (0) Top Upscale, Luxury Hotels in Paris If you're going to visit the luscious city of Paris and you have the means, why not do it in true style? Paris has some of the world's finest, most luxurious hotels. This is a city that is well-suited to upscale services. Get a list of the Top Upscale, Luxury Hotels in Paris , which includes prestigious names like the famous George V, Ritz Paris and even a bona fide castle outside of the city. Friday December 9, 2005 | permalink | comments (0) Hot Deal for Visiting Paris in the Springtime You've just gotta love Paris in the Springtime. But then, so does everyone else, driving up those prices. But the France Tourism Office and Gate 1 Travel are offering a hot bargain, allowing you to get a 6-day Paris spring fling for $499 per person, airfare and hotel included. Find out more on the Paris Tourism Office site. It would make an incredible Christmas gift, but be sure to consult my advice on what to do Before You Buy the Gift of Travel . For more on Paris, be sure to see: Paris Travel Guide Top Paris Travel Guidebooks Free Things to Do in Paris How I 'Do' Paris Wednesday December 7, 2005 | permalink | comments (1) Email to a Friend Display Latest Headlines | | | Read Archives Advertisement Related Blogs Dispatches from France Blog Paris Blog French Word-a-Day Blog La Coquette Blog Chroniques dune Fraise Nice Blog Rsidence Les Marronniers Provence Blog L'Oiseau Blog Chocolate and Zucchini Blog Forty Days in Paris Blog Most Popular "Naked City" Christmas in Paris Photo Tour Paris Sex District Top Paris Attractions Christmas in France What's Hot New Year's Eve in France Paris Gay Pride Parade Host A France-Themed Party Nice, France Photo Gallery Camping in France Related Topics Europe for Visitors French Language French Cuisine Honeymoons / Romantic Getaways Wine        Topic Index | Email to a Friend Our Story | Be a Guide | Advertising Info | Work at About | Site Map | Icons | Help User Agreement | Ethics Policy | Patent Info. | Privacy Policy | Kids' Privacy Policy ©2005 About, Inc., A part of the New York Times Company . All rights reserved. Around About New Video iPod - Review POLL: Must-Have Gadgets VIDEO: Portable Gaming VIDEO: Choosing a TV Hugh Hefner's Life What's Hot New Year's Eve in France Paris Gay Pride Parade Host A France-Themed Party Nice, France Photo Gallery Camping in France Headlines Lose Weight with the French Diet The French eat rich foods, drink lots of wine and Worst of France 2005 The year 2005 was a tough one for France, as Top Ski Resort Hotels in France France features some of the world's best skiing, be it New Year's Eve in Paris and Other French Cities The French really know how to celebrate New Year's, whether

cruise vacation provides everyone

Family Travel Files - family cruises vacations Cruise lines family vacation advice Search Family Travel Files family vacations, family vacation reviews, ideas, travel articles, news, deals and specials Wednesday, December 28, 2005 Family Travel Ezine Vacation Reviews News Articles & more Family Travel News Family Vacations Ideas and Options Vacations On File Family Events Field Trips Vacation Reviews Vacation Advice Teen Takes Vacation Deals Site Map Free Newsletter Trip Planner Vacation Reviews Ideas Options Deals USA Vacations World Vacation Guide Canada Vacations Mexico Vacations Central America South America Caribbean Vacations Europe United Kingdom Australia Vacations New Zealand Asia & Pacific Rim Family Travel Files - Family Cruises All inclusive and carefree, a family cruise vacation provides everyone a break. The cruise lines that offer benefits for families are included below. Browse our files to find the perfect fit. Family Cruise Vacation Related Ezine Articles: Ideas and Options Cruises: NCL Norwegian Dream, Creating a Storybook Cruise. Dover Grandparents with the good luck to share a cruise with their grandkids may find this specific cruise route of value. Each warm weather season the dramatically beautiful Norwegian Dream cruises roundtrip from England to Scandinavia and Russia. The storybook port list is what dreams are made of no matter your age. Ports include: London (really they mean Dover), England; Warnemunde (think Berlin), Germany; Tallinn, Estonia; St. Petersburg, Russia; Helsinki, Finland; Stockholm, Sweden; Copenhagen, Denmark. News Cruises: NCL, Sailing Green with Officer Snook. NCL Corporation (NCL) has partnered with the Youth Environmental Programs, Inc. to offer the Officer Snook Water Pollution Program onboard its ships. The Officer Snook program, which launched on Norwegian Jewel this week and will be offered exclusively on all NCL and NCL America ships in 2006, seeks to educate young people about the importance of clean water, and the affects of marine pollution and ways to prevent it. On File Cruises: Norwegian Cruise Line, Togethering at Sea. Miami Ever changing ocean views, freestyle dining and plenty of open space make an NCL cruise ship the perfect solution for a large or small family reunion. Its always smooth sailing when everybody gets their own way and on a cruise everybody gets their own way. Because cruises offer variety in space, daily pace and fit all vacation budgets, the result is that more family members may choose to attend a shipboard reunion. Getting