Economic Concepts

Why Import Tariffs are Identical to Export Taxes

Proponents of import tariffs would quickly criticize the imposition of export taxes. But both these policies are basically identical.

Apr 13 •

Book Recommendation – Economic Fables

Ariel Rubinstein's "Economic Fables" is a great, albeit not your typical, introduction to economics and economic thinking.

Mar 31 •

Why Policy Changes Are Often Misjudged – the Lucas Critique

When policies fail to deliver, it is often that the Lucas Critique that wasn't considered.

Feb 2 •

Higher Education – Is It Worth It?

Do the extra years of schooling at college increase people’s skills or is college just an expensive signal? A recent study suggests it’s the former

Dec 10, 2024 •

Holidays and Gift Giving

Gift giving is a contentious topic on economics – is it valuable or a waste of money. The evidence points to the former.

Dec 3, 2024 •

Electoral Issue #2: Why We Demand Bad Policy

Under-appreciating equilibrium effects can result in voters demanding sub-optimal policy.

Sep 23, 2024 •

Economic Brain Teasers

Economic brain teasers can be helpful to understand economic relationships. Using them for ‘gotcha’ type answers, however, is extremely unhelpful.

Aug 20, 2024 •

How We Misinterpret Electoral Polls

Polls are often used as forecasts, when really they should be used as part of a model to forecast.

Aug 4, 2024 •

Can You Handle the Heat

Hot weather can be uncomfortable. But it also noticeably impacts behavior and economic output.

Jul 23, 2024 •

How Economists and Non-Economists Talk Past Each Other

One particular assumption – ceteris paribus (holding all else constant) – is the culprit.

Jun 1, 2024 •

Current Equilibria May Impede Progress

Societies can get stuck in a bad equilibrium without realizing. Getting out of them may require outside intervention.

May 13, 2024 •

Work from Home Will Have a Bigger Impact on the Economy than AI

No, it’s not because AI will have a small impact.

Apr 19, 2024 •

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