Because we tend to abuse and overuse publicly shared resources, the result is a tragedy of the commons that includes China’s air pollution.
The Difference That a Sticker Makes
Because “I Voted” stickers indicate voting is a social norm, like paying taxes or saving electricity, people are more likely to act like their neighbors.
The Policy that 600 Economists Support and 500 Oppose
A controversial policy that dates back to 1938, the nominal federal minimum wage has increased from $.25 to $7.25 and is higher in many states and cities.
Our Weekly Roundup: From Being Cool to Being a Wise Investor
This week’s everyday economics stories included spillover, externalities, incentive, opportunity cost, sovereign debt, demand and financial intermediaries.
Four Ways to Understand Marijuana Demand
With an increasing number of states legalizing marijuana, demand is shifting because of changes in utility, complementary products and the number of buyers.
One Woman’s Response To Uber
Whether looking at a woman who needs close to $360 to pay her rent or a railroad that needs to be built, financial intermediaries are an economic necessity.
Some Warren Buffett Investing Wisdom
Guilty of probability neglect, we should listen to Warren Buffett’s advice on investing and use cost/benefit analysis whenever emotions overwhelm logic.
The Benefits of Perpetual Federal Debt
Very long term federal debt that has no date for redemption like UK First World War bonds and U.S. Revolutionary War debt depend on good public credit.
The Unintended Consequences of Daylight Saving Time
We should cancel daylight saving time because studies show that the opportunity cost of energy use has changed since Ben Franklin suggested “early to rise.”
What It Means to be Cool
As a technological innovation, air conditioning led to a ripple of positive externalities. Affecting how we live and work, it had private and social return.