the cousins together is a little easier and a lot more fun. On File Cruises: NCL, Cruising Hawai`i, Freestyle with the Kids. Norwegian Cruise Line's "Freestyle Cruising" provides guests with a rich menu of choices making it easy to create the perfect family cruise experience. Diverse ages, eating habits and sleeping cycles meld easily when official schedules are not part of the cruise vacation itinerary. NCLs Hawaii Freestyle Cruising is ideal for those who desire variety, flexibility, and the freedom to choose how they cruise Hawai`i. On File Cruises: Florida, Launching from Port of Call Canaveral. Cruises: Florida, Port of Call Canaveral. Consider arriving early or staying on for the fun. One trip, two vacations, and twice the fun, the rich diversity of activity choices makes Canaveral a "bonus" port of call for families on vacation. It is the perfect launch spot for vacation experiences that span the gamut from high tech space tours, fine arts, and theatre to really wild experiences like turtle sighting, swamp skimming, bird watching and stargazing. Ideas and Options Florida: Fort Myers, Give the Gift of Sail Power. Few experiences in life are more rewarding than sailing or power boating with friends and family. Doing it well is a combination of learning a new skill and feeling safe and confident at all times. A gift of sail or power training is a perfect choice for the adventurer or dreamer on ones holiday gift list this year. Gift certificates in $100 increments can be purchased as a deposit for any course or clinic offered by Offshore Sailing School and its Power Cruise School. News Cruises: Crystal Harmony, Kids Sail Free and Take Tea. Six-Star Crystal Cruises is gearing up for the Alaska season with incomparable incentives for the whole family. News Cruises: Miami, The New Carnival Valor Promises an Awesome Family Vacation Experience. With expansive facilities such as a 4,200-square-foot play area and a teen dance club/recreation area, as well as a variety of new and exciting activities, including an art program, a music program, a youth spa program, and hands-on science experiments, Carnival Valor looks like it will offer the ultimate family vacation experience. The new 110,000-ton "Fun Ship" is scheduled to begin year-round seven-day Caribbean service from Miami starting on December 19. News Cruises: Set Sail with the Kids. Its easier and better than ever before. In the last few years cruise lines have made plenty of changes to meet the needs of families. From expanded activity programs spanning all age groups and shore excursions for teens to awesome waterslides, ice rinks and climbing walls, the combinations create dream vacations at sea. Add to the list plenty of nearby port options and the idea of cruising with the kids makes perfect sense. Advice Cruises: All in the Family, Oceans of Fun for Families. More than 1 million children under the age of 18 took to the High Seas with their families in 2004 and theres a reason why: Cruises offer an ever-increasing variety of amenities and activities to make them the ideal family friendly vacation, according to the Cruise Lines International Association (CLIA) the cruise industrys chief marketing organization. News Cruises: Carnival and Coca-Cola Create Club 02 Teen Centers. Carnival Cruise Lines, the worlds largest cruise operator, and The Coca-Cola Company, the worlds largest soft drink manufacturer, have teamed up to create Club O2, a new teen program aboard the lines 21 Fun Ships featuring spacious, high-tech teen centers as well as expanded activities. Advice Advice: Disney, Cruising with Three Generations. Family vacations are really easy when they include a Disney Cruise. It was our first time away with the kids and not their parents. News Caribbean: Windjammer Free Sail for Kids. This summer, children ages six to 11 sail for free on Windjammer Barefoot Cruises when accompanied by parents on select Bahamas, ABC Islands (Aruba, Bonaire, and Curacao), and Costa Rica and Las Perlas itineraries. Ideas & Options Cruises: Camp Carnival More Fun for Kids and Teens. From a family reading club to a recreational fitness program and even youth spa treatments, a host of new activities have been added to Carnival Cruise Lines fleetwide childrens program, Camp Carnival. 1 / 1 Family Vacation Ideas Norwegian Cruise Line Hawaii Enjoy cruising "freestyle" with the kids. www.ncl.com Related Article Norwegian Cruise Line Reunions Reuniona are our specialty. www.ncl.com Related Article Eastern Caribbean Cruise Ideas Check on the best cruise for your family. www.thevacationsource.com Western Caribbean Cruise Ideas Great places to explopre on and off the ship. www.thevacationsource.com The Moorings Tortola Sail with our family escape to the sea. www.moorings.com Costa Cruise Port Everglades,Key West,Cozumel,Ocho Rios,Grand Cayman. Italian luxury. $639 www.thevacationsource.com Carnival Cruises 7 Day. Miami,Cozumel,Cayman,Ocho Rios. $499. www.thevacationsource.com Holland America Cruise Line Enjoy our "Passport for Fitness Program". www.hollandamerica.com Related Article Disney Cruise Line Pt Canaveral. St Maarten, St Thomas,Castaway Key. Disney World pkg available. $749 www.thevacationsource.com Related Article Princess Cruise Line 7 Nt. Mexican Riviera. R/T