Subsidies: Governments Choosing Favorites
Introduction Imagine that you are the owner of a clothing company, United for Clothing. You do pretty good business, but you’re always wary of the
Economic Theory
Inflation and Deflation: More Money, More Problems
Problem Karina meets up with her friends every Sunday at the same cafe, and she always orders the same thing: a small coffee and a
Universal Basic Income: Free Money
The Problem Jim has worked as a truck driver for 20 years. His wife, Erika, left her paying job a few years ago to care
Globalization: International Travels of a T-shirt
Introduction Have you ever wondered how your t-shirt was made? In 2013, NPR followed the production of a T-Shirt, from the lab-made cotton seeds grown
Theory of Optimal Taxation: Making Good Cents
Background Governments need money to operate. It takes money to fix infrastructure, fund welfare programs, and run various projects. Hence the dreaded compulsory contribution to
Marxism: It’s All about Class
Have You Ever? What comes to mind when you think about Marxism, socialism, or communism? Is it the failed regime of dictatorship in the Soviet
Adverse Selection and the Lemons Problem: A Sour Situation
The Problem Imagine that the appearance of all fruit has changed so that they all resemble a gray, fist-sized cube. There’s no way to tell
Schumpeter’s Creative Destruction: Die to Live
Have You Ever? Have you ever played with building brick toys? One day, you might make a fantasy castle. The next, you could tear it
Monopolies: More Than a Game
Background Suppose you want to purchase a specific type of mango that is only grown in a small region in Mexico. There are many mango
Supply and Demand: I Want It, I Got It
Have You Ever? Have you ever wondered about how companies decide on prices for their products? Well, if you’ve ever gone into a dollar store
