When the ownership rights of a $3.1 million John Constable painting are unclear, no one can buy or sell, display, or conserve it.…
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.
Diversity in the Recording Studio
Looking at recording industry diversity through the artists, the songwriters, and the producers, we would see an inadequate female presence.…
How to Price a Covid-19 Drug
When pricing Remdesivir, the list of considerations includes total development costs, the cost for each dose, and the benefits that patients receive.…
The Sizzling Price of a Francis Bacon Triptych
Looking at yesterday’s first online auction for very expensive contemporary art, we can ask why the price of a painting exceeded $80 million.…
What Kind of Consumer Are You?
Looking at 18 countries, we would see that the interplay of health and wealth during the coronavirus pandemic has affected consumer behavior.…
How a Pandemic Produces a Misleading GDP
Because of the huge and sometimes inconsistent impact of Covid-19 on the economy, potentially misleading GDP numbers will need a closer look.…
How the Pandemic Affected Peanuts and Butterflies
Very different under normal conditions, peanut butter and butterflies become rather similar during a coronavirus lockdown.…
Why Cheddar Cheese Is Like WTI Crude Oil
A benchmark like WTI, light mild Cheddar cheese prices are determined by commodities markets that responded to pandemic changes in supply and demand.…
When the Line Graph Began
During the 18th century, one man invented the simple kinds of data visualizations that let us remember and grasp the meaning of statistics.…
How the U.S. Mint and a Breath Mint Are Causing Coin Shortages
Hershey’s Breath Saver mints and the U.S. Mint have both contributed to the coin shortages problems that the Federal Reserve is trying to solve.…