Topic: Economic Education

The Real Reason Fast Food Is So Expensive

– July 1, 2024

“The bottom line is that fast food prices are high because demand for fast food remains high, despite those higher prices.” ~Jon Miltimore

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Stiglitz: When Good Minds Seek Fools’ Favor

– June 19, 2024

“Stiglitz believes ‘education’ should be explicitly designed to attack property rights and to weaken the sense of American exceptionalism, the tradition of classical liberalism.” ~Michael Munger

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Confounding the Case for Oil and Gas Collusion

– June 5, 2024

“Oil is produced and sold in a global market. Even true cartels like OPEC don’t have total control over prices. It comes down to supply and demand.” ~Alexander W. Salter

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Helping Social Security by Helping Yourself

– May 31, 2024

“Not retiring — instead, doing age-appropriate jobs — is at least a partial solution to the prospect of an insolvent Social Security trust fund.” ~Jimmy Alfonso Licon

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When Ideological Bubbles Trump Economic Thinking

– May 17, 2024

“That a Nobel Prize-winning economist can hold these naïve views and fail to use simple economic reasoning should give us pause about how ideology and echo chambers can dull our reasoning.” ~Paul Mueller

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Substitution Effects and Steering-Wheel Daggers

– May 14, 2024

“Because of substitution effects, we should always be aware that outcomes quite different from those that seem most obvious are possible. Mandating greater automobile safety might reduce traffic fatalities. Or it might not.” ~Donald J. Boudreaux

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They Can Afford It!

– May 1, 2024

“Even companies with unusually high net worth cannot, in fact, afford to pay workers more than those workers contribute to the companies’ bottom lines.” ~Donald J. Boudreaux

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Why Even Insiders Underestimate Markets’ Power

– April 23, 2024

“There tend to be more and better substitution possibilities known to both buyers and sellers than we recognize from the outside of those exchange relationships.” ~Gary M. Galles

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Business Schools Undermine Wealth Creation

– April 16, 2024

“Universities promote an obsession with social impact that ignores the vital social impact already accomplished by the realm of private enterprise.” ~Kimberlee Josephson

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Look With Two Is

– April 10, 2024

“Look at institutional arrangements as they actually play out, making the comparison by looking through two Is: information and incentives.” ~Michael Munger

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Dynamic Pricing Puts the “Fast” Back in Fast Food

– March 19, 2024

“By offering lower prices in off-peak hours, Wendy’s would be able to attract more customers overall, thus charging lower prices on average, even if prices during peak periods were higher than what they charge now.” Thomas Savidge and Louis Rouanet

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Commoditizing Excess Capacity

– March 18, 2024

“If all the cars, and apartments, have people using them, and all the tools have people making things with them, we will need far fewer of those things. We have ‘enough’ stuff, it’s just in the closet.” ~Michael Munger

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