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.

  • 15828_8.17_000009980535XSmall

    Utilities Included

    Aug 17, 10 • 104 Views • Demand, Supply, and Markets, Economic Thinkers, Environment, Households, Thinking EconomicallyNo Comments

    In NYC, there are 250,000 housing units that use more electricity than most others. The reason? Buildings without meters for each apartment have leases that say “utilities included”. So, whether tenants use more or less power, the rent is the...

  • 15826_8.16_000013447082XSmall

    Parking Problems

    Aug 16, 10 • 158 Views • Demand, Supply, and Markets, Environment, Thinking EconomicallyNo Comments

    Parking expert Professor Donald Shoup has identified a traffic problem with implicatons far beyond city streets. Essentially he says that cheap city parking is really rather expensive.  Throughout parts of NYC, for example, drivers can select meters that...

  • 15820_5.1_000002830513XSmall

    More About Lines

    Aug 13, 10 • 136 Views • Businesses, Thinking Economically3 Comments

    Next time you are in Starbucks, check how long you stood in line. They care. To save 14 seconds, for example, Starbucks designed a larger ice scoop which baristas could use for one dip instead of 2. Still though, in a “mystery shopper” survey of...

  • queue..line...bank run...15818_8.12_000009783048XSmall

    Waiting In Line

    Aug 12, 10 • 89 Views • Businesses, Developing Economies, Households, Thinking EconomicallyNo Comments

    During August evenings in Nantucket, the lines are long at the Juice Bar. Outside each of two doors is a line stretching along the sidewalk. Once you enter the doors into the shop, you can select among (sort of) 6 lines to get to the counter and order...

  • 15802_4.26_000006278830XSmall

    Who Do You Trust?

    Aug 5, 10 • 81 Views • Businesses, Economic Debates, Economic History, Economic Thinkers, Government, Macroeconomic Measurement, Thinking EconomicallyNo Comments

    Moderated by late show host Johnny Carson, there once was a TV show called “Who Do You Trust?” Initially aired during 1957, the quiz show had husbands (interesting–1950s version would have only husbands making the decision) deciding whether...