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.
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Our Weekly Roundup: From the Invisible Hand to Invisible People
Today’s weekly roundup includes the everyday economics of invisibles like the cost of tariffs, the market, certain jobs, measures and the impact of a canal.
Our Weekly Roundup: From Traffic Lights to Sneakers, Everyday Economics Explained by 5 Great Economists
Our Econlife roundup for the week 7.14.14 An island without traffic lights displays the benefits of Adam Smith’s laissez-faire…more 7.15.14 Why David Ricardo would approve of where your sneakers were made…more 7.16.14 John Maynard Keynes could say why you’ll get less Social…
Our Weekly Roundup: From Cupcake Bubbles to Indian Villages
An Econlife roundup for the week 7.06.14 The tough part of cutting federal spending…more 7.07.14 When a village in India got a new road, surprising economic changes quickly unfolded…more 7.08.14 Who ever thought that a reclining chair could resuscitate…
The Difference Between India's Stories and Statistics
There is a village in Southern India called Kadapakkam. It had been a home to farmers and fishermen whose thatched huts had no running water and no electrical appliances. At traditional tea shops located at the side of the local, narrow and potholed road, you could meet a friend. One 62…
Our Weekly Roundup: From Prop 8 to Alexander Hamilton
An Econlife roundup for the week This week same-sex marriage and human capital, natural gas and opportunity cost were some of the ways we connected everyday life with economics. 06.30.14 The battle against Prop 8 was about more than validating same-sex marriage…more…
Celebrating Economic Independence
Yes, the United States declared independence from Great Britain on July 4, 1776 and won the American Revolutionary War. But still, we were not truly independent. George Washington’s Secretary of the Treasury Alexander Hamilton knew that true independence required a vibrant economy. He had…
Monty Python World Cup: German vs. Greek Philosophers
Here is the line-up for the Monty Python World Cup soccer match between German and Greek philosophers: And the actual match: With Greece’s odds 125/1 for winning World Cup 2014 and Germany’s 4/1, it is highly unlikely that they will oppose each other this…
If Milk is Good For Us, Why Are We Drinking Less?
Do you remember those milk mustaches? We first heard “Got Milk?” in 1993. I loved the campaign because, in class, it was the ideal way to illustrate a market that resembled perfect competition. Since firms are small and their products…
Six Facts About Australia From The "World Cup of Everything Else"
In a long list of categories that they called, “The World Cup of Everything Else,” WSJ created brackets from the 32 World Cup teams and determined the winners. In 6 areas, Australia was #1 or #2: For life expectancy, Australia comes in…