Milk prices are going up. And yet, in the US, we are drinking less milk. According to Corey Geiger, managing editor of Hoard’s Dairyman magazine, one reason is oil. Countries in the Middle East with massive oil reserves have to import 90%…
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Venezuela Has Cheap Gas But No Cars
At the official exchange rate, Venezuelans pay 5 cents a gallon for premium gasoline while the real price is closer to one half penny a gallon. The dark purple country at the northern tip of South America (below), Venezuela has the…
B(T)FF… Best Trading Friends Forever
We can say that Mexico believes her top trading partner is the United States because the value of her exports to the US (2013: $370,826,831) added to the value of her imports from the US (2013: $370,746,056) is exceeded by none of her other…
Problems With Grade Deflation
The number of hours we study is down and our grades are up. Between 1961 and 2003, full time college students diminished their study time from 40 to 27 hours a week. And yet, they have been getting higher grades.…
Happy Birthday to a Great Father (of our economy)
When you sing happy birthday to Alexander Hamilton today, please just think of this upward sloping (logarithmic) economic growth line: Today, 257–or maybe 259–years ago (no one is positive) on the Caribbean island of Nevis, Alexander Hamilton was born. Only…
The Cost of Traffic in Fort Lee
Have you ever thought of traffic congestion as a queue? Concerned about congestion on Oscar night, engineers in LA have manipulated traffic to keep the limo queues moving. Before Crash won the Oscar in 2006, street-based observers were calling in with,…
One Reason That Geography Matters
Have you ever looked closely at Japan and the United Kingdom? Described by geographer Jared Diamond in a fascinating podcast, they look remarkably similar. Today Japan and the British Isles are modern industrial societies. Both are north/south archipelagos located in…
Restaurant Economics: How to Make 1500 Meals a Day
At 2 am, converging at the delivery entrance of Balthazar in NY’s SoHo are mussels from New Zealand, russet potatoes from Idaho, steak from the Midwest and chicken breast and bacon from Prince Edward Island while some Little Skookum oysters originated in Washington State.…