L.A.January 7,14,21,28. $609 www.thevacationsource.com Related Article Royal Caribbean Cruise Lines Royal Caribbean Enchantment. Roundtrip Bayonne. www.thevacationsource.com Home 1998-2005 Travel Communications Inc. privacy statement webmaster link to us about us Advertise Pressroom Contact Family Vacation Directory USA Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio family Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Virginia Beach Washington Washington D. C. West Virginia Wisconsin Wyoming Family Travel Files Ezine Family Adventure Vacations Family Beach Vacations Cheap Sleeps Family Cruises Family Vacations Mountains Theme Parks Links Use of Travel Communications, Inc. , websites constitutes acceptance of the Terms of Use Best viewed using IE 6.0 or higher Revised

Disney Vacation

Florida Vacation Guide - Florida for Visitors Travel Planner - Florida Travel  You are here: About > Travel > Florida for Visitors Travel Florida for Visitors Essentials Events Calendar Photo Album Spring Break Guide Travel Planners What's Up this Month Articles & Resources A to Z Index Maps Beaches / Coasts Disneyworld Things to Do in FLA Daytona / East Coast Florida Keys Florida Panhandle Miami / South Florida Orlando / Central Florida Tampa / West Coast Discounts & Coupons Photos / Cams All About Florida Buyer's Guide Florida 2006 Calendars Florida Collegiate Fan Gifts Florida State Seminole Fan Gifts Tampa Bay Buccaneer Fan Gifts Top Disney Gifts Forums Help FREE Newsletter Sign Up Now for the Florida for Visitors newsletter! See Online Courses   Search Florida for Visitors From Dawn Henthorn , Your Guide to Florida for Visitors . FREE Newsletter. Sign Up Now! Best of Florida, 2005 While taking a look back at 2005, I've discovered some really good reasons to visit Florida. Besides the obvious — plenty of sunshine, beautiful beaches, spectacular sunsets, wonderful resorts, popular attractions and water everywhere — there are a few places that stand out as outstanding vacation choices. Wednesday December 28, 2005 | permalink Glide Into New Year One of the most fun tours I have ever taken was aboard a Segway HT. It was such an awesome experience to glide along St. Petersburg's beautiful waterfront and learn to maneuver the futuristic Segway Human Transporter. Previously located at The Pier , Gyroglides has recently teamed with the St. Petersburg Museum of History to offer a wider variety of tour opportunities. I can't think of a better way to start the new year than riding the future! Tuesday December 27, 2005 | permalink New Year's Eve Celebrations 10... 9... 8... 7... 6... 5... 4... 3... 2... 1... Happy New Year! Well, not quite, but it is time to make those New Year plans if you haven't already. If you'll be in Florida to ring in 2006, you'll want to try one of these celebrations: Florida New Year Celebrations New Year's Eve at Disney Monday December 26, 2005 | permalink Holiday Wishes Whether you are away on vacation, visiting relatives or home for the holidays; and , no matter what you celebrate — Christmas or Hanukkah — best wishes for a holiday full of memory-making moments. ~Dawn Sunday December 25, 2005 | permalink 'Twas the Night Before Christmas In Florida My apologies to Clement C. Moore. He's the guy that penned A Visit from St. Nicholas — more popularly known as The Night Before Christmas . In celebration of the holiday season, and just for fun, here are some paradies I found on the Internet that pay a homage to Florida... and the popularity of Moore's poem: 'Twas a Florida Christmas 'Twas the night before Christmas and all through the town, No noses were frozen, no snow fluttered down... 'Twas the Night Before Hurricane Wilma Twas the night before Wilma, when all through the state Not a gas pump was pumping, Not a store open late... 'Twas the Night Before Christmas on the Internet 'Twas the night before Christmas, when all through the Net, There were hacker's a surfing. Nerds? Yeah, you bet... Merry Christmas to all... and to all a good night! Saturday December 24, 2005 | permalink Holiday Traditions One of our holiday traditions is to put together a jigsaw puzzle. We usually buy a 1,000-piece one with a holiday theme and set it up on a card table the week before Christmas. Just about any time of day the week before and after Christmas you will find one of us working on it. It is a nice diversion to all the hustle and bustle of the season and a nice way to gather the family together each evening. I enjoy working online jigsaw puzzles too, so I've put a few together that are certain to keep you entertained throughout the holidays. Florida Photo Jigsaw Puzzles Friday December 23, 2005 | permalink Going to Grandma's House? 