According to the New York Times, corporate America is lifting prices and bragging about bigger profits as consumers open their wallets and spend heartily. Questions What products/services does the article cover? How do these price adjustments affect inflation? What are some of the reasons why consumers are will to pay more? Have you seen changes… Read more »
Posts Tagged: economics
Brave New World: What Will We Lose?
According to this article, there are 9 everyday experiences that we may not see again. Questions: What are these 9 experiences? Are any of these experiences economically essential? Explain. Which experience do you least agree with as being extinct? Why? Which experience would you add to this list? Source: Pincus-Roth, Z. (2020). 9 everyday experiences… Read more »
According to the Washington Post, many small companies tied to the housing market are seeing a slowdown in business, one that’s forecast to continue well into 2020. Questions: How much did the sales of existing homes fall during September? How has the median sales price for a home changed since a year ago? How long… Read more »
What is More Important? Jobs or Happiness?
A Finnish nationwide experiment with basic income has not increased employment among those participating in the two-year trial, but their general well-being seems to have increased. Questions: 1. How much did randomly selected, unemployed people aged 25-58 get in tax-free income each month? (U.S. dollars) 2. What were most people worried about related to any… Read more »
Can the Consumer Resist Company Market Power?
Goolsbee (2018) addresses the convenience factor and why we are too often bumbled into allowing a company the power to monopolize us. Questions: 1. What did researchers Brent Neiman and Joseph Vavra find out about individual purchases grocery and big-box stores? 2. Based on the Neiman and Vavra study, the more specialized the demand, the… Read more »
Ramen Noodles are the new Prison Currency!
At some state prisons, budget cuts have led to a reduction in the caliber and total number of meals that prisoners receive, which means that the practical value of ramen noodles have skyrocketed in their value as contra ban. Questions: 1. According to the article, why don’t prisoners stock up on Ramen, since it commands… Read more »
The Cost Disease
Much of our political debate is fueled by the rise in the cost of healthcare, education, and other necessary services. Interestingly, the new book “The Cost Disease” is based on the work of William Baumol, who as a young economist in the 1960s promoted the idea tagged “Baumol’s Disease,” which explains that our current predicament… Read more »