Honey, We’re Eating The Kids

Honey, We’re Eating The Kids

  [Click on BLUE links for sources and more information] If you lower the price enough, consumers will buy more of the product.  There are exceptions such as Giffen goods or Veblen goods but they are rare.  It’s known as the law of demand.  This is certainly the case...
How To Choose

How To Choose

  [Click on BLUE links for sources and more information]   Having just gone through an election, I’m reminded of some things I ponder from time to time.     When I studied economics in college, I had the great fortune to meet the Nobel economist Kenneth Arrow.  His...
Reassessment II

Reassessment II

[Click on BLUE links for sources and information]   In our last post TITM defined the economic mindset and pointed out what we think are some defects. This post is a first attempt to outline possible changes that might correct those defects. It is obvious a short blog...
Reassessment

Reassessment

  [Click on BLUE links for sources and information]   Overproduction of growth hormone causes excessive growth. In children, the condition is called gigantism. In adults, it is called acromegaly.  Excessive growth hormone is almost always caused by a noncancerous...
The Goldilocks Life

The Goldilocks Life

  [Click on BLUE links for sources and information]   All work and no play makes Jack a dull boy. All play and no work makes Jack a mere toy. Maria Edgeworth, Harry and Lucy Concluded   What is “just right” when it comes to “how to live”? Sarah Bakewell’s book on...
Bonehead Economics Reboot

Bonehead Economics Reboot

  [Click BLUE links for sources and information]   A year and a half ago TITM posted: Bonehead Economics: Things to Know in the Era of Trompudo. Today, once again, the lack of clear thinking is leading us down a problematic road. The Nobel economist, Joseph Stiglitz,...