'Tis the season for goin' to Grandma's house, and that may mean a road trip. We might sing "over the river and through the woods," but we are most likely to get to Grandma's house these days via a crowded interstate highway or an even more crowded airplane. AAA estimates that "more than 63 million of us will hit the skies, seas, and highways for the holiday. Approximately 51.54 million travelers (81 percent of all holiday travelers) expect to go by motor vehicle and of those, the greatest number of Christmas-New Years auto travelers will originate in the Southeast with 13.34 million. In a good news-bad news scenario, gasoline prices have been making a hasty retreat and are now averaging only $2.18 a gallon nationwide, down nearly 90 cents from the records set over Labor Day weekend, but still 31 cents higher than a year ago. If you want to check out the cheapest gas, both GasBuddy.com and GasPriceWatch.com depend on motorist to report gas prices, so you can find the cheapest gas in your neighborhood or wherever your travel takes you. If you're driving, check out my Florida Driving Guide where you'll find laws, rules of the road, gas saving tips and more! If you're flying, check out my Florida Air Travel Guide . Florida Maps Driving Distance Chart Whatever you do or wherever you go this holiday weekend, drive safely and sanely... and arrive alive! Tuesday December 20, 2005 | permalink Christmas Lights Shining Bright... in your community! It isn't just the attractions that are decked out for the holidays. One of my favorite things to do (after everything else gets done) is to drive around and enjoy the lights displayed right in my own community. If you need a few suggestions, here are the ones that have made the news this year in Florida: In South Florida The Palm Beach Post is your guide to the best neighborhood displays of this holiday season. The Miami Herald reports that Davie's Town Hall is decked out in lights and more for the season. More Broward Showstoppers compliments of the Miami Herald . The Sun Herald asks, " Have you seen the lights " in these Southwestern Florida neighborhoods? In Central Florida Lights of Pinellas lists countywide events and light displays in St. Petersburg and all the beaches. The Ledger lists holiday lights in Lakeland, Winter Haven and Auburndale recommended by readers . Holiday lights brighten the Tampa Bay area from Hyde Park to Brandon and St. Petersburg/Clearwater to New Port Richey. In North Florida WCJB in Gainesville has only one suggestion — check out this house . And, finally... remember those attractions we talked about? Holiday lights really do brighten attactions . Monday December 19, 2005 | permalink Scenic Christmas Cruises For more than 30 years, cruising the canals of Punta Gorda has been a Christmas tradition for many families. The city's residents do a fantastic job decorating their backyards, seawalls, boats and docks with holiday lights and decorations and boats of all shapes and sizes cruise the canals during the evenings of December to enjoy the warm community spirit. Nightly now through December 31, King Fisher Fleet will offer Christmas Canal Cruises three times each evening — 6:00, 7:30 & 9:00 p.m. These one-hour cruises sell out quickly, so advance reservations are a must! Sunday December 18, 2005 | permalink Busch Gardens and SeaWorld Raise Ticket Prices Your wallet will need to be a little fatter the next time you visit Busch Gardens Tampa Bay or SeaWorld Orlando. The two parks will raise their gate admissions by $2.00 and $2.20 effective the first of the year. Busch Gardens tickets will rise from $55.95 to $57.95 for adults and $45.95 to $47.95 for children ages 3-9. SeaWorld one-day tickets will rise from $59.75 to $61.95 for adults. In an effort to make this bitter pill go down a little easier, the parks are offering a sweet deal — visitors may exchange their tickets for a pass allowing unlimited visits the next six consecutive days to the same park. Also, the parks are bringing back the Fun Card which allows Florida residents admission throughout the entire year for the price of a single-day admission. And, until December 25, grown-up Florida residents can " Be A Kid Again " with admission for only the price of a child's ticket. SeaWorld's sister park, Discovery Cove has also announced a price hike — from $259 to $279 a day with the new deal including snacks, beverage, breakfast and lunch. Other major theme parks have not announced changes in their admission prices for 2006. The last rate increase by Disney World and Universal Studios was effective January, 2005. Saturday December 17, 2005 | permalink Display Latest Headlines | | | Read Archives powered by Movable Type Advertisement Most Popular Florida Celebrates New Year Nude & Clothing-Optional Guide WDW Ticket Information Casino Cruises Ice Skating in Florida What's Hot Lion Country Safari Wide World of Sports Free Deals Ybor City Florida Day Trips Related Topics Theme Parks Travel with Kids Hotels / Resorts / Inns Budget Travel Senior Travel        Topic Index | Email to a Friend Our Story | Be a Guide | Advertising Info | Work at About | Site Map | Icons | Help User Agreement | Ethics Policy | Patent Info. | Privacy Policy | Kids' Privacy Policy ©2005 About, Inc., A part of the New York Times Company . All rights reserved. Around About New Video iPod - Review POLL: Must-Have Gadgets VIDEO: Portable Gaming VIDEO: Choosing a TV Hugh Hefner's Life What's Hot Lion Country Safari Wide World of Sports Free Deals Ybor City Florida Day Trips Headlines Best of Florida, 2005 While taking a look back at 2005, I've discovered some... Glide Into New Year One of the most fun tours I have ever taken... New Year's Eve Celebrations 10... 9... 8... 7... 6... 5... 4... 3... 2... 1...... Holiday Wishes Whether you are away on vacation, visiting relatives or home...

