With more austerity resistance to government spending cutbacks, Greece could again be heading for a sovereign debt default and a bailout.
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 the GDP is Much More Than a Number
Seemingly just a statistic, how we calculate the GDP and how it is used can be controversial and affect the lives of millions of people.
Three "Tear-Water" Graphs
The U.S. has had an economic recovery from the Great Recession with sluggish GDP growth, a worrisome output gap and slowly diminishing unemployment.
The Inflated Cost of Car Tires
Because the benefits of the tire tariff are concentrated while its cost is diffuse and invisible, government tend to create this type of regulation.
How the New Panama Canal Affects Us
When larger vessels use a wider, deeper Panama Canal, they will create economies of scale and shift the invisible lines that show worldwide supply chains.
The Invisible People in Your Life
The highly skilled human capital that we ignore is invisible because their behind-the scenes jobs make things work.
Has the Invisible Hand Given You a Nudge Recently?
Encouraging businesses and consumers to interact productively as they pursue their self-interest, Adam Smith’s invisible hand moves a market’s participants.
Why should you care about a tiny grain of sand?
Because commercial globalization needs standardized weights and measures, the mystery of the kilogram prototype getting lighter needs to be solved.
Chart of the Week: The Rare Disease Spending Dilemma
Our Sunday Chart of the Week Since our chart looks at Medicaid spending on rare diseases, we better start with Medicaid. It is complicated. Yes, Medicaid targets the poor and has federal and state funding. However, varying from state to…
Joseph Schumpeter: Economic Models and Eileen Ford
Eileen Ford died this week. An entrepreneur who transformed the business of beauty, Eileen Ford’s talent was pairing a face with a camera. During its earlier years, the women her modeling agency represented included Martha Stewart, Ali MacGraw, Suzy Parker, Candice Bergen, and…