Video Game Economics

Sometimes a virtual world can show us some economic reality. Here is the story: There once was a Greek economist who, for many years, happily wrote papers and taught classes, in (he said) his “a…

The US Drought and Pizza

Discussing the impact of this summer’s drought on pizza, Stephen Colbert said, “It is one thing for global warming to make the sea levels rise but nobody told me it could make my cheese le…

The Oreo Centennial

Next year, we can celebrate Oreo’s 100th birthday. First sold in 1912, Oreos have been priced at: 1922: 32 cents/lb. 1934: 27 cents/lb. 1960: 45 cents/lb. 1991: $2.39/lb. 2008: $4.29/18oz. 2011:…

Ben Franklin's Turkey

The bald eagle is our national bird but, according to Ben Franklin, the turkey should have been. In a letter to his daughter, he explains why. “True original natives,” turkeys are American…

Chinese Imports

Are you paying more for your clothing? According to NY Times financial journalist Floyd Norris, women’s shirt prices, dresses, sweaters, all that government statisticians consider female “…

Grade Inflation

Recent research indicates college students are studying less. Between 1961 and 2003, full time college students diminished their study time from 40 to 27 hours a week. And yet, they have been getting …

A Corn Price Surprise

Interesting how real life can imitate economics. You know how corn prices have been soaring? Well, farmers responded just like they read an econ textbook. They increased supply. One tradeoff?  A …

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