The Great Gefilte Fish Shortage

Fresh-made gefilte fish is hard to find this Passover season, because the harsh winter restricted fishing on the Great Lakes, sharply decreasing the supply of an essential input—whitefish. While this delicacy is not required by ritual, it is traditional—and with fresh-ground horseradish it is a mouth- (and eye-) watering treat.  One would think that a rising price would equilibrate the market, but it hasn’t—apparently merchants did not want to antagonize customers by raising prices.  Indeed, the nature-induced shortage in the market for fresh gefilte fish has increased the demand in the related market for the pre-made Manischewitz product, so that is hard to find too.  Pretty sad when you can’t find gefilte fish even in Manhattan!

Same Job, Same Wage?

Every time I visit Australia, one of the first things I see in the news is a discussion of minimum wages. Pay rates in Australia are to some extent set by the government; these days by the Fair Work Commission.  Today there is a news story that a labor union will seek to have teenagers paid the same wage as adults for the same job.  This increase in youth wages will decrease the quantity of young workers demanded, especially as that demand is typically quite elastic. Worse still, this will prevent some kids from obtaining job experience, thus reducing their human capital and making them less employable in the future.  As Peter Seeger sang, “When Will They Ever Learn?”

In Case of Rain

In the town where we stay on the New Jersey shore the local movie theater advertises: In case of rain, we will have an extra show at 1PM on weekdays. Pretty clever. If it’s rainy, the demand curve for going to the movies shifts rightward—who wants to go to the beach in the rain. Accordingly, the theater increases the amount of showings supplied to the market. But why don’t they raise the price of tickets on bad-weather days? Presumably because it would create bad will among customers who might feel exploited, but perhaps there are other reasons. (I can’t imagine that it is difficult to alter prices on a daily basis.)

The Downside of Living in a Need-to-Know World

I like keeping up with things, large and small, as much as the next person.

Or maybe I don't. That's what I'm trying to figure out.

As someone who's done a lot of journalism, I certainly have an appetite for being first with a story. In fact, most of the journalism I've written was stuff that no one else was writing about. But there's a big difference between looking off the beaten path and trying to land a scoop within a beat that 100 other journalists are covering. I was never much into that. I understand that news organizations value the scoop but I do question how valuable such scoops really are -- especially these days, when the first-mover often gets drowned out by the 1,000 who follow.

But lately I've been thinking about the information flow from the demand side rather than the supply side.