Category Archives: Econ 101

krugman loses all grasp of reality

From a recent post by Paul Krugman talking about Unemployment Insurance. As a background, Classical view states that if you pay someone to be unemployed, they will stay unemployed longer than otherwise. Here is Krugman: But if you follow right-wing … Continue reading

Posted in Econ 101, Economics, Labor, Leftists | Leave a comment

walmart and the 15 dollar wage

Peter Schiff is receiving his fair share of death threats these days. His crime: he explained why Walmart cannot pay $15 per hour wages. He explains: Walmart’s profit margins are extremely slim as it is (3%). Their customers want low … Continue reading

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

facts are stubborn things

The one great thing about Obamacare is that it is a beautiful illustration of economics in action. With most things in this world, it is very hard to discern cause and effect from just what is visible. I am reminded … Continue reading

Posted in Econ 101, Economics, Goverment, Price Controls, prices | 3 Comments

recession economics

EconLog posted one of their most informative posts today. Bryan Caplan writes on why wages do not decrease during a recession (i.e. why employers favor layoffs). Markets in everything. It appears that there is an internal business market for equity … Continue reading

Posted in Econ 101, Economics, Human Nature, Labor | Leave a comment

advice from an experienced street preacher

In this video, street preacher Jesse Morrell shares some life lessons from his 10 years of street preaching. Jesse is an expert in dealing with human beings (especially belligerent ones). Although the video is geared towards relations with the police, … Continue reading

Posted in Bible, Calvinism, Econ 101, Economics, Human Nature, Theology | Leave a comment

men and women are different

An oft heard statistic is that for every dollar a man makes, a woman makes .77 cents. The factoid itself is a sharp lesson in bad statistics. It is calculated by taking the “median” female income (not even the average!) … Continue reading

Posted in Econ 101, Economics, Human Nature, Leftists, Statistics, Women | Leave a comment

understanding insurance costs

Pretend you decide to spend a night out eating at Olive Garden. You arrive to find the restaurant filled with 49 other people, all who value and love Olive Garden’s food. But as soon as you sit down, the waiter … Continue reading

Posted in Econ 101, Economics, Goverment, Human Nature, Price Controls | 1 Comment

minimum wage maximum economic ignorance

Huffington Post is it at again. Showing their disdain for science, a new article declares that: The minimum wage debate is a shining example of the left’s vigor and academic prowess. Sadly, that is true. The minimum wage debate is … Continue reading

Posted in Econ 101, Economics, Goverment, Labor, Price Controls, Standard of Living, State Worship | 1 Comment

huffington post is ignorant of history

On Huffington Post, there is a new article titled: “Five Things Christian Fundamentalists Just Don’t Get”. It is approximately the quality and intelligence one would expect from an organization who regularly ignores the entire established science of economics. This particular … Continue reading

Posted in Econ 101, Economics, History, Jesus, Leftists, People, Standard of Living | 1 Comment

deadweight loss

The concept of Deadweight Loss is the concept of mapping the basic economic principle that people respond to incentives. In trade, if the cost of producing an item goes up, forcing an increase in price, the amount bought will decrease … Continue reading

Posted in Econ 101, Economics, Goverment, Price Controls, Taxes | 2 Comments