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About Economics (Mike Moffatt)
Deflation
About Economics
September 29, 2005, 12:14 pm
Given the rising price of crude oil and gasoline, it appears that the United States does not have
to worry about deflation for the forseeable future. To learn more about deflation, please see
"What is Deflation and How Can it...
Arbitrage
About Economics
September 29, 2005, 12:14 pm
Everybody wants money for free, which is why the concept of "arbitrage" is so popular to
people. To learn more about arbitrage and opportunities for risk free money, check out "What
is Arbitrage?"...
Legalizing Marijuana
About Economics
September 29, 2005, 12:14 pm
A popular term paper topic for economics students is the economics of marijuana legalization.
If you're interested in that topic, here's a few links to help you get started: Should
Governments Legalize and Tax Marijuana Time to Legalize Marijuana? -...
The FairTax Offers Choice
About Economics
September 29, 2005, 12:14 pm
Here's a letter on the FairTax you may be interested in - it's by a reader who is for the
proposal: "The FairTax Offers Choice" Look for a review of the The FairTax Book, which is
coming soon....
FairTax Commentary
About Economics
September 29, 2005, 12:14 pm
Another letter on the FairTax proposal "FairTax Commentary" Look for a review of the The
FairTax Book, which is coming soon....
The Softwood Lumber Dispute
About Economics
September 29, 2005, 10:14 am
It's the economic issue that will not go away. To learn more about the 20+ year old dispute
between Canada and the United States see "The Softwood Lumber Dispute"....
Purchasing Power Parity
About Economics
September 29, 2005, 10:14 am
A student asks: "I am currently taking an economics class and we are now discussing
purchasing power parity. I am lost, could you help me out?" Of course! See "A Beginner's
Guide to Purchasing Power Parity"....
What is Economics?
About Economics
September 29, 2005, 10:14 am
You'd be surprised how many people enroll in an economics course without really knowing
what economics is. When I ask non-economists what economics is, many of them shrug and
say "it's about money and the stock market and stuff like...
Elasticity
About Economics
September 29, 2005, 10:14 am
A common topic in intro microeconomics is that of price elasticity. Students often struggle
with it, so I've created "A Beginner's Guide to Elasticity". I hope it helps!...
Economic Efficiency
About Economics
September 22, 2005, 4:14 pm
The students are back and asking me all kinds of questions. One I've received recently is
"What does Economic Efficiency mean?" Click on the article, and you'll find out! Also, be
sure to see some questions I've answered in the...
Labor Force Participation Rate
About Economics
September 22, 2005, 4:14 pm
Another day, another question. Today's is "What is the Labor Force Participation Rate?" Be
sure to check out some of the other questions that have been answered on the site, such as:
What are Interest Rates? What is International Economics?...
Opportunity Costs
About Economics
September 22, 2005, 4:14 pm
The question we answer today is "What are Opportunity Costs?" Be sure to see past questions
we've answered such as: What is Inflation? What is Real Analysis?...
Current Account
About Economics
September 15, 2005, 12:14 pm
The students are back and asking me all kinds of questions. One I've received recently is
"What is the Current Account"? Click on the article, and you'll find out! Also, be sure to see
some questions I've answered in the...
Commodities
About Economics
September 15, 2005, 12:14 pm
The question we answer today is "What is a Commodity?" Be sure to see past questions we've
answered such as: What is the Business Cycle? What are the Various Subfields of
Economics?...
Capital Markets
About Economics
September 15, 2005, 12:14 pm
Another day, another question. Today's is "What are Capital Markets?" Be sure to check out
some of the other questions that have been answered on the site, such as: What are Game
Theory and Bargaining Theory? What is Experimental Economics?...
Hurricane Katrina
About Economics
September 8, 2005, 12:14 pm
I've been reading a lot of newspaper items, blogs, and press releases about the impact
Hurricane Katrina is likely to have on the economy. Here are two press releases I've read
recently that provided some insights: AGC Economist Ken Simonson...
The Oil Supply
About Economics
September 8, 2005, 12:14 pm
I've been flooded with responses to the article We Will Never Run Out of Oil over the last
few days. Here's a sampling of the better ones: One Response to "We Will Never Run out of
Oil" (about calculating oil...
The FairTax Proposal
About Economics
September 1, 2005, 12:14 pm
Judging by both the quantity and the tone of the e-mails I've been receiving this month, I think
I've become enemy #1 of the FairTax community since myMay 2003 article "FairTax Income Taxes vs. Sales Taxes is not completely...
The Oil Supply
About Economics
September 1, 2005, 12:14 pm
Where I live the price at the gas pump jumped 25% over a single day due to Hurricane
Katrina shutting down oil refineries. This has sparked an interest in the oil supply and oil
economics. If you're interested in those...
Welcome Economics Students!
About Economics
September 1, 2005, 12:14 pm
It's that time of year again where students are heading to college and trying to figure out
which courses they would like to take. Those of you who are considering taking economics
for the first time will be interested in...
The FairTax
About Economics
August 25, 2005, 12:14 pm
I've been getting a metric ton of e-mails lately about the FairTax since the recent release of a
book on the subject. I've been enjoying all of your e-mails, even the ones where I get called an
idiot. Here are...
Why Does a Stock Go Down in Price When There is a Big Sell Off?
About Economics
August 25, 2005, 12:14 pm
A reader asks: "Why does a stock go down in price when there is a big sell off or any selling
for that matter? Meaning doesn't there have to be a buyer when there are sellers? So if people
are...
Help Wanted
About Economics
August 24, 2005, 10:14 pm
I recently received the following e-mail: I am just starting to educate myself about investing.
Upon recently finding these website I printed out the 4 investment lessons for beginners. But I
thought that before lessons on investing in the market...
Can We Expect $100 Barrels of Oil in 2006? - Oil Futures Say No
About Economics
August 18, 2005, 2:14 pm
There has been a great deal of discussion about the price of crude oil reaching new heights in
2006. If this is true, then why is it not being reflected in crude oil futures? We discuss this in
"Can We...
FairTax
About Economics
August 18, 2005, 12:14 pm
This is the article that generates more e-mail than any other. In "FairTax - Income Taxes vs.
Sales Taxes we examine the controversial "FairTax" proposal....
