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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    Grading North Korea

    Jun 11, 10 • 120 Views • Developing Economies, Thinking EconomicallyNo Comments

    Just like teachers, the writers of the Index of Economic Freedom give grades. Instead of students, though, countries receive their grades after being “tested” on such economic issues as starting a business, tax policy, and private property....

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    Money and Happiness

    Jun 8, 10 • 81 Views • Thinking EconomicallyNo Comments

    Does money buy happiness? A 2006 report from the Pew Research Center said yes and no. If we compare income groups, the answer is yes. Almost 50% of people earning more than $100,000 annually said they were happy. However, as income levels dropped, so too did...

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    Social Contagion

    Jun 6, 10 • 127 Views • Behavioral Economics, Labor, Thinking EconomicallyNo Comments

    If unemployment creates unhappiness, then will people be less unhappy if their friends are also unemployed? According to a recent IMF paper, not only are people less unhappy when they and their friends are unemployed, but also, they then tend to be jobless...

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    Economic Freedom

    May 29, 10 • 111 Views • Developing Economies, Regulation, Thinking EconomicallyNo Comments

    Composed of 179 countries, the Index of Economic Freedom ranks France 64 and the United States 8. At the top of the list, with the more free economies and the lowest numbers, are Hong Kong, Singapore, and Australia while North Korea, Zimbabwe, and Cuba...

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    Costly Legislation

    May 28, 10 • 108 Views • Government, Labor, Macroeconomic Measurement, Thinking EconomicallyNo Comments

    Looking at a recent NY Times article, whose title was, “Cost of Jobs Bill Leaves Some Democrats Leery,” I wondered whether the author realized just how many costs his discussion involved. If passed, the bill would extend jobless pay, provide...