This week's everyday economics stories include income elasticity of demand, positive externalities, GDP, economic indicators, human capital & entitlements.
A small part of fiscal policy, Senate and House spending on themselves nonetheless is enlightening because of its message.
With populations growing older in the developed world, their wellbeing might affect the GDP growth rate because of the expense of their care.
Showing adequacy, sustainability and integrity for pension systems, a Melbourne Mercer Global Pension Index infographic ranks retirees' entitlements.
Like 19th century English coal, more efficient and cheap LED lights can mean people and businesses use it more because of the lower opportunity cost.
While the BLS has leading, lagging and coincidental economic indicators that it follows, the MUI and the lipstick index can also be an economic indicator.
Since education creates positive externalities that fuel economic growth, understanding how to develop expertise through human capital formation is crucial.
This week's everyday economics stories include subsidies, human capital, game theory, price controls, inelastic demand, and monopolistic competition.
To avoid inelastic demand, a sugary drink tax would need to increase price substantially. Current taxes that average less than 5% have little impact.