Price Dispersement and Bargain Hunting
Economists sometimes talk of the "law of one price," which basically says that when consumers are bargain-hunting between competing firms, the same price will tend to prevail everywhere. After all, any provider who tries to charge more would lose sales.
- 19/02/2019
- 4
Dissecting Long-Run International Productivity Patterns
The overall growth of a country's GDP can be divided into five categories: growth of population, change in employment rate, change in hours worked, "capital deepening" (change in capital per worker), and growth of productivity (here measured by total factor productivity or GDP). Antonin Bergeaud, Gilbert Cette, and Rémy Lecat use this framework to review "Total Factor Productivity in Advanced Countries: A Long-termPerspective," in the Spring 2017 issue of International Productivity Monitor (vol. 32, pp. 6-24).
- 19/02/2019
- 1
Thinking about Pay-What-You-Can Restaurants
The idea of a pay-what-you-can restaurant raises obvious questions. Could it sustain itself? Or would those paying more than face value be swamped by those paying less? Are there ways of running such a venture that might be more sustainable than others?
- 17/02/2019
- 7
Interview with Deidre McCloskey on Economic Growth and Liberal Values
Eric Wallach offers "An Interview with Deidre McCloskey, Distinguished Professor Emerita of Economics and of History, UIC" in The Politic, Yale's undergraduate journal of politics and culture (February 10, 2019). McCloskey is characteristically thought-provoking and quotable. Here are a few comments of her many comments that caught my eye:
- 16/02/2019
- 7
Economics of Medieval Guilds
Guilds played an important role in the economies of Europe from about the 11th century up through the 16th century, and a continuing if less important role up into the 19th century. Sheilagh Ogilvie, the go-to economic historian on this subject, has a new book out called The European Guilds: An Economic Analysis (published by Princeton University Press and of course available on Amazon, too). For a flavor, here are some comments from the opening chapter:
- 14/02/2019
- 2
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