Economic Ideas

Much more than money, economics is about tradeoffs. Thinking economically involves cost and benefit, marginal analysis and seeing that there is no free lunch. Econlife tries to convey these economic ideas, which serve as the foundation of economics and help people make decisions personally, professionally and as voters.

What We Can Learn From the Richest Billionaires

When we look at an animated history of the Forbes list of the richest billionaires, we also see some economic history.

What We Can Learn From Spain’s Ice Shortage

Spain’s ice shortage reminds us that close to 200 years ago, after we learned that drinks could be chilled, it became a necessity.

Where the Peach Became More Than Fruit

About much more than a piece of fruit, peach history details how the market encouraged an entrepreneur to invent and develop a new product.

How the Pandemic Affected the Birth Rate

Researchers are concerned that the pandemic birth rate could have further pulled down our sinking population Replacement Rate.

What We Now Need to Know About a Child and a Marshmallow

When we compare the analysis of Dr. Mischel’s 1972 marshmallow test and more recent test revisions, we see how a new lens makes a difference.

Where Covid Created the Most Learning Loss

Through what we should call a global learning crisis, worldwide, children’s educational opportunities were reduced by Covid.

When Winning the Lottery is Likely

Looking at 18th century France and 2022, we can see how winning the lottery is not necessarily a low probability event.

A Closer Look at the World’s Top and Bottom Laissez-Faire Countries

Looking closely at the Index of Economic Freedom, we can see where property rights help to boost market activity.

Two More Ways That Stores Boost What We Buy

More than the list we could take to the mall, we are influenced by the shopping nudges that stores use to boost our buying.

What a Traffic Light Can Surprisingly Signal

Called laissez-faire, Adam Smith’s prescription for less government in the economy relates to an island with no traffic lights.