Cheap Economics Textbooks
About Economics
August 16, 2005, 10:14 pm
The price of economics textbooks is absolutely outrageous, so I try to buy used whenever I
can. Alibris is a great place to get very cheap used textbooks. Here's a few commonly used
ones: Price Theory and Applications - Landsburg...
Exchange Rate Base
About Economics
August 11, 2005, 10:14 am
A student recently asked: "I want to be able to read exchange rate charts. I read "A Beginner's
Guide to Exchange Rates and the Foreign Exchange Market" and I understand the lemons and
oranges, but I am missing the base."...
The Winner's Curse
About Economics
August 11, 2005, 10:14 am
In "The Winner's Curse - Oil Field Economics and Baseball" David Marasco examines why
so many baseball free-agent signings end up being flops....
Grad School Rankings
About Economics
August 11, 2005, 10:14 am
A student asks: "I was wondering whether you would have information about how to choose a
good PhD programme in Economics both in the US and in international locations. For
starters, do you have any information on rankings, aside from...
Freer Trade
About Economics
August 4, 2005, 12:14 pm
In "Does Freer Trade Mean Lower Environmental Standards?" Nathan Johnson examines the
link between free trade, globalization, and environmental standards....
Oregon's Mileage Tax: A Truly Bad Idea
About Economics
August 4, 2005, 12:14 pm
A few months ago I wrote that Oregon's proposed mileage tax was a truly bad idea. Despite
many letters for and against that position, I still stand by the article "Oregon's Mileage Tax: A
Truly Bad Idea"....
Real GDP
About Economics
August 4, 2005, 12:14 pm
One of the most frequently asked questions I recieve is "What's the Difference Between
Nominal and Real?". Click on the link for my answer!...
Sports Economics
About Economics
August 4, 2005, 12:14 pm
There are all kinds of fun and interesting articles in our "Sports Economics" section,
including: Baseball Players and Opportunity Costs Leaky Stadiums The Winner's Curse - Oil
Field Economics and Baseball If you're a sports fan and interested in economics,...
War and the Economy
About Economics
August 4, 2005, 12:14 pm
In " Are Wars Good for the Economy?" we examine the myth that wars are good for the
economy....
Deflation
About Economics
August 4, 2005, 12:14 pm
There's been a lot of articles in the mainstream media about a possible deflation which may
occur if the oil price bubble bursts, but many of those articles fail to mention what deflation
really is. In "What is Deflation and...
The Baby Boom and the Future of the Economy
About Economics
August 1, 2005, 12:14 pm
A reader recently asked me a question about the baby boom generation: "What's going to
happen to the economy when all the baby boomers retire and get old?". We discuss the issue
in The Baby Boom and the Future of...
The Effects of a Black Market Using Supply and Demand
About Economics
August 1, 2005, 12:14 pm
A reader asks: "How can we show what happens when a product is made illegal using supply
and demand analysis? What does a black market look like on a typical supply/demand chart?"
We answer that question in The Effects of...
Top Economics Articles
About Economics
July 28, 2005, 12:14 pm
It's funny to see which economics articles posted on this site are read by thousands by each
day and which seem to be completely hidden. For instance, here are the four most widely read
articles on this site: Price Elasticity...
Cheap Economics Books
About Economics
July 25, 2005, 6:14 pm
I'm rather addicted to websites where you can buy cheap economics books for free, such as
Alibris who I've just signed up with as an affiliate. They've got some great deals on used
economics books, such as: Price Theory -...
Two More Marijuana Legalization Letters
About Economics
July 22, 2005, 12:14 pm
My inbox exploded after publishing the article Time to Legalize Marijuana? - 500+
Economists Endorse Marijuana Legalization just as it did after I published Should
Governments Legalize and Tax Marijuana?. In Two More Marijuana Legalization Letters we
a couple more...
The Life and Works of Irving Fisher
About Economics
July 22, 2005, 12:14 pm
The fourth in a series by Hannah Rasmussen - The Life and Works of Irving Fisher. Enjoy!...
Two More FairTax Letters
About Economics
July 22, 2005, 12:14 pm
It seems that everyone has a strong opinion on the FairTax Proposal - people either love it or
hate it. Here are a couple more interesting e-mails I've received recently from readers on the
subject: Two More FairTax Letters....
Advertisements as a Revenue Source
About Economics
July 11, 2005, 8:14 pm
A reader came up with the following idea: "I was talking to a friend the other day, and he said
he had this brilliant idea. He thinks that if he started a business giving away free meals, he
could make...
How Markets Use Information To Set Prices
About Economics
July 11, 2005, 8:14 pm
Markets, when they operate efficiently, can provide a great deal of information on the beliefs
of the people who participate in that market. Prices, and changes in prices, convey a lot of
information on what traders think is currently happening...
Why Don't Prices Decline During A Recession?
About Economics
July 11, 2005, 8:14 pm
In "Why Don't Prices Decline During A Recession?" we look at the relationship between
economic growth and inflation/deflation....
How much is the per capita money supply in the U.S.?
About Economics
July 11, 2005, 8:14 pm
A reader asks: "If all the money in the US was divided up evenly and given to every
American over 21 or so, how much would each person get? I have wondered about this all my
71 years." In "How...
What is the Demand For Money?
About Economics
July 11, 2005, 8:14 pm
A reader asks: " I read the article "Why Don't Prices Decline During A Recession?" on
inflation and the article "Why Does Money Have Value?" on the value of money. I can't seem
to understand one thing. What is the...
Why Not Just Print More Money?
About Economics
July 11, 2005, 8:14 pm
A reader asks: "Can you help me find a "simple" way to explain why it is not a good idea to
just print more money. I’m having trouble explaining the connection between this and the
dollar becoming worthless." We answer...
A Beginner's Guide to Economic Indicators
About Economics
July 11, 2005, 8:14 pm
A reader asks: "I'm constantly hearing about economic indicators in the news, but I'm never
sure what they're talking about. What are economic indicators and why are they important?"
In "A Beginner's Guide to Economic Indicators" we examine that question....
Why Are Tariffs Preferable to Quotas?
About Economics
July 7, 2005, 12:14 pm
A reader asks: "Why are tariffs preferred to quantitative restrictions as a means of controlling
imports?" In "Why Are Tariffs Preferable to Quotas?" we answer that question....
