In addition to the human-elephant conflict, China’s wandering herd of elephants takes us to all that they ate.
Our economic news summary ranges from elasticity and a Berkeley soda tax to the minimum wage and the cost of living, to the power of the market and ivory.
This week’s everyday economics includes property rights, trade, creative destruction, entitlements, tradeoffs, conservation, externalities, price, and markets.
Expensive trophy hunting packages demonstrate how the price system gives a value to animals that helps to preserve them.
Pricing ecosystems and the market’s practical and ethical dilemmas take us to Malthusian economics and the difficulty of finding a valid conservation tool.
Chevron said that $40 million was sufficient. Attorneys representing 47 villagers from Ecuador’s rain forest considered $19 billion. And now, we have several court decisions. Our story begins in 1967 when Texaco discovered oil in Ecuador. At first using helicopters…
The year is 2008. Icelandic banks crash. Canadian lobster processors lose their financing. The result? Demand from Canadian processors for Maine’s lobster harvest decreases. Meanwhile, on the supply side, the lobster population is soaring. Conservation rules that established maximum and minimum…