Polluter Pays Principle: Where There’s Smoke
Problem Normally, when you make a purchase, you know exactly the cost of what you’re buying. We expect its price to reflect the cost of
Economics
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
Microloans: Kickstarting Entrepreneurship
Background The development of modern communication and transportation technologies has fueled a major shift toward global interconnectedness over the past few decades. The Internet has
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
Choice Overload: Spoiled For Choice
Have You Ever? You’re at a new restaurant with some friends and having a great time. You’ve been so busy talking and catching up that
Social Proof: Following the Crowd
Have You Ever? Can you think of a time you bought something because all your friends seemed to have it? Have you ever wondered how
The IMF: Protector of the World Financial Order?
Introduction Did you know that the combined national debt of every country in the world hovers at approximately sixty-nine trillion dollars? This is a testament
Human Development Index: Quantifying Quality of Life
How Do You Quantify “Quality of Life”? How are you doing, really? Beyond the knee-jerk reaction of “I’m fine, thanks,” if you pause and give
The Federal Reserve and Monetary Policy: All the Money in the Economy
Have You Ever? Imagine a world where money was free-flowing, and there were no rules on how to spend, borrow, or lend it. Sounds kind
Prisoner’s Dilemma: It’s You or Me
Problem Maggie and Lou are found at a crime scene. Given the physical evidence, they’re each looking at about one year in prison. However, the
