Which of Your Kids Should Get More?
Class today is about bequests — wealth left over to one’s heirs. There are many interesting economic questions about bequests, including whether they are planned (partly yes, but partly no,…
Class today is about bequests — wealth left over to one’s heirs. There are many interesting economic questions about bequests, including whether they are planned (partly yes, but partly no,…
A recent article notes that attendance in Major League Baseball parks is actually above last year, despite, so the story says, the economic downturn (recession?). But despite is incorrect —…
Photo: Anantab My wife made me give my 12-year-old suit to charity, so I had to get a new one. Men’s Wearhouse had some nice outfits, and I was willing…
Photo: Odalaigh Whenever I travel in other wealthy countries, I am a bit embarrassed about the dollar bill’s insignificance compared to other countries’ smallest bills: a 5-pound note is worth…
Photo: bobster1985 In facing the “Buy one, get one free” suit deal, my quick-thinking wife said, “Let’s take the second suit anyway.” She called our older son on her cell…
Patrons at Cecil’s Jazz Club in West Orange, N.J., savored one of the last nights for smoking in bars and restaurants. (Photo: Marko Georgiev/The New York Times) A journalist writing…
The financial crisis is getting all the headlines and, so it is claimed, occupying all the attention of at least one presidential candidate. Yet a bigger economic issue is hardly…
Price discrimination — charging different prices for the same product or service — requires preventing people who pay a high price for an item from being able to buy it…
The social psychologist Robert Cialdini is a pioneer in the science of persuasion. His 1984 book Influence is a classic, and he has just published an expanded and revised edition….
The Society of Labor Economists, a professional organization, gives awards to worthy scholars. One is for lifetime achievement, the other to a scholar who finished his/her education within the past…
The free newspaper on the London tube has this front-page advertisement: “From 10 a.m. tomorrow, £10 ($15) hotel rooms, on the web site lastminute.com.” For an economist this is a…
The average item bought by the average buyer has an income elasticity of nearly one: most people roughly double their spending when their income doubles. But everything we buy consists…
Standard economic theory implies that we maximize our happiness if we have more choices. Yet we limit our choices — impose self-control mechanisms — voluntarily in order to improve our…
NPR reported last month that, for the first time in five years, the U.S. Army had more than met its recruiting goals. This happens every time unemployment rises, and it…
An old adage is that a university is a happy place if the administration provides football for the alumni, parking for the faculty, and sex for the students. I assume…
A California state assemblyman has proposed dealing with the state’s huge budget shortfall by taxing pornography, including the production and sale of pornographic videos — by 25 percent. To an…
Over the past few months, the press has deluged Americans with weepy stories about people who are in danger of losing their houses because their sub-prime mortgages now exceed the…
Nancy and Harry Chapin’s song, “Cat’s in the Cradle,” is one of my favorites, partly because of the beat, and partly because it illustrates one of the essential trade-offs in…
A female friend who I hadn’t seen in several months and I greeted each other yesterday with the usual hug and one-cheek kiss. If I had done this in 1970…
Lecturing on divorce today, I was reminded of the refrain in Clay Walker‘s song, Then What: “Then what, what you gonna do, when the new wears off and the old…
In the long run, the increasing opportunity cost of people’s time, as wages rise, is one of the most important driving forces in economic behavior. Much of our racing around…
I’m trying to decide what to do about train travel during our 5-month sabbatical in Germany. For $55 I can buy a card that gives me a 25 percent discount…
We just returned from four days of hiking in Big Bend National Park, and today we drove 500 miles in Texas along I-10. A number of oil wells were pumping…
For a number of years I’ve been impressed with the wireless credit-card machines with which many European restaurants equip their wait-staff. This substitution saves workers time (and also that of…
The Wall Street Journal recently published a front-page story about the estate tax. Under current law (passed in 2001), the tax is scheduled to disappear next year (but come back…
A column by Meghan Daum in the Los Angeles Times reports on the dating service Ashley Madison, which matches up married women and men who wish to have a quick…
My Dutch co-author and I biked to his office this morning, with very nice new bikes he owns. I remarked on them, and he said his university gives him the…
A story on Yahoo news mentions that the Philadelphia newspapers are running advertisements for a fake airline, Derrie-Air (get it?). The airline advertises that it is carbon-neutral, and that it…
We economists love to talk about Pareto optima and Pareto-improving changes. Frankly, though, when the group of interested parties is considered broadly enough, there are extremely few changes that are…
When we choose a major in college we are to some extent choosing a series of future wage rates. The amount of human capital in which we invest is to…