Reaction to Time to Legalize Marijuana?
About Economics
July 7, 2005, 12:14 pm
My inbox exploded after publishing the article Time to Legalize Marijuana? - 500+
Economists Endorse Marijuana Legalization just as it did after I published Should
Governments Legalize and Tax Marijuana?. In Reaction to Time to Legalize Marijuana? we
have a...
The Life and Works of Jean-Baptiste Say
About Economics
July 7, 2005, 12:14 pm
The third in a series by Hannah Rasmussen - The Life and Works of Jean-Baptiste Say.
Enjoy!...
A FairTax Response
About Economics
July 4, 2005, 6:14 pm
It seems that everyone has a strong opinion on the FairTax Proposal - people either love it or
hate it. Here is an interesting e-mail I've received recently from readers on the subject: A
FairTax Response....
The Life and Works of Adam Smith
About Economics
July 4, 2005, 6:14 pm
The second in a series by Hannah Rasmussen - The Life and Works of David Ricardo.
Enjoy!...
Time to Legalize Marijuana? - 500+ Economists Endorse Marijuana Legalization
About Economics
July 4, 2005, 6:14 pm
Anyone who has ever read Milton Friedman's Free To Choose (a book everyone interested in
Economics should read at some point in their life) knows that Friedman is a staunch supporter
of the legalization of marijuana. Learn more: Time to...
Indifference Curves - How Do I Use and Understand Them?
About Economics
June 23, 2005, 10:14 am
A student asks: " I'm taking an economics class and I'm puzzled about indifference curves.
How do I draw them, what are they used for, and what do indifference curves tell us?" In
"Indifference Curves - How Do I Use...
Are Wars Good for the Economy?
About Economics
June 23, 2005, 10:14 am
One of the more enduring myths in Western society is that wars are somehow good for the
economy. Many people see a great deal of evidence to support this myth, after all World War
II came directly after the Great...
The Life and Works of Adam Smith
About Economics
June 23, 2005, 10:14 am
The first in a series by Hannah Rasmussen - The Life and Works of Adam Smith. Enjoy!...
Another Letter on the Softwood Lumber Dispute
About Economics
June 16, 2005, 8:14 am
An issue that continues to make the news is the The Softwood Lumber Dispute:. Here is one
reader's view on the topic: Another Letter on the Softwood Lumber Dispute....
U.S. Global Economy is Slowing
About Economics
June 16, 2005, 8:14 am
The U.S. and global economies are slowing, but there is no cause for alarm yet, according to
an analysis released today by The Conference Board. Learn more at: U.S. Global Economy is
Slowing....
Another Letter on the FairTax
About Economics
June 16, 2005, 8:14 am
It seems that everyone has a strong opinion on the FairTax Proposal - people either love it or
hate it. Here is an interesting e-mail I've received recently from readers on the subject:
Another Letter on the FairTax....
Oregon's Mileage Tax: A Truly Bad Idea
About Economics
June 9, 2005, 12:14 pm
I try not to editorialize when I comment on public policy proposals. I try to give my readers
the pros and cons of any potential new law and leave it up to the reader to form their own
opinion with...
Price Elasticity of Demand
About Economics
June 9, 2005, 12:14 pm
I've had a few e-mails lately asking how to calculate the price elasticity of demand. The
article Price Elasticity of Demand gives you the information you need to know for your
assignments and exams....
What is Arbitrage?
About Economics
June 9, 2005, 12:14 pm
A reader asks: "What is arbitrage? What markets do arbitrageurs usually trade on?". In "What
is Arbitrage?" we examine those arbitrage questions....
Recession? Depression? What's the difference?
About Economics
June 9, 2005, 12:14 pm
A reader asks: "What's a recession? How do we know if we're in one?". In "Recession?
Depression? What's the difference?", we answer the question....
The Economic Effect of Tariffs
About Economics
June 9, 2005, 12:14 pm
In my article The Softwood Lumber Dispute we saw an example of a tariff placed on a
foreign good. A tariff is simply a tax or duty placed on an imported good by a domestic
government. Tariffs are usually levied...
Another Letter on the Mileage Tax
About Economics
June 9, 2005, 10:14 am
I've spent the last day catching up on all of your e-mails. Over the last month I've heard from
hundreds of you, and I'm trying my darndest to reply to each and every one of you. Here's an
interesting e-mail...
A Letter on the FairTax
About Economics
June 9, 2005, 10:14 am
It seems that everyone has a strong opinion on the FairTax Proposal - people either love it or
hate it. Here is an interesting e-mail I've received recently from readers on the subject: A
Letter on the FairTax....
A Letter on the Oil Supply
About Economics
June 9, 2005, 10:14 am
Here's an interesting letter which discuss the idea that the oil supply is running out: A Letter
on the Oil Supply....
A Letter on the Softwood Lumber Dispute
About Economics
June 9, 2005, 10:14 am
An issue we have not discussed much lately is the The Softwood Lumber Dispute:. Here is
one reader's view on the topic: A Letter on the Softwood Lumber Dispute....
10 Supply and Demand Practice Questions
About Economics
June 6, 2005, 12:14 pm
The demand for these practice questions has been overwhelming. So here are 10 more to help
you study for your freshman exams. Enjoy!...
Letter on the Mileage Tax
About Economics
May 26, 2005, 12:10 pm
I've spent the last day catching up on all of your e-mails. Over the last month I've heard from
hundreds of you, and I'm trying my darndest to reply to each and every one of you. Here's an
interesting e-mail...
Another Letter on the Oil Supply
About Economics
May 26, 2005, 12:10 pm
Here's an interesting letter which discuss the idea that the oil supply is running out: Another
Letter on the Oil Supply....
Even More Letters on the FairTax
About Economics
May 26, 2005, 12:10 pm
It seems that everyone has a strong opinion on the FairTax Proposal - people either love it or
hate it. Here are five e-mails I've received recently from readers on the subject: Even More
Letters on the FairTax....
What is Inflation?
About Economics
May 19, 2005, 10:10 am
There really isn't enough information on the internet geared towards someone who know little
about economics, but would like to learn. In an effort to fill the void, I'm creating articles such
as "What is Inflation?". I hope you find...
