Archive | April, 2012

Bubbles

Bubble Ahoy!

Is the economy in for another bubble? We’ve seen the housing bubble pop, and before that we had a tech bubble. These events divide the profession, as every economist has their own pet theory describing bubbles. Economics news hunters seek these bubbles much like Ahab sought Moby Dick; the first to spot the bubble (or…
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crusoe

Money, Exchange, and Robinson Crusoe

Money can be defined as the general medium of exchange, or the most widely traded good. However, it is neither a consumer nor a producer good. Suppose Robinson Crusoe, Friday, and Jackson are all on their island. Crusoe wants a rabbit from Friday’s collection, but he knows that Friday will not accept the fedora that…
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