This week’s everyday economics stories included spillover, externalities, incentive, opportunity cost, sovereign debt, demand and financial intermediaries.
Moving from records to digital, the music industry has undergone creative destruction but the length of a song between 3 and 4 minutes has been the same.
Because startups tend to be small, do not focus on innovation nor growth, they are a less accurate measure of entrepreneurship than self-made billionaires.
Asked about how much market research he did for the iPad, Steve Jobs said, “None. It’s not the consumer’s job to know that they want.” Art Fry could have said the same thing. His story is a good one… But first, where are…
Do you remember those milk mustaches? We first heard “Got Milk?” in 1993. I loved the campaign because, in class, it was the ideal way to illustrate a market that resembled perfect competition. Since firms are small and their products…
During 1989, a computer scientist wrote a memo in which he explained how information could be shared through a computer network. Two years later we had the first web pages and by 1998, one quarter of the US population was using them. Just…
It appears that cows prefer robot milkers. Rather than following a human schedule of pre-dawn mornings and late afternoons, the robots respond to what the cows want. Perhaps 5 or 6 times a day, the cows line up in front…
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