Money represents a social agreement, which has implications for how we value wealthy people. Bitcoin replaces the need for this social agreement with technology, and in doing so challenges the values we ascribe to wealth.
Popular mobile payments app Venmo enjoys the benefits of behavioral economics biases, causing users to feel less pain from spending money. Learn how it works, and how businesses can capture the "Venmo effect".
We all hate surge pricing, but it's a great way for Uber and its drivers to capture more value. What if GrubHub, Starbucks, etc. charged customers more during peak hours in order to pay service workers better? Could we ever break the cycle of reliance on cheap labor?
When fruit flies, it fails. Industrial agricultural practices have brought us berries in January, but at the cost of quality. Read about why harvesting heirloom varieties is important for taste, small farmers, and the environment.
Innovation is cyclical and inspired by other innovation. For example, this article was inspired by my purchase of innovative new ice cube trays. Read about how product variety is created, and how it can be a bad thing.
You may hear the terms horizontal and vertical integration tossed around in business (Businesspeople love fancy strategy terms). Learn how Standard Oil used integration to become a monopoly and how one might benefit from integration today.
Will a big engagement ring buy you happiness? What about donating blood? How do you properly motivate someone? If you are looking for a job, is city size a factor? Why are smartphones important for the poor to have? All this and more.
America is in trouble if the cost of Third World labor increases. As has been the tradition for all of human history, our economic success depends on the accessibility cheap and near-slave labor. How can we grow when this ends?
Most people could tell you that oil and energy is critical to our economy and planet. In fact, energy is the foundation of all growth, but it isn't included in our economic models. Here's why the discipline of economics needs to be re-organized.
The rise of American affluence gave us the luxury of choice and ability to be picky about what we like. Combined with newly formed marketing and advertising industries, consumer preferences developed that made perfect substitutes an economic unicorn. (If you don't know what a perfect substitute is, no worries, read on!)
Do middleman apps make our lives better? What about the lives of their employees? Do Uber-like services improve consumer welfare? How do recessions affect birth rates? Why does the US have relatively high infant mortality?
Did you know that higher gas prices might be better for us all? Industrialism is great, but creates negative externalities, such as pollution. Pigovian taxes reduce negative externalities and aim to also reduce distortionary taxes, like income tax. Win-win!
Regulation in the last few years has made the stock market much less profitable, much to the chagrin of finance professionals (such as the pictured men). Is this a good or bad thing? To answer, we must decide who the stock market exists for.
All about the labor market. Learn how cutting unemployment benefits affects the economy, people with good social skills make a lot more money (shocker!), Twitter can predict unemployment better than the government, and more.