Category Archives: Economics

Understanding Supply and Demand Graphs

Posted in Econ 101, Economics, prices | Leave a comment

making sense of the Bible

Don Boudreaux observes that theories are narratives that we tell to make sense of the data. This is true for any discipline: Each semester I teach my freshman students that theories are simply stories that we tell in order to … Continue reading

Posted in Bible, Economics | 3 Comments

why income taxes cannot be targeted

See also:

Posted in Econ 101, Economics | 1 Comment

a first class economist on the minimum wage

An important post on the Minimum Wage debate. Don Bourdreaux posts some blog comments from an anonymous commenter. Excerpts: On possible unintended consequences: (1) Low-skilled workers can be replaced by slightly more-skilled workers once the wage difference between them has … Continue reading

Posted in Econ 101, Economics, Incentives Matter, Price Controls | Leave a comment

why economists are more reliable than doctors on health issues

Russ Roberts and Emily Oster explain exactly why Economists should be the more trusted individuals for health decisions. Roberts also explains why doctors are particularly ill-suited to make health related recommendations. The reason is that doctors generally do not understand … Continue reading

Posted in Econ 101, Economics, Statistics | Leave a comment

professional photographer 2 minutes of hate

April 15 is known as Tax Day in America. Within the professional photography community it is a day of rage. In 1984 terms, it is their Two Minutes of Hate. Up to a third of photography business profits might be … Continue reading

Posted in Econ 101, Economics, Goverment, Incentives Matter, Price Controls, prices, Standard of Living | Leave a comment

tucker on spontaneous order

Jeffery Tucker summarizes organic and spontaneous order: The problem is becoming an anarchist is then you have to defend the idea. Then you have to say, well, you know, a society without an institutionalized and legal font of aggression in … Continue reading

Posted in Economics | Leave a comment

taxi avoidance of regulation

About 14 million people live in Bangkok. The city is a sprawling maze of streets with the traffic density to match. Most residents drive scooters, but plenty of cars are also to be found. Many (a visible estimate of half) … Continue reading

Posted in Econ 101, Economics, Incentives Matter | Leave a comment

price fixing in phuket

Recently I had a chance to visit Phuket, a tourist Island in southern Thailand. Hotels during the off season were priced reasonably, $15 dollars a day for a queen bed and hot shower. But, food and clothing prices seem to … Continue reading

Posted in Economics, Price Controls, prices | Leave a comment

weaknesses of the left

Scott Sumner identifies some weaknesses in left wing thinkers: Weakness #1: Intellectuals on the left go through the following thought process. First they observe a “problem.” Then they declare a “market failure.” Then they consider what sort of government policy … Continue reading

Posted in Economics, Human Nature, Leftists, Science, Women | Leave a comment