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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    The Significance of the Frisbee

    Feb 22, 10 • 95 Views • Thinking EconomicallyNo Comments

    Last week, just after listening to the Schumpeter lecture from Dr. Timothy Taylor in a (very good) Teaching Company course on the history of economic thought, I read in the N.Y. Times that the inventor of the Frisbee had died. Joseph Schumpeter focused on the...

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    The Doomsters or the Boomsters?

    Feb 21, 10 • 140 Views • Thinking EconomicallyNo Comments

    Thirty years ago, an environmentalist and a business professor made a bet. In The Population Bomb (1968), Paul Ehrlich predicted global ecological calamity. Saying that free markets would solve environmental problems, Julian Simon, a University of Maryland...

  • Deficit D

    Feb 20, 10 • 82 Views • Thinking EconomicallyNo Comments

    2010Facing a $1.6 trillion deficit, President Obama creates the National Commission on Fiscal Responsibility and Reform. 1993:Facing a $260 billion deficit, President Clinton appoints a Bipartisan Commission on Entitlement and Tax Reform.The...

  • Impossible But Funny Congressional Testimony

    Feb 19, 10 • 109 Views • Thinking EconomicallyNo Comments

    You might enjoy looking at the Onion’s parody of Ben Bernanke’s congressional testimony. It never can or will happen this way. And yet, while the testimony is fictitious, the statements about money are based on its actual definition. The article...

  • Is Law School A Good Investment?

    Feb 18, 10 • 91 Views • Thinking EconomicallyNo Comments

    Looking at a paper by law school professor Herwig Schlunk reminded me that attending law school is similar to inventing a new machine. Both require an initial investment, both take several years to complete, and both will generate a private and social return....