Colorado’s marijuana growers and dealers are wasting resources because banks and insurance companies will not act as their financial intermediaries.
Economic Thinkers
Starting with Adam Smith and The Wealth of Nations, continuing to Malthus, Ricardo, Keynes, Hayek, Friedman, Sen and others, the timeless ideas of economic thinkers provide understanding of the contemporary economy.
When You Can Expect to Be Most Creative
Knowing about how and when creative people achieve optimal productivity is important because of the connection between human capital and economic growth.
What Do iPhones and Pencils Have in Common?
Whether looking at the supply chain for a pencil or an iPhone 6, we see globalization because price system incentives create cooperation.
Using Prediction Markets to Catch Match-Fixing at Wimbledon
When supply and demand in tennis match prediction markets created illogical prices, researchers said that 3 matches at Wimbledon might have been fixed.
Solving the Airplane Seat Problem
According to Ronald Coase, if reclining in an airline seat creates a negative externality, both parties can negotiate because the transaction costs are low.
The Path of the Shifting Center of Global Economic Power
Led by Chinese economic growth and other emerging markets, the center of economic gravity is moving eastward from the developed world to Asia.
Argentina's (Long) Default History
With Argentina again defaulting on her sovereign debt, she is violating the sanctity of contracts and lessened her borrowing ability at home and globally.
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.
John Stuart Mill on Affordable Health Care
A child prodigy, 19th century economist John Stuart Mill said in his Autobiography that, “I have no remembrance of the time when I began Greek; I have been told that it was when I was three years old. My earliest…
John Maynard Keynes and the Generational Impact of Entitlements
Before seeing how we are benefiting unequally from entitlement programs like Social Security and Medicare, let’s start with some history. During 1934, with unemployment high and production low, British economist John Maynard Keynes was reported to have crumpled up a pile of…