When “pay what you want” is used to determine restaurant prices, it creates incentives for consumers on the demand side that typically eliminates profit.
For complementary goods and services like cheese and chips, peanut butter and jelly or weddings and bridal gowns, their demand rises and falls together.
Basing their decision on the Takings Clause of the Fifth Amendment, the Supreme Court said the USDA raisin reserve could not longer seize farmers’ raisins.
Rather than the market system, several doctor suggest that cancer drugs can be priced using variables based on value that include toxicity and efficacy.
Our everyday economics includes externalities, branding, monopolistic competition, sovereign debt, game theory, elasticity, taxes, markets and the glass ceiling.
econlife®
Connecting economics with everyday life.
Located at the intersection of current events, history, and economics, econlife® slices away all of the layers that make economics boring and complex. We like economics and we would like for you to like it too.
