Plain Sense Economics

On the first day of my principles of econ class we talk about scarce resources, and how the pursuit and use of them drives important personal and political decisions. Natural resources are a good example of scarce resources at a country level.
Yesterday’s article in The New York Times reminds us just how important these resources [...]

In my summer Principles of Macroeconomics class we’ve been discussing the reasons why China has surged to be such a strong economic power.
In an article in The New York Times, Turkey is described as another surprising country showing remarkable growth.
Today, Turkey is a fast-rising economic power, with a core of internationally competitive companies [...]

A recent news article announced the discovery of significant mineral deposits in Afghanistan.
The United States has discovered nearly $1 trillion in untapped mineral deposits in Afghanistan, far beyond any previously known reserves and enough to fundamentally alter the Afghan economy and perhaps the Afghan war itself, according to senior American government [...]

This is why economists sometimes have a bad reputation (in addition to forecasting 9 of the last 5 recessions…) This op-ed piece in the Boston Globe poses a question on whether sellers should raise prices in times of acute demand – i.e. price gouging. The straight up economic answer is that gouging should be allowed. [...]

This article from The Economist describes a not-quite-a-market for agricultural water uses in California.
Farmers like Mr Errotabere have begun to use water more efficiently, dripping it through perforated hoses rather than flooding fields. There is a growing market in water trades between farmers. Most important, the state has set up a water bank. Farmers north [...]