Sometimes you need an economist who figures out how to improve Senegal’s sanitation by getting more people to use toilet suckers.
When the price of your French fries increased during the past decade, one reason was a potato cartel that was rather similar to OPEC.
Illustrated by the impact of cheap oil, the natural resource curse hits countries that have disproportionately focused economic activity on one industry.
To grasp world oil markets, we can look at supply and demand for WTI in the U.S. and Brent for the world as price and quality benchmarks.
This week’s everyday economics include competition, oligopoly, marginal cost and benefit, GDP growth, unemployment, supply and demand, OPEC, redistribution.
The power of OPEC as a cartel that controls oil prices through quotas on its members might be a myth.
Faced with rising prices and pressure to increase production what should OPEC (the Organization of Petroleum Exporting Countries) do? They could not agree. Why? Maybe it’s the prisoners’ dilemma. Picture for a moment 2 (guilty) suspects. Questioned by the police,…
“Remember the pistachios,” is a memorable line from a novel by economist Russ Roberts. In the first several pages of The Invisible Heart: An Economic Romance, a teacher says you have been given a room filled 5 feet high with…