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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    Starbucks and the Clover

    Sep 15, 10 • 343 Views • No Comments

    I just had a Starbucks grande coffee from their $11,000 Clover coffee machine. It was very good. Because the Clover makes individual cups, Starbucks can let the customer choose the bean. More choice, elite beans, and you have a recipe for higher prices....  [read more]

  • Sporting Decisions

    Sep 13, 10 • 280 Views • No Comments

    http://www.nytimes.com/2010/09/08/sports/08stadium.html Why have you heard of Green Bay, Wisconsin? The Green Bay Packers. The location of a sports team and their stadium affects a community. Some say, though, that the affect is negative. New Jersey currently...  [read more]

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    High, Low, or No Cigarette Tax?

    Sep 11, 10 • 345 Views • 9 Comments

    Recently, Connecticut legislators were pleasantly surprised because an increase in the cigarette tax generated more revenue than they expected. You might say that the results were predictable. However, if a state increases taxes, it is possible that consumers...  [read more]

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    Kidney Markets?

    Sep 8, 10 • 653 Views • 3 Comments

    What should we be able to buy and sell? Alcohol? Land? People? Body Parts? In a Teaching Company lecture on organ transplants, Wake Forest economist Robert Whaples says that the answers depend on the market’s boundaries. And, he soon adds, those...  [read more]

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    Bendy Buses and Health Care

    Sep 6, 10 • 321 Views • 2 Comments

    Have you heard of a bendy bus? The bendy bus was supposed to solve Santiago, Chile’s public transit problems. But the story relates to each of us. It all began during 2007 when Santiago decided to replace its private bus system with public transit....  [read more]