Advanced Concepts 7 min read
Breaking the Brexit impasse: Achieving a fair, legitimate and democratic outcome
The Brexit vote problem How should the country (through a House of Commons vote or even through a second referendum)…
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Bailing out the people: The public cost of excess private debt
The Global Crisis, along with ravaging the world economy, has awoken economists to the dangers of unchecked private debt. Excessive…
Advanced Concepts 4 min read
BBRG: Data Picks Investments, Stories Sell Them
I want to try something as little different today, describing the story behind a column. Almost none of the text…
Advanced Concepts 2 min read
Building Demand
The Foundations of Demand Curves Changes in the price of a good cause the budget constraint to shift, and new…
Advanced Concepts 4 min read
Understanding Consumer Theory
If we think about the indifference curves in a slightly different way, we see that MRS describes marginal benefit. Since…
Advanced Concepts 3 min read
Tariffs
A tariff is defined as a tax on imported goods. The easiest way to show how it works is with…
Advanced Concepts 2 min read
Quantity Controls
We looked at an example of the government regulating prices, and concluded that a deviation from the equilibrium quantity is…
Advanced Concepts 2 min read
Calculating Market Surplus
To find out the impact of government’s price ceiling, we must calculate market surplus before, and after a policy. This…
Advanced Concepts 2 min read
Relative Elasticity
Perfectly Elastic and Perfectly Inelastic To begin the conversation about relative elasticity, it helps to first look at the extremes.…
Advanced Concepts 2 min read
Elasticity and Revenue
Elasticities can be divided into three broad categories: elastic, inelastic, and unitary. An elastic demand is one in which the elasticity is…
Advanced Concepts 2 min read
Quantity Controls
We looked at an example of the government regulating prices, and concluded that a deviation from the equilibrium quantity is…
Advanced Concepts 5 min read
The Consumer and the Market
The consumer, so it is said, is the king. . . each is a voter who uses his money as…