2nd Annual Moffatt Prize Delayed
About Economics
May 12, 2005, 12:10 pm
I regret to inform you that due to some unavoidable technical problems, the 2nd Annual
Moffatt Prize in Economic Writing has been delayed....
Aggregate Demand & Aggregate Supply Practice Question
About Economics
May 12, 2005, 12:10 pm
This week's question starts as follows: Use an aggregate demand and aggregate supply
diagram to illustrate and explain how each of the following will affect the equilibrium price
level and real GDP: Get detailed instructions on how to answer this...
Marginal Revenue and Marginal Cost Practice Question
About Economics
May 5, 2005, 2:10 pm
The second in our series of exam practice questions starts as follows: You've been hired by
Nexreg Compliance to calculate measures of costs and revenue. Given the data they have
provided you with (see table), compute the following: See: Marginal...
Federal Funds Rate Hiked 25 Basis Points - May 3, 2005
About Economics
May 5, 2005, 12:10 pm
As expected, the Federal Reserve hiked interest rates for the seventh consecutive time,
bringing the Federal Funds rate up to 3 percent. See "Federal Funds Rate Hiked 25 Basis
Points - May 3, 2005" for the official announcement. If you...
Supply & Demand Practice Question
About Economics
April 28, 2005, 12:10 pm
I've heard you loud and clear! I get at least 5 e-mails a day asking for more practice questions
on the site to help you study with your tests. If you're taking a first year college course, you'll
want to...
Legalize Marijuana?
About Economics
April 28, 2005, 12:10 pm
I've talked in the past about the legalization of marijuana and the fiscal benefits it could bring
the government. However, judging by a recent government press release it looks like the U.S.
will not be going down that road any...
Investors Worry About A Recession
About Economics
April 21, 2005, 10:10 am
Are the stock markets pointing towards a recession? A recent article in the Chicago Tribune
indicates this might be the case: "The market typically turns down six months to a year before
a recession," said Leuthold. "We could be seeing...
Deflation
About Economics
April 21, 2005, 10:10 am
Japan's economy has struggled for more than a decade and the end still may not be in sight.
Bill Austin of Bloomberg reports that: "Japan won't escape deflation for at least one or two
more years, Mizuho Financial Group Inc....
Tariffs
About Economics
April 21, 2005, 10:10 am
Usually you hear about tariffs on imported goods. China, however, is planning to do the
opposite, and put a tariffs on the goods it exports, according to the following article: "China is
set to impose sharply higher tariffs on textile...
Is Inflation Under Wraps?
About Economics
April 13, 2005, 10:10 pm
There's been some talk in the media lately that strong U.S. growth and rising oil prices may
cause a rise in the rate of inflation in the United States. In "Dallas Fed's Fisher says US
inflation under wraps" the Federal...
Canada Releases Kyoto Plan
About Economics
April 13, 2005, 10:10 pm
Today in Ottawa the Liberal Government released Project Green Moving Forward on Climate
Change: A Plan for Honouring our Kyoto Commitment, which commits $10 billion dollars to
reducing greenhouse gas emmisions. I'm still reading through the document and will publish...
The Oil Supply and the FairTax Proposal
About Economics
April 13, 2005, 6:10 pm
Another set of letters from readers on controversial issues dealt with on the site: Letters on the
FairTax Letters on the Oil Supply...
Is a Recession Coming?
About Economics
April 6, 2005, 10:10 pm
The economies of Canada and the United States have been humming along nicely lately.
However a recent article in The Australian suggests that their country could be headed for our
recession: "THE nation's spiralling debt levels could force the country...
Arbitrage and the Oil Supply
About Economics
April 6, 2005, 10:10 pm
I usually think of arbitrage being something on financial markets. But, a recent article on
Yahoo shows that it also occurs on commodity markets: "A trickle of Asian gasoline has
started to flow to the U.S. this month, and this...
A FairTax Critic
About Economics
April 6, 2005, 10:10 pm
I risk all kinds of angry letters but linking to this, but I thought it was illustrates why the
FairTax may not be the panacea many claim that it will be. " Against the FairTax Proposal"
starts: "The proposal to...
The Oil Supply
About Economics
April 3, 2005, 5:05 pm
I've gotten a number of letters recently in response to the article "We Will Never Run Out of
Oil". Here are is recent one: Letter on the Oil Supply...
The FairTax Proposal
About Economics
March 29, 2005, 3:05 pm
I've gotten a number of letters recently in response to the article "FairTax - Income Taxes vs.
Sales Taxes". Here are is recent one: FairTax Letter 4...
FairTax
About Economics
March 29, 2005, 11:05 am
The New York Times has an interesting article on U.S. tax reform that I think you'll be
interested in. In "Tax Reform Looks for a Passing Lane" Edmund L. Andrews writes: "But
with resistance to the Social Security plan growing...
Eight U.S. Economic Indicators Released
About Economics
March 23, 2005, 9:05 pm
Eight important U.S. economic indicators were recently released by the Bureau of Labor
Statistics. They are as follows: Consumer Price Index: February 2005: Up 0.6% Employer
Costs for Employee Compensation: December 2004: Average employee cost $25.57 an hour.
Job Openings...
Federal Funds Rate Hiked 25 Basis Points - March 22, 2005
About Economics
March 22, 2005, 7:05 pm
As expected, the Federal Reserve hiked interest rates for the sixth consecutive time, bringing
the Federal Funds rate up to 2.75 percent. See "Federal Funds Rate Hiked 25 Basis Points March 22, 2005" for the official announcement. If you...
The FairTax Proposal
About Economics
March 19, 2005, 5:05 pm
I've gotten a number of letters recently in response to the article "FairTax - Income Taxes vs.
Sales Taxes". Here are three: FairTax Letter 1 FairTax Letter 2 FairTax Letter 3...
Does a Currency Depreciation Cause a Worsening of a Country's Balance of Trade?
About Economics
March 19, 2005, 3:05 pm
I've already received a number of entries for the Moffatt Prize. This is one of those - a piece
by Ng Yi Chung titled "Does a Currency Depreciation Cause a Worsening of a Country's
Balance of Trade?". I'm still accepting...
Arbitrage
About Economics
March 17, 2005, 11:05 am
In my newest article, "Arbitrage in the Sports Gambling Market" we look at the potential for
arbitrage profits in the sports gambling market. If you're interested in arbitrage, be sure to see
the article "What is Arbitrage?"....
