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Monthly Archives: July 2007

Usually, in classes I tell the story of prices rising in the face of shortages being a result of sellers seeing and seizing the opportunity to raise them in shortages.  That is not always the case.   Prices can also rise during shortages when buyers want to guarranty availability for themselves or wish to reduce their time […]

Here is my offering along the lines of my class’s recent essay assignment.   The main assignment was to write an essay, much like my blog posts here, commenting on some news item using analysis we have developed in class.     As you know, Congress has offered subsidies for ethanol production, in an attempt […]

In my class, I tell students that there are two causes of shortages, price controls in a market and bureaucratic or state control of the marketing of a good, where those who control the price have no incentive to raise prices.   Since scarcity is a constant problem of humanity, there is less available of […]

Perhaps, by now, you should have heard of the proposal by economist Roland Fryer that poor children  in New York City and their parents be given financial rewards, money, for good grades in school, for good attendance, making it to parent/teacher conferences and so forth.   I am worried that payment for certain behaviors will […]

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