The introduction of just one small MetroCard transformed NYC by lowering the transaction costs for traveling to work and friends in different boroughs.
This week’s economic news summary includes the transactions costs of new medical diagnostic codes, the personal and macro impact of the student loan crisis.
The behavioral economics ideas from our everyday economics are confirmation, expectations and projection bias, frames, temporal discounting and sunk costs.
This week’s everyday economics involved 6 economists and such ideas as product differentiation, behavioral economics, marginal utility, price and trade.
Like a dysfunctional family with members who dislike each other, the EU stays together because of the benefits of David Ricardo’s comparative advantage.
The expense and complexities of switching to the metric system have prevented the change, and have affected how standard weights and measures help globalization.
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.