The Current Account
About Economics
March 16, 2005, 1:05 pm
According to the recent Associated Press story "Current Account Deficit Hit Record $665.9
Billion in 2004", the current account has hit a record high: "The United States deficit in the
broadest measure of international trade soared to an all-time high...
The Oil Supply
About Economics
March 15, 2005, 9:05 pm
We might be getting some relief at the pump according to a recent article in the New York
Times with the title "OPEC Considers Plan to Raise Output Ceiling to Curb Prices": "OPEC's
president, Sheik Ahmad Fahad al-Ahmad al-Sabah, said...
Talk in Japan Shakes Dollar and Treasuries
About Economics
March 11, 2005, 9:05 am
How much lower can the U.S. Dollar go? Quite a bit, if Jonathan Fuerbringer's "Talk in Japan
Shakes Dollar and Treasuries" holds true: "The dollar fell and Treasury yields rose yesterday
after the Japanese prime minister made remarks that suggested...
Free of Trade Quotas, China Textiles Flood the U.S.
About Economics
March 10, 2005, 11:05 am
To see the impact quotas and tariffs have on international trade, look no further than the now
defunct quota on textiles. In "Free of Quota, China Textiles Flood the U.S." Barboza and
Becker describe how a lack of tariffs have...
Free Trade Proposal Splits Bolivian City
About Economics
March 9, 2005, 9:05 pm
For those interested in free trade and globalization, I highly recommend a recent article in the
New York Times titled "Free Trade Proposal Splits Bolivian City". It discussed the benefits
and costs to Bolivia of free trade proposals issued by...
Twelve U.S. Economic Indicators Released
About Economics
March 7, 2005, 1:05 pm
Twelve important U.S. economic indicators were recently released by the Bureau of Labor
Statistics. They are as follows: Business Employment Dynamics: Second Quarter 2004: 7.9
million jobs added, 7.3 million jobs eliminated. Consumer Price Index: January 2005: Up
0.2% Extended...
The Oil Supply
About Economics
March 3, 2005, 11:05 am
In an article titled "Drilling for Oil by the Yard", Simon Romero of the New York Times
discusses how high oil prices are causing oil companies to work in areas once deemed
uneconomical: "Oil drilling has long been a more...
March 1: Bank of Canada Keeps Target for the Overnight Rate at 2 1/2 per cent
About Economics
March 2, 2005, 11:05 am
I think this is a first for the site: Two consecutive announcements about Canada. As expected
Canadian interest rates were held steady yesterday. This, along with rising U.S. interest rates,
is acting to increase the "interest rate gap" between the...
Information on the 2005 Canadian Budget
About Economics
February 23, 2005, 11:05 pm
A few hours ago the Canadian government released their federal budget for the upcoming
year. The media has announced some of the major details. In "Information on the 2005
Canadian Budget" we discuss where to find more information on the...
Oregon's Mileage Tax: A Truly Bad Idea
About Economics
February 17, 2005, 11:05 am
I've been getting an unbelievable amount of e-mail lately, which I appreciate greatly and wish
I had more time to respond to. Almost all of the e-mail is on one of four topics: Mileage Tax In response to "Oregon's...
The 2005 Moffatt Prize in Economic Writing
About Economics
February 7, 2005, 7:05 pm
Since the 2004 contest was such a resounding success, we're holding another one this year
with even more prizes! Are you interested in doing graduate work or in getting a job after you
graduate? Are you interested in earning $100...
Seven U.S. Economic Indicators Released
About Economics
February 3, 2005, 5:05 pm
Seven important U.S. economic indicators were recently released by the Bureau of Labor
Statistics. They are as follows: Consumer Price Index: December 2004: Down 0.4%. Real
Earnings in December 2004: Up 0.5% Employment Cost Index: December 2004: Up 0.7%
Mass...
Federal Funds Rate Hiked 25 Basis Points - February 2, 2005
About Economics
February 2, 2005, 5:05 pm
As expected, the Federal Reserve hiked interest rates for the sixth consecutive time, bringing
the Federal Funds rate up to 2.5 percent. See "Federal Funds Rate Hiked 25 Basis Points February 2, 2005" for the official announcement. If you...
The Impact of the Upcoming Federal Funds Rate Annoucement
About Economics
February 1, 2005, 5:05 pm
This Wednesday the Federal Open Market Committee of the Federal Reserve will conclude a
meeting and issue decisions on key pieces of monetary policy, such as the target level of the
Federal Funds rate, a key benchmark interest rate in...
Can We Expect the Canadian Dollar to Fall?
About Economics
January 25, 2005, 3:05 pm
As anticipated and discussed this morning, the Bank of Canada did not raise interest rates,
which has already caused the value of the Canadian Dollar to fall. In "Can We Expect the
Canadian Dollar to Fall?" I discuss what caused...
Bank of Canada expected to leave interest rates unchanged
About Economics
January 25, 2005, 9:05 am
The CBC reports that Canadians should not expect interest rates to go up when the Bank of
Canada makes their policy announcement today: "Canada's central bank is expected to leave
interest rates unchanged on Tuesday when it makes its latest...
Stocks Set to Open Higher After Declines
About Economics
January 24, 2005, 11:05 am
Some good news from AP for those of us with investments in the American markets: "U.S.
stocks are set to open higher Monday -- expected to rebound from three consecutive weeks of
declines -- although oil prices may unsettle attempts...
Eight U.S. Economic Indicators Released
About Economics
January 17, 2005, 9:05 pm
Eight important U.S. economic indicators were recently released by the Bureau of Labor
Statistics. They are as follows: County Employment and Wages: Second Quarter 2004:
Employment up in 237 large counties, down in 65. Industrial Production and Capacity
Utilization: December...
Brown Urges End to 'Scandalous' Trade Barriers
About Economics
January 17, 2005, 1:05 pm
Yesterday's article on free trade proved to be quite popular, so I thought I'd link to another one
today. This one is by Rebecca Harrison of Reuters: "Rich countries must dismantle trade
barriers and scrap "scandalous" subsidies for their own...
Egypt, U.S. Consider Free Trade Talks
About Economics
January 16, 2005, 5:05 pm
Here's a story I've heard absolutely nothing about in the North American media. From the
English edition of Aljazeera: "The United States and Egypt are studying the possibility of
opening talks for Free Trade Agreement (FTA) in 2005, a U.S....
