Tag Archives: opportunity cost

Gas prices

Posted on April 27, 2011 by

A common quandary that perplexes many folks is fluctuating gas prices.  Whenever gas prices increase quickly, I typically hear something like the following: The cost of the current stock of gas in the underground tank at the gas station was … Continue reading →

Posted in Economics, Opportunity Cost | Tagged , , | 2 Comments

Trump ignores the opportunity costs of his foreign trade policy

Posted on April 27, 2011 by

In today’s column, Thomas Sowell proposes that one reason Trump is leading the Republican polls is his: …ability and the willingness to articulate his positions clearly, forcefully and in plain English. Too many Republicans talk like the actor of whom … Continue reading →

Posted in Critical Thinking, Opportunity Cost, Politics, Trade | Tagged , , | 1 Comment

Postive sum thinking

Posted on March 2, 2011 by

I came across this excellent insight from a commenter, kiwi dave, in response to this blog post on Marginal Revolution: People often think zero-sum benefits are in fact positive sum (further education, tax credits to lure businesses, building gigantic stadia … Continue reading →

Posted in Critical Thinking, Economics, Government, Politics | Tagged , , | 1 Comment

“Why do people go to restaurants if we can make food at home?”

Posted on November 28, 2010 by

I received this great question from a 5-year-old as we drove into the parking lot of Red Robin. There are many reasons why restaurants exist alongside our kitchens, pantries and grocery stores.  Those reasons roll up to one economic concept: … Continue reading →

Posted in Black Swan, Economics, Opportunity Cost, Trade Offs, Trial and Error | Tagged | Leave a comment

Do No Harm

Posted on November 26, 2010 by

An interesting thread came up on this blog post on Cafe Hayek. One commenter, JohnDewey, defended government agencies calling it unfair to say that government agencies do not add any value.  He admitted that agencies like the USDA may not … Continue reading →

Posted in Critical Thinking, Innovation, Markets | Tagged , , , , | 3 Comments

We Can Now Afford Gardens

Posted on October 6, 2010 by

This EconLog Everything’s Amazing, Nobody’s Happy post today from Arnold Kling ended with Kling observing: Today, we take specialization and trade for granted. We get ticked off when the government “fails to create jobs.” Yet the unemployed do not revert … Continue reading →

Posted in Economics, Standard of Living | Tagged , , , , , | Leave a comment

Easy to Understand Example of Opportunity Cost

Posted on October 1, 2010 by

My wife was talking to a friend about daycare. Her friend works four days and is off one day a week.  She was disappointed she couldn’t find a daycare that would let them pay for four days a week.   They … Continue reading →

Posted in Economics | Tagged | 3 Comments