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…
Writing about the record number of Americans purportedly living in poverty, Think Progress blogger Travis Waldron makes a huge economic error when considering the effects of government “safety net programs”. See his quote below:
“The number of workers in poverty would be even higher were it not for government safety net programs that have reduced…
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…