The issues are surprisingly similar for a tiny island like Nantucket and a huge state like California. Both are figuring out how to create the marijuana markets that they legalized. Legalizing Recreational Marijuana Last November, Massachusetts and California voted to…
What a Sock Can Teach Us
Manufacturing Socks in a Regional Cluster Helps Firms to Optimize Production
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…
The Power of the T. Rex Market
After a Tyrannosaurus rex named Sue was sold at auction for more than $8 million, the power of the market transformed supply and demand.
How to Make the Invisible Hand Disappear
With shortages of basic necessities, price controls, lack of foreign exchange and rising prices, Venezuela’s inflation rate is soaring.
The World’s First Drone Port
If the first drone airport is built in Rwanda, they will have achieved a transportation infrastructure leap and eliminated the need for expensive roads.
The Maple Syrup Heist
Because the prices in Canada’s maple syrup market are controlled by its strategic reserve, the market resembles a cartel that distorts supply and demand.
What Fake Tusks Tell Us About Real Ivory
Because of the price incentives that the market creates for the African ivory trade supply chain, elephant tusks move from the bush to the coast and beyond.
Why a Hungry Country Might Have Enough Food
Focusing on production and distribution, economists look at the role of markets and of government when they try to determine what causes and ends famines.