Inflation's Pinch Creeping Closer
About Economics
January 16, 2005, 11:05 am
Marc Levy of the Associated Press on the fear of rising prices: "After a decade of relatively
tame prices, consumers are starting to feel the "ouch" of inflation as the cost of everything
from coffee, candy and home appliances is...
Canada Dollar Drops Sharply on US Data, Bonds Down
About Economics
January 15, 2005, 1:05 pm
What a strange week for the American Dollar and the Canadian exchange rate. Cameron
French of Reuters reports that: "The Canadian dollar dropped hard on Friday, giving up most
of Wednesday's big gains as strong U.S. economic signals and hawkish...
Canadian Dollar Up More Than a Cent
About Economics
January 13, 2005, 9:05 am
My hometown London Free Press reports that: "The Canadian dollar rose more than a penny
against the U.S. dollar yesterday after the United States reported a worse than expected
monthly trade deficit while Canada had a near-record trade surplus. The...
FairTax Would Replace Federal Tax System with Simple Alternative
About Economics
January 12, 2005, 7:05 pm
That is, if you believe former baseball commissioner Peter Ueberroth, who recently wrote an
editorial with the above title in the Whittier Daily News. I wrote an article on the pros and the
cons of the FairTax that generated a...
U.S. Dollar Drops Slightly After Gains
About Economics
January 10, 2005, 11:05 am
It appears that the U.S. Dollar may be making up some of the ground it has lost to most major
currencies over the last 12 months. The Associated Press has reported that: "The dollar eased
back slightly Monday after gains...
Chapter 4 of Outline of the U.S. Economy Available
About Economics
January 9, 2005, 1:05 pm
Chapter 4 of Conte and Carr's Outline of the U.S. Economy is now on the site: CHAPTER 4:
Small Business and the Corporation 1. The History of Small Business 2. Small Business in
the United States 3. Small Business Structure...
Canada Turns Up Heat on Softwood
About Economics
January 7, 2005, 9:15 am
The Globe and Mail has reported that the softwood lumber dispute is heating up: "The
Canadian government has raised the ante in the 40-month-old softwood lumber trade battle
with the United States, asking a global trade body for the right...
Chapter 3 of Outline of the U.S. Economy Available
About Economics
January 6, 2005, 11:38 pm
I'm trying to get these up at the rate of one a day; so far, so good. Chapter 3 of Conte and
Carr's Outline of the U.S. Economy is now on the site: CHAPTER 3: The U.S. Economy A...
Chapter 2 of Outline of the U.S. Economy Available
About Economics
January 5, 2005, 9:42 pm
Chapter 2 of Conte and Carr's Outline of the U.S. Economy is now on the site: CHAPTER 2:
How the U.S. Economy Works 1. America's Capitalist Economy 2. Basic Ingredients of the
U.S. Economy 3. Managers in the American Workforce...
Free Online Economics Textbooks
About Economics
January 4, 2005, 11:10 pm
If you look at the "Essentials" box on the left-hand side of the screen, you'll see a new feature.
The feature, "Free Economics Texts", includes two online textbooks you may already be
familar with: Online Macroeconomics Textbook Online Microeconomics Textbook...
Interest Rates Mixed in Treasury Bill Auction
About Economics
January 4, 2005, 9:10 am
Interest rates in the United States have been following the lead of the Federal Funds Rate and
have been rising over the last few months. The Associated Press has reported that "the
average yield for one-year constant maturity Treasury bills,...
Three U.S. Economic Indicators Released
About Economics
January 3, 2005, 11:10 pm
Three important U.S. economic indicators were recently released by the Bureau of Labor
Statistics. They are as follows: Mass Layoffs in November 2004: 1,399 mass layoff actions,
lowest number in a November since 1999 Metropolitan Area Employment and
Unemployment: November...
Oil Prices Plunge on Mild Winter Weather
About Economics
January 3, 2005, 11:10 am
The Associated Press is reporting that: "Crude futures fell sharply Monday amid milder U.S.
winter weather on the first trading day of the new year and expectations of increased output
from Canada and North Sea." Overall the price of a...
Economics Articles Fixed
About Economics
January 2, 2005, 11:10 am
There were some problems getting a few economics articles to display properly on all
browsers, most notably the articles on price elasticicty of demand and price elasticity of
supply. I belileve that they are all fixed now, but if you...
2004's Most Popular Economics Articles
About Economics
December 30, 2004, 11:10 am
I was going through the site stats the other day and found it interesting to see what the 10
most popular articles were this year. You may want to check out any of these that you missed.
Enjoy! 1. A...
Seven U.S. Economic Indicators Released
About Economics
December 19, 2004, 9:10 pm
Seven important U.S. economic indicators were recently released by the Bureau of Labor
Statistics. They are as follows: Consumer Price Index: November 2004:CPI up 3.5% over last
year U.S. Import and Export Price Indexes: November 2004: Import prices up 0.2%,...
New Economics From A-to-Z
About Economics
December 15, 2004, 11:10 pm
The old economics from A-to-Z (consistently one of the 3 most popular features of the site)
was incredibly difficult to update, thus it hasn't been revised in over six months and is terribly
out of date. So I'm replacing it...
Federal Funds Rate Hiked 25 Basis Points - December 14, 2004
About Economics
December 14, 2004, 9:10 pm
Today the Federal Reserve raised the federal funds rate, a key interest rate by 25 basis points
to 2 1/4 percent. The Fed also raised the discount rate by 25 basis points to 3 1/4 percent. The
Federal Reserve press...
Five U.S. Economic Indicators Released
About Economics
December 9, 2004, 11:10 am
Five important U.S. economic indicators were recently released by the Bureau of Labor
Statistics. They are as follows: Business Employment Dynamics: First Quarter 2004: Job
Gains: 7.7 million, Job Losses: 7.3 million Mass Layoffs in October 2004: 1,241 mass
layoffs...
Online Macroeconomics Textbook
About Economics
December 7, 2004, 3:10 pm
There's a great deal of macroeconomics content on this website, but it's often difficult for a
first-time student in economics to find. In the new "Online Macroeconomics Textbook" I
organize the macroeconomics content of this site in a similar fashion...
