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Posts published in “Economics”

Problem of low wages not easily solved

It seems like an easy fix for social injustice: pass a law requiring employers to pay workers more than they would otherwise. Magically, everyone has more wealth.

It would be nice if it were so easy and simple. Looking at only the immediate effects and listening to the rhetoric of some politicians and editorial writers, it would seem that a higher minimum wage is good. But considering all effects of a higher minimum wage reveals a different situation.

The AirTran subsidy and its unseen effects

In a June 16, 2006 column, Wichita Eagle editorial writer Rhonda Holman again congratulates local and state government for its success in renewing the AirTran subsidy, and for getting the entire state of Kansas to help for it.

Economics In One Lesson, 50th Anniversary Edition

This book, first published in 1946, explains common fallacies (a false or mistaken idea) that are particularly common in the field of economics and public policy.

The Undercover Economist

This is an enjoyable book that explains the basics of how economics works, which is to say, how the world works. Mr. Harford doesn't go into any technical detail at all, so there are no charts and graphs to decipher (although a very few are used for illustration), and there are no mathematical formulas.

Common Sense Economics: What Everyone Should Know About Wealth and Prosperity

This is a wonderful book that can teach anyone what is important to know about economics. It teaches the insights that people can use to understand and evaluate the mechanism of our economy and government themselves. It is not a textbook with charts, graphs, and formulas. It requires no special prerequisite from the reader.

Hypocrisy over oil profits abounds

The recent swell of criticism over oil company "windfall" profits, some even coming from people who should know better, is truly remarkable in its hypocrisy.

Prices ration scarce goods

As the price for gasoline rises, politicians hear increased calls for regulation of gas prices. We hear news stories of hotels increasing prices for victims of hurricane Katrina, and prices for needed goods in the destructed area could rise, too.

What to do about gasoline prices

Almost anything the government does in response to the recent high gasoline prices is bound to fail.

Book Review: Basic Economics: A Citizen’s Guide to the Economy

This book is a general introduction to economics written in a non-technical way. It provides excellent coverage of many introductory topics in economics, and you don't have to be a mathematical sophisticate to understand it. It is very readable by anyone who is interested in this topic.

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