For the next bite of a doughnut or the next try at a pumpkin slingshot, economist Alfred Marshall’s marginal analysis helps you decide whether to say yes.
This week’s economic news summary includes the diner’s dilemma and marginal analysis, property rights in outer space, the Phillip’s Curve and unemployment.
Like the tragedy of the commons, splitting a bill among friends at a restaurant involves an individual’s marginal benefit and the group’s marginal cost.
Posts Roundup Sunday 10.11.15 Why we stick with a brand…more Monday 10.12.15 The many meanings of the minimum wage…more Tuesday 10.13.15 How a drone port solves road problems…more Wednesday 10.14.15 Development surprises from a new Nobel winner…more Thursday 10.15.15 Finding disappearing jobs…more…
Phasing in a no-tipping policy, Danny Meyer will eliminate tipping decisions, raise prices, change server pay and increase what the kitchen staff earns.
Our everyday economics includes wages, externalities, productivity, income, tradeoff, taxes, fiscal policy, gender, human capital and comparative advantage.
A minimum wage hike causes labor intensive fast food restaurants to exit the market, capital intensive restaurants to enter and the number of jobs to drop.
Our Posts Roundup Sunday 3.01.15 Handy notes from Warren Buffett…more Monday 3.02.15 The basics of Greek tax evasion…more Tuesday 3.03.15 Insight about airline queues…more Wednesday 3.04.15 Why we subsidize Brazilian farmers…more Thursday 3.05.15 What an ATM can teach us…more …
econlife®
Connecting economics with everyday life.
Located at the intersection of current events, history, and economics, econlife® slices away all of the layers that make economics boring and complex. We like economics and we would like for you to like it too.
