Creating a run on potato chips, Japan’s potato crisis is a classic supply and demand story that starts in the field and ends in the store.
How the Power of the Market Makes Airline Passengers Happy
When airlines overbook flights, they just need to recognize the power of the market and pay passengers high enough prices (vouchers) for their seats.
The Decline of Laissez-Faire
Perhaps it all began when President Lyndon Johnson called Wilbur Mills, chairman of the House Ways and Means Committee. “Wilbur, I’ve just been looking through the polls here, and I’ve only got a few weaknesses, and the worst of them…
Another Oil Problem
Affecting millions of salads, there is a European and U.K. produce shortage while the supply of Spanish, Italian and Greek olive oil is also down.
The Clash Between a Tiny Bug and a Texas Rancher
When a tiny bug stops a rancher from developing his land, the result is a clash between a government protecting an endangered species and private property.
Adam Smith and Traffic Lights
Located 30 miles from Cape Cod, Massachusetts, the island of Nantucket has no traffic lights. Instead, drivers respond to stop signs, rotaries, and courtesy. More often than not, if a pedestrian, a walker, or a biker needs to cross the…
The Income Inequality That Doesn't Bother Us
When people talk about the top 1%, they are probably not thinking about NY Yankees shortstop Derek Jeter or Seattle’s MLS forward, Clint Dempsey. For 2014, Jeter signed a $12 million contract and Dempsey makes close to $5 million. However, they all take us to income inequality. Using…
The Big Impact of a Little Salamander
The woodland salamander made me think of Adam Smith. In North American forests, wherever it is dark and damp, under a rock or a log, a very hungry salamander could be devouring her daily diet. Eating 20 ants, 2 flies…