Who benefits from the bar exam?

This article asks whether the benefit of requiring lawyers to pass a State bar examination exceeds the cost (Planet Money, Sept. 2020). Here are some money quotes.

1. "... Gillian Hadfield, a law professor and economist at the University of Toronto, argues there's no evidence that the bar actually protects the public."
2. "'My estimate is well over 80% of Americans who need legal help can't get it because it's too expensive,' Hadfield says. 'And the main reason for that is a crazy regulatory system. The bar exam is part of that.'"
3. "It's kinda like cafe baristas getting control of the coffee market by using the regulatory system to prevent restaurants, Keurig machines and gas stations from providing you coffee."

What happens to price when supply decreases and demand increases?

 

The price of tea has increased (WSJ, Sept 2020).

‘Sustainable’ Investing Is a Self-Defeating Strategy

"The most effective way to reduce an economy’s carbon intensity is to change the economic incentive to pollute" (WSJ,Sept 2020).

Supply and demand in action in the market for lumber

An increase in demand fueled by the busiest year since 2006 for homebuilders has pushed prices for lumber up but the anticipated decrease in building as winter approaches is driving down the futures price (WSJ, Sept 2020).

The role of incentives in the CA fires

Here are three reasons that CA is experiencing horrendous fires. I presume that similar reasons operate in WA and OR. I also recognize that global warming makes fires more likely. In my opinion, global warming increases the importance of using controlled burns to reduce the chances of horrendous fires.

1. Burn bosses don't suffer when they don't order controlled burns, but do suffer when a controlled burn gets out of hand.
2. Public ownership of public lands means that no individual has a strong incentive to maintain the land.
3. Command and control regulations often have unintended consequences and thwart attempts to perform controlled burns. 

Normal goods and inferior goods in the market for groceries

People are buying fewer groceries as their incomes fall due to the coronavirus pandemic and the end of stimulus checks (WSJ Aug 2020). However, more people are shopping at Dollar General and Dollar Tree.

Quiz: Where is the demand for groceries normal, Publix or Dollar General?

Quiz: Where is the demand for groceries inferior, Publix or Dollar General?

What happens to price and quantity when factories shut down for 2 months?

Prices for cars are rising while new vehicle sales are low (WSJ, Sept 2020). Price increases are especially sharp for big cars. How would low interest rates and low gasoline prices affect the relative demand for small and large cars?

Land of the free?

The CDC has banned evictions of tenants earning less than $99,000. The ban overrides mutually agreeable contracts between landlords and tenants and imposes substantial costs on the landlords. I pity the tenant who earns $99,001.