Even crows respond to incentives

This post describes how someone trained crows to bring back money. 

What can New Harmony tell us about Economic Systems

This post describes the history of success of market systems relative to socialism" in New Harmony and its related communes. It also reports why Jews abandoned kibbutzim. 

Bernie Sanders's plan for national rent control

This opinion in the WSJ (Sept. 2019) analyzes the predicted effects of a national rent control policy. It contains lots of information from past studies to support its predictions. One prediction is that people will engage in more lobbying to enhance their ability to earn profit. 

Is the demand for prescription drugs elastic or inelastic?

An article in the WSJ (Sept. 2019) reports that drug companies fear that proposals to reduce the prices of drugs => lower sales revenue. What do we know about the demands they face if a decrease in price => a decrease in total revenue? Are the demands for prescription drugs elastic or inelastic?

How to Cut Emissions without Wrecking the Economy

This opinion in the WSJ (Sept. 2019) advocates for imposing a tax on carbon and returning the proceeds to the American people as a carbon dividend. The author describes a plan that he predicts would cut carbon emissions in 1/2 by 2035.

Supply and Demand at Work

This story from the WSJ (Sept. 2019) reports that crude oil prices increases about 8% when drone strikes reduces the quantity supplied by about 5%. 

1. What is the implied (short-run) elasticity of demand? 
2. Why might demand be more inelastic than the estimate? Hint: Saudi Arabia is apparently promising to tap into its reserves to keep meeting customer demand. And Trump said he authorized the US to dip into reserves of its own if needed to keep markets "well-supplied." 
3. Why might demand be more elastic than the estimate? Hint: How much do traders think supplies will decrease in future drone strikes?

Why would McDonald's buy an AI company?

This story in by CNN reports that McDonald'sis buying tech companies to help it automate. Might demand for AI and tech be driven, at least in part, to finds alternative to labor as higher minimum wages push up labor costrs?

Is restricting the number of self-check lines a proper role of government?

This opinion in the WSJ (Sept. 2019) describes efforts by AFL-CIO to get an initiative on the ballot to limit the number of self-check lines in grocery stores.  The opinion says increases in the minimum wage there have => more use of automation and self-checking.

Data on Salaries and Employment Rates, by Major

Here is more evidence that economics majors fare well in the job market. Bankrate ranked 162 majors in 2019 based on median income, unemployment rates, and percentage with advanced degrees. The table below contains what they said about economics and some of its competitors. I also include the lowest rated major for comparison.
                                                                        % with 
                                            Median    Unem. Advanced
Rank Major                         Income    Rate    Degree
23     Finance                      $75,000   2.9%   29%
33     Information Systems  $75,000   3.3%   29%
38     Business Economics $68,000   2.7%   29%
43     Economics                 $74,000   3.4%   43%
44     Accounting                 $63,000   2.5%   29%
64     Marketing and            $55,000   2.7%   17%
         Market Research
67     Business                    $58,000    3.2%   24%
         Management And 
         Administration
73     International               $55,000   2.7%   32%
         Business
77     Human Resources     $55,000   3.3%   30%
         And Personnel 
         Management 
140   Psychology                 $45,000   3.1%   47% 
162   Drama and Theater    $35,000   5.2%   26%
         Arts 

My first piece of advice for choosing a major is, "Find something you love and excel in it". My second piece of advice is, "If you love two subjects, choose the one with better job prospects".

Evidence that rent controls reduce the quantity supplied

Click below to read article.