European Vacation There's a

Federal Reserve Bank of Minneapolis - The Region - European Vacation (December 2003) I'm at: Home > Publications > The Region > December 2003 > Article Publications Expand All Collapse All The Region Index by Issue Interviews President's Columns fedgazette Index by Issue Topics Index Annual Report Quarterly Review Community Dividend Banking and Policy Studies Articles Toolbox ( advanced search ) December 2003 European Vacation There's a simple reason Americans work longer hours than Europeans, says economist Ed Prescott. And it isn't what you think Douglas Clement Editor It's no secret that Europeans work less than Americans do. Every Labor Day the media tell us that Europeans have just enjoyed weeks of summer vacation while Americans have been toiling away. These stories often depict Americans as hard-working drones who revere material possessions above all else. Europeans meanwhile bask in the good life of long lunches and months at the beach. There is some truth to the portrayal, at least in terms of hours worked. The International Labor Organization reports that the average American worked 1,815 hours in 2002, well above the comparable figures for France (1,545) and Germany (1,444), for example. (The average South Korean, on the other hand, worked over 2,400 hours.) But if it's widely acknowledged that Americans work more hours than Europeans, it remains a puzzle quite why there's such a large difference. With similar economies and social structures—at least relative to the rest of the world—it would seem that labor patterns should also be alike. Social scientists have been hard-pressed to explain the disparity. Most accounts focus on cultural explanations. The most popular is the notion that Europeans have a fuller appreciation of la dolce vita —the sweet life—the Italian version of the idea that life is to be enjoyed, not endured. Work is a means to an end, not an end in itself. The idea of cultural and religious influences on economic activity isn't new. German sociologist Max Weber wrote The Protestant Ethic and the Spirit of Capitalism nearly a century ago, attributing the rise of capitalist economies to the “Protestant work ethic.” It was an immensely persuasive theory in its time, and derivative explanations have held great sway ever since. “Why do Europeans and Americans differ so much in their attitude toward work and leisure? I can think of two reasons,” opines a recent Time magazine essay. “Broadly speaking, Americans value stuff—SUVs, 7,000-sq.-ft. houses—more than they value time, while for Europeans it's the opposite. Second, ... in the puritanical version of Christianity that has always appealed to Americans, religion comes packaged with the stern message that hard work is good for the soul. Modern Europe has avoided so melancholy a lesson.” “It all comes down to what people feel is important and how they feel about their lives,” argues a September 2003 U.S. News & World Report editorial. “We value more money and more stuff; they value more leisure time. ... We are proud of being busy—it is a virtue; being idle is perceived as a vice.” Economic explanations Economists have always been suspect of such cultural explanations. Standard economic theory assumes that people's preferences are, on average, homogeneous, and that choices depend largely on economic factors. Still, while economists agree that dollars and cents lie behind the work pattern differential, there is little harmony among them as to the right economic explanation. Some economists say work regulations keep Europeans from working longer hours and point favorably to recent European reforms on vacation time. Others argue that greater inequality in the United States motivates workers to try harder to get ahead. Most of these explanations come from the perspective of labor economics and its core belief that social structures and institutions such as unions are the major determinants of labor patterns. But in a recent series of papers and lectures, Edward C. Prescott, senior monetary adviser to the Minneapolis Fed and economist at Arizona State University, looks at the labor supply question through the prism of the growth model—a different perspective altogether—and provides a convincing and remarkably straightforward explanation for the dramatic differences in hours worked. It is an explanation that has far-reaching implications for policymakers—and for anyone else who's ever received a paycheck. According to Prescott, the reason for these large differences in labor supply is not culture. “French, Japanese, and U.S. workers all have similar preferences,” he writes. “The French are not better at enjoying leisure. The Japanese are not compulsive savers.” The reason for the wide range in working hours is, in a word, taxes. Europeans supply less labor because there's a much larger wedge in most European countries between what a worker is paid and what that worker actually gets to keep after taxes are taken out. This tax wedge, argues Prescott, distorts the trade-off people make between consumption and leisure by making consumption more expensive. And since people work, ultimately, to earn money to pay for consumption goods, they'll supply less labor if consumption goods become relatively more expensive. The cheaper alternative: leisure. Hello, Riviera. If the concept seems straightforward, its evolution was anything but. Like most ideas that seem obvious in retrospect, the awareness that taxes distort labor markets dramatically and account for major international differences in work patterns came about indirectly and as a revelation to those who happened upon it. The discovery Prescott's discovery about the role of taxes in labor supply variation began, simply enough, in his classroom at the University of Minnesota, where he taught from 1980 to 2003. “I was making up exercises for my students,” he recalled in a recent interview. “I said, 'use this nice little growth model.'” The “nice little model” he presented to his students is the workhorse of modern macroeconomics; it says, mathematically, that a nation's total output (or gross domestic product, GDP) is dependent on three sources: labor, capital and the efficiency (or productivity) with which it merges them to create economic value. The other key part of this standard theory is, in the jargon of economics, a utility function: a formula representing the notion that households try to maximize their happiness by finding the best possible combination of leisure and consumption, given their resources. Prescott wanted his students to become familiar with this model by looking at how it performed in different nations over time, and how key variables—capital endowments, productivity, labor supply—could account for differences among nations in per capita GDP. “I wanted to try to get across the basic ideas and the importance of productivity,” said Prescott. “And then I thought, let's put a few taxes in.” The intuition was