Posts Tagged ‘cost’

  • Thomas Sargent and Cutting the deficit

    Federal Budget: Some Shutdown History

    Oct 2, 13 • 683 Views • No Comments

    “Those who disburse the money are like a saucy boy who knows his grandfather will gratify him, and overturns the sum allowed him at pleasure.” Rep. John Randolph of Virginia, 1806, referring to the executive branch (the saucy boy) and the......  [read more]

  • Decisions Have An Opportunity Cost That Require Tradeoffs

    Opportunity Cost: Google Doodles

    Jun 16, 13 • 891 Views • No Comments

    How could a Google Doodle cost $268 million? For the Les Paul Google Doodle (below), the design and construction, bandwidth, server space–all land, labor, capital–could have totaled close to $15,000. But, let’s add some economic thinking. A......  [read more]

  • To Minimize Hospital Bacterial Infections, People Need to Wash Their Hands

    Negative Externalities: The Unexpected Economics of Hand Washing

    Dec 18, 12 • 540 Views • No Comments

    Sometimes economics can involve a lot more than money. My local hospital is engaged in a hand washing campaign. The problem is that physicians ignore the mandate, even more than nurses and other hospital personnel. Yes, a doctor is busy and a sink might not......  [read more]

  • How much should cities plan for the storm of the century?

    Storm Warnings

    Oct 28, 12 • 348 Views • No Comments

    Some thoughts today about predicting natural disasters. Weeks before 308 people perished in L’Aquila from an earthquake, a government commission proclaimed the chance was slim that a disaster would occur. It did happen and now, the 6 scientists and......  [read more]

  • Singapore's Expensive VW Passats

    Singapore’s Pollution Solution

    Sep 25, 12 • 470 Views • No Comments

    When a country’s economy is ranked the 2nd freest in the world, how do they manage auto congestion and pollution? By auctioning a limited number of vehicle permits, Singapore makes owning a car very expensive. A VW Passat in Singapore could cost as......  [read more]