Trade Politics of Middle Earth
This may have been more appropriate as an exam question in an earlier age; nevertheless, it is clever - even with the problems with details. (HT to Marginal Revolution)
View ArticleProductivity, Structural Unemployment & Creative Destruction
As we know, cyclical unemployment can become structural if prolonged. And as labor costs rise, there is an incentive for firms to increase the capital/labor ratio rather than hire workers. This can be...
View ArticleDecisions and Analysis
Opportunity cost, cost/benefit and marginal analysis, it's all here.
View ArticleDual Mandate
There is a very good short essay by Dan Altman over at Big Think.It deals with the dual mandate faced by the Federal Reserve. For those of you who are unfamiliar with the term, the Federal Reserve is...
View ArticleVoting, Externalities and an "Invisible" Hand?
I've been too busy lately. I've found some time to read, but precious little to blog. So this is about a week overdue. This article (HT to Marginal Revolution) is really a wealth of opportunity. You...
View ArticleTaxes and Halloween Candy
Here's a funny video (HT Econlog) with a comedian explaining how to use Halloween candy to explain taxes. It's a great visual, although the last line is over the top.
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Behavioral Economics and Tax Cuts
Here is a piece from Bloomberg Businessweek (HT Arts & Letters Daily) on how behavioral economists may have shaped a tax policy. The summary of the research is that the plan didn't work. However,...
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Happiness Can Make You Miserable
Here is a link to a Luann comic strip that offers a chance to really explore choices, trade-offs, opportunity cost and even psychic income.http://www.gocomics.com/luann/2011/11/13
View ArticleRent-seeking 101
Here's an editorial from today's edition of The Wall Street Journal that describes the process simply.
View ArticlePutting Things in Perspective ... Thanksgiving Edition
As we approach year's end and the traditional holiday season, and with the failure of the Supercommittee to achieve anything of substance beyond finger-pointing, here is something courtesy of XKCD to...
View ArticleThe Invisible Hand and Thanksgiving
I suspect many of you are busy today. Our family had our dinner yesterday because one of my sons is working on Thanksgiving Day. But when you get a chance, you might want to review this column by Jeff...
View ArticleTwo Items of Interest
First, I'm a bit late with this, but for those of you who haven't sought it out already, PNC Bank has it's CPI (Christmas Price Index) up and running, showing the price changes in the gifts from the...
View ArticleThe Mark of the Entrepreneur
Which of Schumpeter's five roles of the entrepreneur is/are illustrated here?
View ArticleHoney...I May Have Shrunk the Economy
Actor/writer Rick Moranis has a very amusing piece in the opinion section of today's edition of The Wall Street Journal. What struck me was how good it would be in setting up a discussion of...
View ArticleEconomic Systems and Institutions
First, I know it's been a long time between posts - life isn't always what we want. I frequently come across items that should be brought to your attention. But due to other factors, I have to choose....
View ArticleThe Economics of Valentines Day
You may want to check out these two links (HT to Carpe Diem):http://www.youtube.com/watch?v=kDbcboJwuPchttp://fosslien.com/heart/
View ArticleAbbot and Costello Explain Unemployment
Greg Mankiw posts a great piece from a colleague at the University of Chicago.Generation Gap Alert: I just talked about this with my freshmen at one of the universities where I teach. None of them knew...
View ArticleSometimes the Simplest Answers Are the Best
If you discuss the Chevy Volt with your students, you might want to use this. (HT to Carpe Diem.)
View ArticleNon-Price Determinants of Demand
This is not appropriate for use in high schools. However, those of you who teach at the college or university level may find this helpful. Econgirl at EconomistsDoItWithModels has a great illustration...
View ArticleGains from Trade
Our natural propensity to "truck and barter" as Adam Smith would say:http://www.gocomics.com/frankandernest/2012/04/30(HT to Greg Mankiw)
View ArticleChoice
It's early in the semester and many of us who are teaching principles or survey courses are either just into choice or only recently moved on. Here's a great article from today's edition of The Wall...
View ArticleJames Buchanan (1919 - 2013)
Economist James Buchanan has passed away. Buchanan, along with Gordon Tullock, won the Nobel Prize for Economics in 1986 and is known for his work on public choice theory.You can read his Nobel Prize...
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