far more significant than Prescott suspected, but that became clear only after looking at the relative contributions of capital, productivity and labor. The data, compiled by the United Nations and the Organization for Economic Cooperation and Development, showed that in the mid-1990s among developed countries—the United States, much of Europe and Japan—relative levels of capital differ little and explain just a small portion of the variation in per capita GDP (see adjacent table). “The capital factor is not an important factor in accounting for differences in incomes across the OECD countries,” writes Prescott in his 2002 Richard T. Ely Lecture to the American Economic Association. “[It] contributes at most 8 percent to the differences in income between any of these countries.” Capital, Labor, Productivity and GDP 1993-96 Country Capital/ Output Ratio (1990) Hours worked per Week per Person 15-64 Productivity: GDP per hour Worked; US=100 GDP per Person 15-64; US=100 Germany 2.7 19.3 99 74 France 2.2 17.5 110 74 Italy 2.6 16.5 90 57 Canada na 22.9 89 79 United Kingdom 2.6 22.8 76 67 Japan 2.5 27.0 74 78 United States 2.3 25.9 100 100 Source: Federal Reserve Bank of Minneapolis Research Department Staff Report 321 and Working Paper 618 . Productivity, on the other hand, is very important, at least for some national differences. Japan and the United States, for example, have similar levels of labor and capital, but per capita GDP in Japan is far below that in the United States because its productivity is less than three-quarters that of the United States. But what of European countries like France, Italy and Germany? Why are their levels of per capita GDP so much lower? All these nations have capital endowments comparable to the United States. Their productivity levels also are similar to U.S. rates, or in the case of France, even higher. The data suggest that the differences in wealth are due almost exclusively to the markedly lower number of hours worked in these European countries. Germany, for instance, had a slightly higher capital endowment than the United States and an equal level of productivity, but just 74 percent of the U.S. per capita GDP. The evident reason: Its workers supplied just over 19 hours of labor per week compared to nearly 26 hours a week per American worker. While many believe that cultural differences lead to fewer hours worked in Europe than in the United States, Prescott doubts it. After all, data from the early 1970s show that the French actually worked more hours per week than did Americans at that time. Has French culture changed radically over the last two decades? Probably not: They still like good wine, aged cheese and, inexplicably, Jerry Lewis. Prescott's hunch was that differences in marginal tax rates might explain the differences in labor supplied and thus account for differences in per capita GDP. Enter the tax wedge “What is important is the price of consumption relative to leisure,” Prescott writes in the lecture he gave in April 2003 as he accepted Northwestern University's prestigious Erwin Plein Nemmers Prize in Economics. “And it is determined by the consumption tax rate and the labor income tax rate.” (See the lecture, “ Why Do Americans Work So Much More Than Europeans? ”) By introducing these taxes into the growth model, and making standard microeconomic assumptions, Prescott derived what he calls “the key equilibrium relation.” 1 It's a mathematical formula for labor supply that says workers will supply labor dependent on, among other things, their preference for consumption now over consumption later (spend or save?), their preference for leisure relative to consumption (play or work?) and the effective tax rate. Holding the first two variables fixed and looking empirically at different national tax rates enables Prescott to see if tax differences can account, fully or partially, for variations in labor hours supplied. Estimating the effective tax rates in these countries was, in itself, a major accounting exercise. Consumption taxes include value-added taxes, sales taxes, excise taxes and property taxes. Labor is subject to both income taxes and Social Security taxes. For each nation under consideration, Prescott and his students crunched the numbers, determined a tax rate, plugged it into the formula along with fixed estimates of the other variables, and derived predictions of labor hours supplied per week per worker. How good were the predictions? Dead-on for Germany and the United Kingdom, a bit low for Canada and the United States, and a bit high for the other countries (see table below). Given measurement inaccuracies, the rough nature of the tax-rate estimates and the difficulty of international comparisons, writes Prescott, the model's predictions were “surprisingly close to the actual.” Tax Rates and Labor Supply 1993-96 Country Tax Rate (percent) Actual Hours Worked per Week per Person 15-64 Predicted Hours Worked per Week per Person 15-64 Difference (Predicted Minus Actual) Germany 59 19.3 19.5 0.2 France 59 17.5 19.5 2.0 Italy 64 16.5 18.8 2.3 Canada 52 22.9 21.3 -1.6 United Kingdom 44 22.8 22.8 0.0 Japan 37 27.0 29.0 2.0 United States 40 25.9 24.6 -1.3 Source: “ Why Do Americans Work So Much More Than Europeans ?” Federal Reserve Bank of Minneapolis Research Department Staff Report 321. Here, notes Prescott, “the important observation is that the low labor supplies in Germany, France and Italy are due to high tax rates. In these countries if someone works more and produces 100 additional euros of output, that individual gets to consume only 40 euros of additional consumption and pays directly or indirectly 60 euros in taxes.” Put in such stark terms, it seems obvious that many Europeans might opt to work less, while Americans and Japanese, taxed more lightly, would be keen to put in extra hours. Confirmation and implications Prescott found further confirmation for his hypothesis when he looked at tax rates and labor supply in the early 1970s (see table below). While his model's predictions of labor hours supplied diverge from the actual in several cases—Italy and Japan, in particular—Prescott observes that “when European and U.S. tax rates were comparable, European and U.S. labor supplies were roughly equal.” Tax Rates and Labor Supply 1970-74 Country Tax Rate (percent) Actual Hours Worked per Week per Person 15-64 Predicted Hours Worked per Week per Person 15-64 Difference (Predicted Minus Actual) Germany 52 24.6 24.6 0.0 France 49 24.4 25.4 1.0 Italy 41 19.2 28.3 9.1 Canada 44 22.2 25.6 3.4 United Kingdom 45 25.9 24.0 -1.9 Japan 25 29.8 35.8 6.0 United States 40 23.5 26.4 2.9 Source: “ Why Do Americans Work So Much More Than Europeans ?” Federal Reserve Bank of Minneapolis Research Department Staff Report 321. As for the outliers, Italy and Japan, Prescott suggests that other factors may be significant. In Italy, cartels may have played a role in depressing labor supply below its predicted value. In