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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    Institutionalized Trust

    Jul 24, 10 • 109 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,...

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    Animal Emissions

    Jul 15, 10 • 118 Views • Thinking EconomicallyNo Comments

    As most of us know, cow burps add to global warming. According to the NY Times, animal methane emissions account for 10% of Australia’s contribution to greenhouse gasses. The solution? The kangaroo. Like cows, kangaroos are “foregut...

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    “LeBronomics”

    Jul 14, 10 • 107 Views • Thinking EconomicallyNo Comments

    Called “LeBronomics” by NPR’s Planet Money, LeBron James’ decision to go to Miami was about much more than $99 million. Instead, the key issue was “utils”. Whenever economists want to quantify satisfaction, they use the...

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    Everyone Rations

    Jul 12, 10 • 163 Views • Thinking Economically1 Comment

    I am concerned that the word “ration” has a bad reputation. In a recent CBS story about a new Medicare/Medicaid head, and throughout the healthcare reform debate, stories about reputed “rationing” kept popping up. There was no...

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    More About Money and Happiness

    Jul 6, 10 • 111 Views • Behavioral Economics, Households, Thinking Economically2 Comments

    If you want to know whether money relates to happiness, you might first decide what makes you happy. A Gallup World Poll of 136,000 people in 132 countries from 2005-2006 focused on 2 variables: “life satisfaction” and “enjoyment of...