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Category Archives: Economic basics

Marginal > Average Marginal and Average Explains Inflation Changes

Marginal and Average Explains Inflation Changes

Posted on December 13, 2022 by Tony Lima

The annualized month-to-month inflation (AMM) and the year over year rate (YOY) are the marginal and average. AMM > YOY, YOY should rise. Continue Reading →

Posted in Economic basics, Economic Data | Tagged average, featured, inflation, marginal

Wall Street Journal Exchange Rate Fail

Posted on September 16, 2022 by Tony Lima

Wall Street Journal exchange rate fail. Ms. Feng thinks an exchange rate change from 7¥/$ to 6.9¥/$ is a ¥depreciation. That’s backwards. Continue Reading →

Posted in Current issues, Economic basics | Tagged appreciation, depreciation, exchange rate, featured, Wall Street Journal fail

Money, Velocity, Levels, and Changes

Posted on June 30, 2022 by Tony Lima

Why did velocity decrease during the pandemic? What was the impact on monetary policy? How is the growth rate of M2 related to its level? Continue Reading →

Posted in Current issues, Economic basics | Tagged change, covid, featured, level, money, velocity
Iowahawk Teaches Econ 1

Iowahawk Teaches Econ 1

Posted on June 10, 2022 by Tony Lima

If you never understood basic economics, David Burge (@IowahawkBlog) has put together a pretty convincing tutorial. Iowahawk teaches econ 1. Continue Reading →

Posted in Economic basics | Tagged basic economics, Burge, daves taco stand, featured.iowahawk

Will There Be a Wine Shortage in 2021?

Posted on November 21, 2021 by Tony Lima

My guess: the global price elasticity for wine is -0.7. If 2021 output falls by 4.6%, the global price should rise by 6.5%. No wine shortage. Continue Reading →

Posted in Economic basics, Economic Data | Tagged elasticity, featured, shortage, wine
Jason Furman on women in the labor force

Jason Furman on the Minimum Wage

Posted on October 11, 2021 by Tony Lima

Dr. Furman makes a basic mistake in the following thread about the minimum wage.  See if you can spot the error. Continue Reading →

Posted in Economic basics | Tagged featured, Furman, minimum wage, normative economics, positive economics

Robert Mundell 1932-2021

Posted on April 16, 2021 by Tony Lima

Robert Mundell passed away over the weekend of April 3. He was 88 years old. We have lost another giant of economics. Continue Reading →

Posted in Economic basics, Remembrances | Tagged factor mobility, featured, Mundell, optimum currency area
Prof. Steven Hamilton The Optimum Quantity of IRS Tax Enforcement

The Optimum Quantity of IRS Tax Enforcement

Posted on March 30, 2021 by Tony Lima

Prof. Hamilton posted a thread on calculating the optimum quantity of IRS tax enforcement. That is less than 100% of potential revenue. Continue Reading →

Posted in Economic basics, Economic policy, tax policy | Tagged featured, optimum enforcement, Steven Hamilton, tax
Complements example: the iPhone fan

Demand Curve Shifts

Posted on September 13, 2020 by Tony Lima

There are many factors that can cause demand curve shifts. I want to focus on two factors: income and the prices of related goods. Continue Reading →

Posted in Economic basics | Tagged complements, demand, demand shifts, featured, inferior, normal, substitutes
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Creative Destruction in Action: Competition for Amazon

Posted on September 7, 2020 by Tony Lima

We are witnessing an example of creative destruction in action: competition for Amazon. Walmart is moving into their territory in a big hurry. Continue Reading →

Posted in Current issues, Economic basics, The Intersection of Economics and Technology | Tagged amazon, creative destruction, featured, Safeway, Schumpeter, walmart

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TARIFF, n. A scale of taxes on imports, designed to protect the domestic producer against the greed of his customers. — Ambrose Bierce

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    • Tired: Market Forces WIRED: Malarkey Forces May 24, 2023
      Tired: Market Forces WIRED: Malarkey Forces. That's the title on the esteemed Scott Lincicome's (@ScottLincicome) latest Twitter rant. Continue Reading →
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      I think volcanos gave California rain and cold weather.  But -- as Dr. McCoy would say -- "Dammit, Jim, I'm an economist not a meteorologist." Continue Reading →
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      Innovation has leaped in hearing aids. FDA deregulation in 2022 could cause the largest market price cuts since airline deregulation in 1980. Continue Reading →
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      Breakfast can be a family event but the (literal) nanny state extends its reach. Governments act like drug dealers giving out free samples. Continue Reading →
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