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you can bid for Paul Samuelson’s Nobel Prize Medal here. Note that at the time of posting the minimum bid required was $495,000. You can read a brief biography of Samuelson on the Nobel site here. You can read the lecture Samuelson delivered on the occasion of being awarded the price here. (Note that the … Continue reading “If You Have Some Cash to Spare ….”
Argentina’s Argentina’s Economy Minister Sergio Massa coming from a meeting in Washington, DC with the International Monetary Fund to discuss the country’s hyperinflation. Photo from the Wall Street Journal. Argentina has been through several periods of hyperinflation during with the price level has increased more than 50 percent per month. The following figure shows the … Continue reading “In the Face of Hyperinflation, Some People in Argentina Don’t Save Currency, They Save … Bricks”
In the Apply the Concept “Trying to Use the Apple Approach to Save J.C. Penney” in Chapter 10, Section 10.4 in both Microeconomics and Economics, we discussed how Ron Johnson had been successful as head of Apple’s retail stores but failed when he was hired as CEO of J. C. Penney. Insights from behavioral economics indicate that Johnson made a mistake … Continue reading “What Caused the Plunge in Sales at Bed Bath & Beyond?”
As we discuss in Microeconomics and Economics, Chapter 5, Section 5.3, carbon dioxide (CO2) emissions contribute to climate change, including the increases in temperatures that have been experienced worldwide. We’ve found that students are interested in seeing U.S. CO2 emissions in a global context. The first of the following figures shows for the years 1960 to 2020, the total … Continue reading “U.S. Carbon Dioxide Emissions in a Global Context”
Will Changes to the Federal Student Loan Program Unintentionally Give Colleges an Incentive to Increase Tuition?
In Chapter 1, Section 1.1, one of our three key economic ideas is that people respond to economic incentives. Government policy can change the economic incentives that people face. Sometimes a government policy can have unintended consequences because it changes economic incentives in a way that policymakers didn’t anticipate. Some economists argue that this was the case with … Continue reading “Will Changes to the Federal Student Loan Program Unintentionally Give Colleges an Incentive to Increase Tuition?”
Glenn Will Be Speaking on Friday, October 14 at a Seminar Sponsored by the Texas Tech Economics Department
Time: Friday, October 14, 1:00 p.m.Location: Red Raider Lounge 119 in the Student Union Building (SUB)
Former Federal Reserve Chair Ben Bernanke (now a Distinguished Fellow in Residence at the Brookings Institution in Washington, DC), Douglas Diamond of the University of Chicago, and Philip Dybvig of Washington University in St. Louis shared the 2022 Nobel Prize in Economics (formally called the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred … Continue reading “Ben Bernanke, Douglas Diamond, and Philip Dybvig Win the Nobel Prize in Economics”
In a blog post at the end of August, we noted that real GDP declined during the first two quarters of 2022. On September 29, the Bureau of Economic Analysis (BEA) slightly revised the real GDP data, but after the revisions the BEA’s estimates still showed real GDP declining during those quarters. A popular definition … Continue reading “A Handy Way to Track Recession Indicators”
Supports: Macroeconomics, Chapter 18, Economics, Chapter 28, and Essentials of Economics, Chapter 19. Between June 2021 and September 2022, the exchange rate between the U.S. dollar and an average of the currencies of the major trading partners of the United States increased by 14 percent. (This movement is shown in the figure above.) An article in the New York … Continue reading “Solved Problem: How Does the Value of the U.S. Dollar Affect the U.S. and World Economies?”
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