econlife on ‘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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    Success

    Aug 3, 10 • 115 Views • Innovation, Labor, Thinking EconomicallyNo Comments

    In a  wonderful NYC Radio Lab podcast about success, Malcolm Gladwell also explains why genius is closely related to love. Recorded at the  92nd Street Y in NYC, writer Malcolm Gladwell and Radio Lab host Robert Shulwich preceded their...

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    Wind Farms

    Aug 2, 10 • 100 Views • Businesses, Environment, Thinking EconomicallyNo Comments

    What if peak wind for your wind farm equals peak demand? Good? Not necessarily. The key is timing. According to a NY Times article, certain wind installations have to “dump energy late at night…” because there is no demand for power at...

  • Government Rules

    Aug 1, 10 • 127 Views • Businesses, Economic Debates, Households, International Trade and Finance, Money and Monetary Policy, Regulation, Thinking EconomicallyNo Comments

    What is a “systemically important” financial institution? 2300 pages of financial regulation do not specifically tell us. Instead,regulatory agencies will have to decide. One study indicated that implementing new Dodd-Frank financial...

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    Kindergarten Matters

    Jul 29, 10 • 106 Views • Macroeconomic Measurement, Thinking EconomicallyNo Comments

    Several months ago, we asked if law school was a good investment. Now we can ask the same question about kindergarten. Saying that adult outcomes count while test scores do not, Harvard economist Raj Chetty and 5 colleagues researched the impact of...

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    Institutionalized Trust

    Jul 24, 10 • 107 Views • Economic History, Economic Thinkers, Macroeconomic Measurement, Thinking EconomicallyNo Comments

    The production path of a pair of Levi’s stonewashed 501 jeans could have started in a Mississippi Delta cotton farm, continued with a North Carolina fabric weaver, and included the Dominican Republic and Haiti for cutting, sewing, and finishing. Then,...