Thinking Economically

Much more than money, economics is about tradeoffs. Thinking economically involves cost and benefit, marginal analysis and seeing that there is no free lunch. Econlife tries to convey the perspective that is the foundation of economics that helps people make decisions personally, professionally and as voters.

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    Economic Insight

    Nov 26, 10 • 392 Views • No Comments

    Have you ever looked at “The 3 Little Pigs” through an economic lens? Referring to the third little pig, Harvard economist Edward Glaeser suggests the fairy tale is about investing wisely. In my econ class, a student used opportunity cost analysis......  [read more]

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    An Economic Story From Plymouth Plantation

    Nov 25, 10 • 568 Views • No Comments

    In 1623, two years after the first Thanksgiving, Governor William Bradford was worried about Plymouth’s food supply. The problem, he concluded, was that people shared whatever they produced. Because “able and fit” young men were expected to......  [read more]

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    Demand, Supply, and College Admissions

    Nov 19, 10 • 478 Views • No Comments

    You might pay $1.50 to get a cup of coffee or $30 for a blouse. But what do students “pay” to get admitted to a college? And, at what “prices” will colleges accept people?  Several researchers developed a supply and demand model......  [read more]

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    Deficit Denial

    Nov 16, 10 • 350 Views • No Comments

    According to 96% of the participants in a CBS News poll on the deficit, “We really don’t care.” Jobs were #1 and health care #2 with the deficit far behind. According to Washington Post reporter Ezra Klein, that is why “the......  [read more]

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    Demand, Supply, and Knee Replacement

    Nov 15, 10 • 401 Views • No Comments

    Hearing about knee replacement surgery from a friend, I soon realized it is about much more than an operation. It involves demand, supply, innovation, and the quality and cost of national medical care. First the facts: For knee replacement surgery, patients......  [read more]