What requires explaining are the things that created and sustained higher standards of living

"There is nothing automatic about prosperity. Standards of living that we take for granted today have been achieved only within a very minute fraction of the history of the human race, and are by no means the norm among most of the people of the world today. Standards of living far below what we would consider to be poverty have been the norm for untold thousands of years. It is not the origins of poverty which need to be explained, since the human species began in poverty. What requires explaining are the things that created and sustained higher standards of living" (Sowell, Wealth, Poverty and Politics, pp. 1-2). HT to CafeHayak.

Reducing risks has costs

What Williams says about safety applies to pollution (Cafe Hayek, Dec. 2021).

“Free” Sugar Protectionism Is Not As Sweet As It Sounds

"sugar that now costs 19 cents a pound outside America costs us 37 cents a pound" (Galles, AIER, Dec. 2021). 

Another cost of protecting the sugar lobby is are the resources the lobby uses to maintain support in Congress (Cafe Hayek, Dec. 2021).

Covid Is Making Many Offices Obsolete. Here’s What Happens to Them Next

More companies are making remote work permanent, forcing developers to convert old office buildings into warehouses, apartments and other uses (WSJ, Dec. 2021).

It Was a Pretty Good Year in the Car Business—Except for Suppliers

What happens when both demand and supply decrease (WSJ, Dec. 2021)

Kroger Sales Rise as Grocer Benefits From Consumers Eating at Home

Prices, quantities sold, and costs are all increasing at Kroger (WSJ, Dec. 2021). Here are some money quotes.

1. "Kroger Co. KR +0.07% reported strong sales for the latest quarter as consumers continued to opt for eating at home, but said higher supply-chain costs are squeezing its profit.
   
   "The Cincinnati-based grocer said it has more inventory today than a year ago and that it incurred significant supply-chain costs to keep its shelves stocked. At the same time, most products are getting more expensive and the company said consumers are becoming price-sensitive.
2. "The company said it is passing down costs to consumers where possible and is choosing to hold down prices in some areas. It is consulting its historical data to identify which items people are willing to pay up for.
3. "As meat prices remain high, consumers are switching to less costly types of meat or store brands.
4. "grocery sales are higher than they were before the pandemic, as people continue to work remotely and cook more at home."

The article illustrates several concepts.

1. An increase in demand and its impact on price and quantity
2. A decrease in supply and its impact on price and quantity
3. Substitutes, elasticity, and pricing
4. Using data to learn about consumers.

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1. All or Nothing
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4. Costs
5. Rational Actor Paradigm
6. Simple Pricing
7. Social Responsibility
8. Vertical Integration
9. WFH
10. Writing Well

A Splinter In US-Canada Relations

NPR/Planet Money explains how tariffs on lumber increase the price of houses (Dec. 2021). American lumber industry gains but home construction industry and new-home buyers lose.

Mark Perry says to give thanks for "'spontaneous order,' 'self-interest,' and the 'invisible hand of the free market" as you eat your Thanksgiving turkey (Carpe Diem, Nov. 2021). 

Trends in CO2 emissions

 

Note that a good chunk of the decrease in 2020 is a result of the decrease in driving because of lockdowns declared to slow the spread of COVID-19.

Note that the scale on the horizontal axis changes at 0.

Both charts taken from Carpe Diem