Exchange Rates
About Economics
December 2, 2004, 11:10 am
Because of how much the U.S. Dollar has fallen in the last few months, I've been inundated
with e-mails questions but exchange rates. I'll get to as many of them as I can, but until that
happens you may want...
Five U.S. Economic Indicators Released
About Economics
November 23, 2004, 9:10 pm
Five important U.S. economic indicators were recently released by the Bureau of Labor
Statistics and the U.S. Federal Reserve. They are as follows: Industrial Production and
Capacity Utilization: October 2004: Up 0.7% Consumer Price Index: October 2004: Up 0.5%
Extended...
Purchasing Power Parity: Link Between Exchange Rates and Inflation
About Economics
November 22, 2004, 9:10 pm
I can't believe the response to my article "Why A Shrinking Trade Deficit Will Drive Down
the U.S. Dollar". Over the span of 48 hours I received three dozen e-mails asking various
questions about exchange rates. In "Purchasing Power Parity:...
Why A Shrinking Trade Deficit Will Drive Down the U.S. Dollar
About Economics
November 19, 2004, 3:10 pm
Today in Frankfurt Fed Chairman Alan Greenspan made some comments about the U.S.
current account deficit that caused the value of the U.S. Dollar to drop sharply. In the span of
45 minutes the U.S. Dollar lost an entire cent...
Economics Resources for Students
About Economics
November 18, 2004, 11:10 am
I've gotten a lot of e-mails lately from students having trouble with their economics term
papers and studying for their econ exams. If you're in one of these situations you'll want to
check out the following: "How To Study For...
Two Letters From Readers
About Economics
November 14, 2004, 11:10 pm
The best part of this job is reading the hundreds of great e-mails that come to my inbox each
week. Although due to time constraints I can only respond to a handful each week, I do read
them all. Well,...
Two U.S. Economic Indicators Released
About Economics
November 11, 2004, 11:10 pm
We've got two more U.S. economic indicators for you today. The first deals with employment
and unemployment and the second one with inflation: Job Openings and Labor Turnover:
September 2004 U.S. Import and Export Price Indexes: October 2004...
Federal Funds Rate Hiked 25 Basis Points - November 10, 2004
About Economics
November 10, 2004, 11:10 pm
Today the Federal Reserve raised the federal funds rate, a key interest rate by 25 basis points
to an even 2 percent. The Fed also raised the discount rate by 25 basis points to an even 3
percent. The Federal...
Canadian Monetary Policy - Remarks by David Longworth
About Economics
November 8, 2004, 11:10 pm
With the Canadian Dollar reaching a 12 year high of 83.73 cents U.S. (or alternatively 1 USD
= 1.19 Canadian) this couldn't be any more timely. In "Canadian Monetary Policy - Remarks
by David Longworth" the Deputy Governor of the...
Another Four U.S. Economic Indicators Released
About Economics
November 7, 2004, 3:10 pm
Before we get to the economic indicators, I'd like to thank the dozens of people who have emailed me to thank me for collecting these releases and putting them in one easy to access
place. Thanks! It makes it all...
The Canadian and U.S. Economies: Integration, Not Convergence
About Economics
November 6, 2004, 11:10 pm
I found this very interesting and I think many of you will too. It's a speech given by Sheryl
Kennedy at the Bank of Canada about the economic relationship between the United States
and Canada. Issues such as trade and...
Who Are These Nobel Prize Winning Economists Supporting Bush or Kerry?
About Economics
November 1, 2004, 7:10 pm
It has been said that if you put 10 different economists in a room together and ask their
opinion on an proposed economic policy, you'll receive at least 11 different answers. Then it
should come at no surpise that Nobel...
Four U.S. Economic Indicators Released
About Economics
October 29, 2004, 7:10 pm
With an incredibly tight U.S. Presidential race, all eyes are on the various economic
indicators, so voters can determine for themselves if President Bush should be re-elected.
Here are the four economic indicators released this week by the Bureau of...
Is the Canadian Dollar Going Up in Value, or is the U.S. Dollar Going Down?
About Economics
October 27, 2004, 11:10 pm
Citizens on both sides of the border have noticed that the value of the Canadian Dollar has
risen in value over the last six months relative to the U.S. Dollar. A reader wonders if it's
because the U.S. Dollar is...
Canadian Monetary Policy Report – October 2004
About Economics
October 27, 2004, 11:10 am
Our friends at the Bank of Canada recently released their quarterly Canadian Monetary Policy
Report. It's a great snapshot of the Canadian economy, and worth reading if you live in
Canada or do a little bit of business with Canadian...
Three Important Economic Statistics Released
About Economics
October 19, 2004, 11:10 pm
The U.S. Presidential election race looks like a dead heat right now, so small changes in the
economy could cause undecided voters to swing to a particular candidate. This week there
have been three very important economic indicators released in...
Bank of Canada raises overnight rate target by 1/4 percentage point to 2 1/2 per cent
About Economics
October 19, 2004, 11:10 am
The bank of Canada just announced this morning that their overnight rate, the benchmark
interest rate for the Canadian economy has risen by 1/4 of a percentage point. One of the
causes for this rate hike is that "world oil...
Online Microeconomics Textbook
About Economics
October 18, 2004, 11:43 pm
There's a great deal of microeconomics content on this website, but it's often difficult for a
first-time student in economics to find. In the new "Online Microeconomics Textbook" I
organize the microeconomics content of this site in a similar fashion...
Productivity and Costs: Second Quarter 2004
About Economics
October 13, 2004, 11:20 pm
The U.S. Bureau of Labor Statistics just released revised productivity statistics for the 2nd
quarter of 2004. It turns out that "increases in productivity were smaller than reported on Aug.
10, as output was revised down and hours were revised...
U.S. Job Openings and Labor Turnover: August 2004"
About Economics
October 13, 2004, 11:20 pm
The U.S. Bureau of Labor Statistics just issued a couple of releases today indicating that jobs
are not growing very quickly. See: "U.S. Job Openings and Labor Turnover: August 2004"
and "Productivity and Costs: Second Quarter 2004" It will be...
Kydland and Prescott win Economics Nobel Prize
About Economics
October 11, 2004, 11:20 am
The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel 2004 was just
awarded this morning to Finn E Kydland and Edward C Prescott "for their contributions to
dynamic macroeconomics: the time consistency of economic policy and...
