Posts Tagged ‘supply’

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    Manufacturing and the Market System

    May 30, 12 • 581 Views • No Comments

    Adam Smith might look at recent increases in manufacturing and say, “The market works.” Here are some stories. One furniture manufacturer decided it could make consumers happier by moving back from China. Yes, it would mean paying a sander $10 an......  [read more]

  • Industries afflicted with Baumol's Disease have slower productivity growth.

    Should Supreme Court Justices Know Economics?

    Apr 1, 12 • 518 Views • No Comments

    Just some thoughts today about economics and the Supreme Court. Listening to Tuesday’s oral arguments,  I became concerned about some economic basics. Markets and insurance were key ideas. However, no one defined a market and insurance was initially......  [read more]

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    The Norwegian Butter Crisis

    Mar 25, 12 • 975 Views • 1 Comment

    Reserves were low, demand was high and prices skyrocketed. No, not oil. Butter. Butter demand surged in Norway several months ago when a low carb high fat diet swept the nation. At the same time, the supply of butter plunged because wet weather diminished the......  [read more]

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    A Top Selling Artist

    Mar 24, 12 • 722 Views • No Comments

    At a Christie’s auction, a painting of a candle by German artist Gerhard Richter sold for $16.5 million. A recent documentary on this 80-year-old artist shows him painting in his studio and attending gallery and museum exhibitions of his work. Neither......  [read more]

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    High and Low Gas Prices

    Mar 16, 12 • 667 Views • No Comments

    Why is the average price of a gallon of regular gasoline in Wyoming close to $3.36 and New York, $4.00? Location and regulation. Wyoming produces oil, it refines it, and, its taxes are among the lowest in the country. Also because of good location and less......  [read more]