When previously worthless byproducts like coffee bean husks, chicken paws, and hog snouts became popular, we increased our economic efficiency.…
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.
Why We Needed to Retake the Marshmallow Test
After doing their own version of the marshmallow test, researchers from NYU and UC Irvine told us to look at the value of delayed gratification somewhat differently.…
A Trade Story With a Happy Ending
Looking at airplane manufacturing through Bombardier’s new billion dollar order from Delta, we can see why a multinational supply chain can lower tariffs.…
The FDA’s Label Problem
When their requirements are outdated or illogical, FDA guidelines can create misleading labels for foods like eggs and skim milk.…
The Mystery of the North Korean Economy
Looking at the North Korean economy, economists have to become detectives because the government refuses to share basic statistics.…
The Top Ten Worst Reasons For Not Having Women on Corporate Boards
Looking at a list of the ten worst reasons used to explain women’s absence from corporate boards, we can see why progress has been slow.…
Winning the World Cup
In many ways, a country can become good at football (soccer) and nurture a World Cup winner but it also could get snagged by the “middle income trap.”…
Everything You Need To Know About the Avocado
From needing a new name to making California growers happy, boosting avocado consumption has been about overcoming obstacles.…
Who Will Care About the Starbucks Price Hike?
When coffee drinkers hear that some prices at Starbucks will rise, their response will depend how how elastic their demand is.…
Six Facts We Need To Know About Medicare
Soon to be swamped by the baby boomers, Medicare’s finances are summarized in this year’s report from the trustees that oversee the program’s funding.…