• No Need For Psychiatry; Just Ask Dr. Economist

    Jan 8 • Thinking Economically • 170 Views

    In today’s Notes post, the link is to Dear Economist, written by Tim Harford for the Financial Times. Using economic ideas to provide answers about love and life, he proves that economics is about so much more than money. Opportunity cost can provide an answer to a study time dilemma, our demand elasticity will influence whether we purchase a sale item, and marginal utility can help us with diets and significant others. And this is only the beginning.

    http://timharford.com/articles/deareconomist/

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  • The Significance of a Big Mac

    Jan 7 • Thinking Economically • 169 Views

    Listening to Part 1 of

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  • Adam Smith and a Physician’s Pay

    Jan 6 • Thinking Economically • 264 Views

    Pondering healthcare reform again, I came across this comment from Adam Smith, 1776, WEALTH OF NATIONS:

    22] We trust our health to the physician: our fortune and sometimes our life and reputation to the lawyer and attorney. Such confidence could not safely be reposed in people of a very mean or low condition. Their reward must be such, therefore, as may give them that rank in the society which so important a trust requires. The long time and the great expense which must be laid out in their education, when combined with this circumstance, necessarily enhance still further the price of their labour.
    (Book 1, Chapter 10)

    In our Econlife note for December 22, 2009, Uwe E. Reinhardt (Princeton economics professor) discusses doctor pay.
    http://economix.blogs.nytimes.com/2009/07/17/what-is-a-just-physician-income/
    You might also look at:
    http://economix.blogs.nytimes.com/2008/11/14/do-doctors-salaries-drive-up-health-care-costs/
    and

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  • A Rule to Remember?

    Jan 5 • Thinking Economically • 316 Views

    Resembling the disagreement between Paul Krugman and Greg Mankiw on healthcare reform, the debate surrounding the Taylor rule has become somewhat spirited. Yesterday, Ben Bernanke even focused on it during a section of his talk to the American Economic Association.
    http://www.federalreserve.gov/newsevents/speech/bernanke20100103a.htm

    As explained by John Taylor (Stanford and the Hoover Institute)

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  • Econ Humor

    Jan 4 • Thinking Economically • 257 Views

    From Dave Barry in the Washington Post:
    “It was a year of Hope — at first in the sense
    of ‘I feel hopeful!’ and later in the sense of ‘I hope this year ends soon!'”

    “It was also a year of Change, especially in Washington, where the tired old hacks of yesteryear finally yielded the reins of power to a group of fresh, young, idealistic, new-idea outsiders such as Nancy Pelosi…”
    More at…
    http://www.washingtonpost.com/wp-dyn/content/article/2009/12/18/AR2009121802219.html

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