Japan, significant measurement errors in actual hours worked could account for the overly high prediction by the model. And what seems another anomaly is very likely an indirect confirmation of the importance of marginal tax rates on labor supply, according to Prescott. In the United States, actual hours worked per person increased by 10 percent from the 1970s to the 1990s, though the marginal tax rate remained at 40 percent. Prescott argues that U.S. tax reforms in the 1980s changed the effective marginal tax faced by married couples—dropping the rate in half for the second earner's income—even though it remained nominally at 40 percent. “In the 1993-96 [period],” he writes, “the marginal income tax on the labor income associated with switching between a one-earner and a two-earner household is only 20 percent, not 40 percent.” The issue warrants more attention, he says, and indeed, his colleagues Larry Jones, Rodolfo Manuelli and Ellen McGrattan have recently released a paper on this exact question. (See “ Wives at Work .”) On the whole, Prescott states, the results show that “people are remarkably similar across countries” and not only for these relatively prosperous and homogeneous nations, but for Chile, Mexico and Argentina, as well, where other economists have found similar relationships. “Apparently, idiosyncratic preference differences average out and result in the [representative] household having almost identical preferences across countries.” The policy implications are enormous for high-tax countries. If France were to lower its effective tax rate from 60 percent to 40 percent, estimates Prescott, its people would work more (taking 6.6 percent less leisure) and—remember their high productivity?—would generate considerably more output. Tax revenues wouldn't diminish, because the 40 percent rate would be levied on a higher base. And overall French “welfare gains,” as economists put it, would increase nearly 20 percent. In the United States, reducing marginal tax rates would have a more modest impact, according to the model: A 10 percent rate reduction would produce a 7 percent welfare gain. But even in the United States, Prescott's findings have huge implications for the viability of the Social Security system. (See “ Shrinking a deadweight loss .”) Foreign affairs In recent months, Prescott has traveled widely, presenting his findings not only to American audiences but to economists and policymakers in London, Berlin, Toulouse, Tokyo and elsewhere overseas. And in fact, says Prescott, Europeans tend to be more receptive than Americans. “The economists there understand that there is a problem,” he said after returning from France in mid-September. “I got some excellent suggestions when I presented the paper, the best so far.” But at all venues, he observes, the common denominator is surprise. Prescott is the first to admit that he, too, thought the results were startling, unexpected. “I find it remarkable that virtually all of the large difference in labor supply between France and the United States is due to differences in tax systems,” he writes in his Ely lecture. “I expected institutional constraints on the operation of labor markets and the nature of the unemployment benefit system to be more important.” Moreover, he concedes that cultural explanations might carry the day in a few settings. “Scandinavians seem to be a little bit different,” he said recently, referring to research by Richard Rogerson, an economist at Arizona State University. “My theory is when one of those Swedes looks at you when you're not working, it's pretty intimidating.” More seriously, he allows that in small, homogeneous cultures, social pressures can be quite strong. But even in large, heterogeneous nations, tax wedges don't always tell the whole story, according to Prescott. “Taxes are not the only reason that the labor factors differ,” says Prescott's Ely lecture. Unemployment benefits and housing subsidies—not taxes—distorted labor mobility in the United Kingdom between the first and second World Wars, contributing significantly to that country's interwar depression. New Deal policies supporting cartels in America's heavy industries distorted wages and employment in the last half of the 1930s, contributing to the depth and duration of the Great Depression in the United States. Similarly, cartels in 1970s Italy may have suppressed employment there. Prescott relies on work by University of California, Los Angeles economists Harold Cole and Lee Ohanian in making these conjectures. Still, while taxes aren't the all-powerful explanatory factor for all nations and eras, Prescott contends that in major developed countries in the time period under consideration, the labor supply impact of tax wedges is a powerful and undeniable fact. Other academics As befits the work of any prominent scholar, Prescott's theory has attracted close academic scrutiny—beyond the initial reaction of surprise—from both adherents and critics. In one recent paper, Peter Lindert, an economist at the University of California, Davis, refers to Prescott's study as dependent upon “a theoretical model heavily laden with assumptions. It is educated, intelligent, plausible fiction—but fiction nonetheless.” On the other hand (as Lindert points out) Prescott's model and findings are cited quite favorably by Nobel Laureate Robert Lucas in his 2003 presidential address to the American Economic Association. Lindert calls for empirical tests. Steven Davis at the University of Chicago Graduate School of Business and Magnus Henrekson of the Stockholm School of Economics oblige with a careful econometric analysis of the impact of labor income and consumption taxes on employment and work activity. In their study of rich countries in the mid-1990s, they find that a 12.8 percentage point difference in tax rates is associated with 122 fewer market work hours per adult per year and nearly a 5 percentage point decrease in employment—population ratios—an indirect affirmation of Prescott's theory. A very different perspective was presented earlier this year in a series of lectures by British economist Richard Layard, co-director of the Centre for Economic Performance at the London School of Economics. Layard takes issue with GDP itself as a satisfactory measure of human welfare—or utility, as Jeremy Bentham and subsequent economists have termed it—noting that “happiness has not increased, despite huge increases in living standards.” To summarize a lengthy argument, Layard's idea is that a tax wedge on labor income could actually increase utility by decreasing a sort of pollution: overwork brought on by the inherent human desire to do better than our peers, regardless of our absolute level of income. Keeping up with the Joneses, in other words, leads to overwork, ill health and unhappiness—rivalry distorts the leisure/labor decision. Appropriate public policy should diminish this pollution by taxing it. “In an efficient economy,” Layard writes, “there will be substantial levels of corrective taxation ... 