Alfred Marshall, a towering figure in the field of economics, profoundly influenced modern economic thought, particularly with his theory of supply and demand. Born in 1842 in London, Marshall’s contributions extended beyond theories; he played a pivotal role in establishing economics as a respected academic discipline. Early Life and Academic Journey Marshall’s journey into economics…
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The Auction: A Real-World Lesson in Willingness to Pay
Dr. Johnson is known for his engaging teaching methods. To illustrate the concept of willingness to pay and eBay auctions to his economics students, he devised a real-life experiment. Dr. Johnson found a unique item in his attic: an old, beautifully crafted chess set that he had acquired many years ago at a flea market…
Markets Exist for Everyone: Catering to Furry Consumers
The pet industry in the United States, and globally, is a fascinating example of market expansion and consumer behavior. With over 80 million dogs and 90 million cats in the U.S. alone, the sector has evolved to cater not just to the basic needs of these animals, but also to a more nuanced understanding of…
“Made in USA” Sneakers: The Economics of Shoe Production and Global Trade
The issue of “Made in USA” sneakers and their pricing brings to light a fascinating aspect of economic history and global trade dynamics. Over the past 30 years, the footwear industry has undergone significant transformations, influenced by globalization, technological advancements, and changing labor markets. Inflation and Consumer Goods Pricing Inflation typically causes a general rise…
Underwater Cities and Land Reclamation: The Future of Urban Expansion
The concept of underwater cities, once a staple of science fiction, is inching closer to reality, as evidenced by a team of Japanese engineers who envision such cities by 2035. Their proposal hinges on the innovative use of ocean thermal energy conversion (OTEC), a technology that leverages the temperature differential between warmer surface water and…
Ironbridge: The Catalyst of the Industrial Revolution
Ironbridge, a small town in Shropshire, England, played a pivotal role in the Industrial Revolution, marking a transition from traditional hand production methods to machine-based manufacturing. This transformation began with a fundamental change in the production and use of iron, a metal that would become the backbone of industrialization. Innovations in Iron Production Before the…
Phyllis Wallace: A Trailblazer for Gender and Racial Equality in Economics
Phyllis Wallace’s remarkable journey in the world of economics and her relentless advocacy for gender and racial equality make her a significant figure in the history of economic thought and social activism. Early Life and Education Born in 1921, Phyllis Wallace grew up in a time when segregation was a harsh reality in the United…
How to Make a $1500 Sandwich in Only 6 Month
The YouTube series “How To Make Everything” presents an intriguing challenge where the host takes on the task of creating everyday items entirely from scratch. In one episode, they spend six months and $1500 to make a sandwich, including tasks like growing vegetables, making salt from ocean water, milking a cow for cheese, grinding flour,…
What is economics? [American Economic Association]
The American Economics Association (AEA) features two informative videos on their website, titled “What is a common myth about economics?” and “A career in Economics…it’s much more than you think.” These videos are designed to provide insights into the field of economics, debunking common misconceptions and highlighting the diverse career opportunities in economics. Unfortunately, I…
The Experiment That Taught Monkeys How to Use Money | Freakonomics
Decoding Economic Behavior in Capuchin Monkeys: Keith Chen’s Yale Experiment Story: Keith Chen, a Yale University economist, set out to uncover the roots of economic behavior in a species far removed from humans: capuchin monkeys. His groundbreaking study provided insights into how these primates understand and respond to economic incentives and exhibit rational decision-making. The…