September 2004 - Commissioner's Statement on the Employment Situation
About Economics
October 8, 2004, 12:41 pm
A lot of political pundits were anxiously awaiting for this Friday. Why? Because that's when
the final job report would be released before the election. You can what the Bureau of Labor
Statistics has to say about the current jobs/unemployment...
Who Will Win the Nobel Prize in Economics?
About Economics
October 7, 2004, 3:20 pm
On this Monday - October 11th the winner(s) of the The Bank of Sweden Prize in Economic
Sciences in Memory of Alfred Nobel will be announced. Last year I wrote an article with the
title "Who Will Win the 2003...
Grants For Developing Country Researchers Studying Poverty Issues
About Economics
September 30, 2004, 3:20 pm
One of the hardest things to do when you're starting out your economic research career is to
find grant money. If you're in that position, I think you'll want to read "Grants For Developing
Country Researchers Studying Poverty Issues". The...
Your Responses - What do the Economic Indicators Say About Dubya's Chances?
About Economics
September 23, 2004, 3:20 pm
I received dozens and dozens of e-mails on the article "What do the Economic Indicators Say
About Dubya's Chances?". In the follow-up article "Your Responses - What do the Economic
Indicators Say About Dubya's Chances?" we see what people thought...
Indifference Curves - How Do I Use and Understand Them?
About Economics
September 20, 2004, 3:20 pm
A reader asks: "I'm taking an economics class and I'm puzzled about indifference curves. How
do I draw them, what are they used for, and what do indifference curves tell us?". In
"Indifference Curves - How Do I Use and...
What do the Economic Indicators Say About Dubya's Chances?
About Economics
September 16, 2004, 3:20 pm
In "Presidential Elections and the Economy" we examined the relationship between the
economy, job growth, and a President's chances of getting reelected. In a follow up article
with the title "What do the Economic Indicators Say About Dubya's Chances?" we...
Three Letters by Readers on Taxes
About Economics
September 9, 2004, 9:20 pm
One of the most enjoyable aspects of this job is reading all the e-mails visitors to the site send
me every day. I've noticed that whenever I write an article on taxes, I get quite a few letters on
the...
Hermes Bancorp Examines the August Numbers
About Economics
September 9, 2004, 3:20 pm
Given how close the current Presidential Election is, I've been spending a lot of time reading
up on the recent financial numbers. In "Hermes Bancorp Examines the August Numbers",
George Haligua of Hermes Bancorp gives his take on the numbers...
More Family Farmers Failing Under Bush Administration
About Economics
September 8, 2004, 9:20 pm
The group Global Resource Action Center for the Environment has kindly allowed me to
reprint an article they published under the title "More Family Farmers Failing Under Bush
Administration". I was quite surprised to learn how much in farm subsidies...
August Job Numbers: SurePayroll's Thoughts
About Economics
September 7, 2004, 9:20 pm
In "August Job Numbers: SurePayroll's Thoughts", Michael D. Alter President of SurePayroll
discusses why recent job creation numbers are so flat....
Presidential Elections and the Economy
About Economics
August 26, 2004, 3:20 pm
The number of stories on the economy seems to increase exponentially during an election
year. But how much do jobs and the economy influence the outcome of a Presidential
election? In "Presidential Elections and the Economy" we examine the relationship...
Has Employment Decreased Over The Last 25 Years?
About Economics
August 19, 2004, 3:20 pm
A reader recently wanted to know if the unemployment rate told the whole story: "I really
enjoyed your article "Would 0% Unemployment Be a Good Thing?". I've heard though that
the unemployment rate is a bad measure of how many...
Do Richer People Pay a Higher Proportion of Tax Under a Flat Tax?
About Economics
August 15, 2004, 11:09 pm
One of the most enjoyable parts of running this site is helping people settle disputes. Here's
one that was recently sent to me: "My friend and I were discussing flat tax proposals where
the income tax rate is the same...
The 2004 Moffatt Prize in Economic Writing - Winners Announced
About Economics
August 8, 2004, 3:19 am
The moment over 200 applicants have been waiting months for....
Should Governments Legalize and Tax Marijuana?
About Economics
August 8, 2004, 3:19 am
A recent study for the Fraser Institute, Economist Stephen T. Easton attempted to calculate
how much tax revenue the Canadian government could gain by legalizing marijuana. In
"Should Governments Legalize and Tax Marijuana?" we look at the study and see...
Two Reader Responses to Oregon's Mileage Tax: A Truly Bad Idea
About Economics
August 8, 2004, 3:19 am
I've gotten quite a few responses to the article "Oregon's Mileage Tax: A Truly Bad Idea". I
haven't gotten a single positive response to the idea of a mileage tax, but I've been sent a
number of criticisms of the...
Oregon's Mileage Tax: A Truly Bad Idea
About Economics
August 8, 2004, 3:19 am
Sometimes I read policy proposals that are just so unbelievable, I have to pinch myself to
make sure I'm not dreaming. In "Oregon's Mileage Tax: A Truly Bad Idea" I examine one
such proposal. If you're interested in gasoline taxes,...
Mileage Tax - First Letter For
About Economics
August 8, 2004, 3:19 am
While I still believe that Oregon's Mileage Tax is still a truly bad idea (and over 100 of you
also think so too as shown by my Inbox), I also believe that both sides of the story should be
told....
Would 0% Unemployment Be a Good Thing?
About Economics
August 8, 2004, 3:19 am
A reader recently asked me a question which I found quite interesting: While a high
unemployment rate indicates an economy in distress, is a 0% rate really ideal for a country? I
realize that a tiny percentage of unemployed is...
Economic Growth Expected to Slow in Major Economies During 2005
About Economics
August 8, 2004, 3:19 am
I was recently sent a piece by Reuters which I found very informative, and the good people at
that organization allowed us to reprint it on the site. "Economic Growth Expected to Slow in
Major Economies During 2005" looks at...
Mileage Tax - Second Letter For
About Economics
August 8, 2004, 3:19 am
As promised, we have another letter in support of the idea behind Oregon's proposed Mileage
Tax. "Mileage Tax - Second Letter For" is by Todd Littman of the Victoria Transport Policy
Institute. Enjoy! If you want to read the original...