60 percent would not seem inappropriate, and that is in fact the typical level of marginal taxation in Europe—if you allow for direct and indirect taxes.” Prescott responds Prescott's reactions to these ideas vary widely. Sitting in his seventh-floor office at the Minneapolis Fed, he reads through the first pages of Lindert's paper, then drops it on his desk. “It doesn't seem to be coherent,” he says. Davis and Henrekson's study, on the other hand, intrigues him. That might seem predictable given its broad support of Prescott's findings, but Davis and Henrekson employ a technique Prescott generally scorns: statistical regression. “Progress, don't regress,” he says with a smile, quoting the slogan featured prominently on his Internet home page. Regardless of their method, Prescott is drawn to the findings and has invited Davis to Minneapolis to get a closer look at their work. But Prescott's response to Layard's argument—more complete and nuanced—conveys a sense of Prescott himself. He begins by summarizing Layard's case in a phrase: “I'm happy if I have a lot more income—than you,” he says, grinning and quite aware that he does. As to the overwork such rivalry might cause, “that just says there's a consumption externality.” Then he conveys the concept with a story. “I always tried to create a positive externality in Pittsburgh for my neighbors who had these beautiful lawns,” he jokes of his grad school days at Carnegie Mellon University. “By my having a messy lawn, their lawns looked so much better. I mowed it, but I didn't do much else with my lawn. And it gave me utility to see them happier.” He tells the story with a verbal wink, acknowledging silently that his Pittsburgh yard care externality may well have been less than zero. The conspiratorial smile changes to professorial zeal as he begins to dissect Layard's reasoning: “Suppose everybody cares about relative consumption as well as own consumption. You work out the equilibrium, it's not Pareto optimal. Let's deal with the case where everybody enters symmetrically. So it's simple to make the ordering. Well, you can make everybody better off by just putting a tax on consumption so that they work less. That's a very standard model. Now what would be the empirical evidence for and against that?” In under five minutes, Prescott has crystallized an argument, communicated it to a visitor in plain language and personal anecdote, then converted it to the idiom of economics and laid out steps for its confirmation or refutation. It's vintage Prescott: analytically brilliant, unexpectedly funny and several beats ahead of everyone else. That last bit is the essence of a conversation with the economist. When you ask him a question, it sometimes seems that his reply is off-topic; then it dawns on you that Ed Prescott is answering the question you should have asked. A pattern of surprise Prescott's willingness to entertain alternatives, to listen to critics, to incorporate the unexpected is deeply characteristic of his work. That flexibility is, in fact, the paradoxical outcome of a rigid research discipline. In setting model parameters, for instance, or reporting research results, “the investigator has no degrees of freedom,” he says. “You have to tie your hands and if there's a deviation from your predictions, you report it. You can speculate on why, but you've got to be totally honest.” Intellectual honesty also means allowing findings to modify, even subvert initial hypotheses. It happens frequently, says Prescott. Much of the work for which he's best known—theories on time inconsistency, real business cycles, the equity premium and growth theory—has been developed in an ongoing process of research and revelation. “When I work out the implications, I'm quite often surprised: The findings change my views quite dramatically,” he says. “When I did the real business cycles work with Finn Kydland, I was certain that monetary shocks were the reason the economy fluctuated with the business cycles. Our findings were just the opposite. When I did some work with Rajnish Mehra on the equity premium puzzle, I was certain that the reason for the high historical difference in the return on equity relative to debt was just a premium for bearing aggregate, nondiversifiable risk. We found it wasn't.” For time inconsistency and the impact of taxes on labor supply, as well, surprise has been an intrinsic part of the process. Future direction As striking as his labor supply findings are—and though many aspects of it remain unresolved—Prescott senses that the big theoretical questions in economic growth lie elsewhere, and he is now turning his attention to them. “I think I've had my say on labor supply,” he concludes. In his Ely lecture, he lays out three sources of economic growth: capital, labor and productivity. The first two are important in understanding why some nations remain poor while others prosper, but the central question, contends Prescott, is what determines productivity? “Given productivity, our macro models are great,” he says. “But we treat it as exogenous. We've got to have a better understanding of mapping between policies and productivity.” In other words, what can governments do to enhance productivity? Prescott's main candidates are efficient financial markets, competition among producers and trading clubs. And currently, the last is his major focus. “What is a trading club?” he asks rhetorically. “Well, first, free movement of goods between the member states. But it's much, much more than that. ...” Prescott continues at length, with a discourse ranging from Toyota factories in Wales to trade among the U.S. states in the 19th century. He speaks quickly, and as he does there is a sense that each research question he asks leads him to a dozen more, each more interesting than the last. He will travel soon to Warsaw and then Bogotá to explore these ideas with other economists and policymakers. “It's going to be fascinating to see what's happening in Poland,” he remarks. In Colombia, “the president is trying to do some good things there, and we have to go down and help out.” He's not a policymaker himself. “I leave that to other people,” he says. “I'm no good at it. My comparative advantage is working out implications of theory.” And in so doing, it seems there is just one constraint: Even for Ed Prescott, a scholar who understands labor supply dynamics as well as anyone on earth, there are only 24 hours in a day. “Time,” observes the economist, “is the most valuable resource.” 1 The two assumptions: (1) that people decide between leisure and consumption based on their relative prices, at the margin, and (2) that in a competitive market, wages are equal to their marginal product of labor. The “key equilibrium relation” also depends on the share of a nation's output due to capital. Top of document Advanced Search Glossary See also: Shrinking a deadweight loss