The term ‘economics’ tends to incite a lot of passion. For many people it typifies a cold, emotionless perspective on life that just looks at money. It represents the cynical world view of those who, as Oscar Wilde said, “know the price of everything and the value of nothing”.
There…
Many countries are experiencing record numbers of daily COVID-19 infections: earlier this week, the US counted 800,000 cases per day (3x the previous peak), France 300,000 (5x), and Denmark, with 29,000 cases even 8 x their previous peak, equivalent to 0.5% of the total population. Belgium counted 33,000 cases and…
Here is an easy riddle: what do Novak Djokovic and Boris Johnson have in common? They are both experiencing some trouble with rules. The world no. 1 male tennis player, intent on defending his Australian Open title, has been experiencing a few problems trying to enter the country, related to…
Imagine being asked not to call an ambulance, but to make your own way to the hospital, except in life-threatening situations. That is precisely the advice that Britain’s North East Ambulance Service has been giving people in the area it serves. Wait a moment, you might think, am I not…
The very first humans were already economists. At least, that is what we would conclude if we were to believe the Old Testament. Why? Well, while they inhabited the Garden of Eden, whatever Adam and Eve needed was available in plentiful supply. But the moment they left paradise, boom! …
28 years ago, then young-ish economist Joel Waldfogel wrote a paper, The Deadweight Loss of Christmas, in which he argued that giving gifts at Christmas (and similar holidays with gift-giving rituals) is a colossal waste of money. Recipients value the gifts they received as less than the amount the giver…
It is hard to imagine our life without the small favours we grant to, or receive from other people. They oil the wheels of social interaction, from holding the door open for someone rushing to seek shelter from a sudden downpour, to bringing back the groceries your poorly neighbour needs…
Picture the scene. A bunch of young adolescents, all dressed up, awkwardly sitting on the chairs surrounding an empty dance floor. The music — a popular song that some are silently singing along to — is loud (not too loud, of course), but nobody moves. The young people keep on…
The other day, I came across a picture from the US, showing a small sign attached to a tree announcing that someone was willing to buy diabetic test strips for cash. The sign suggests there is unmet demand for such products, and invites people who can meet that demand to…
Imagine you’re going on a city break with your spouse to celebrate a special occasion. You’ve decided to push the boat out and book a suite in a swanky hotel for four nights, but as you arrive, the receptionist tells you that there has been a plumbing problem in the…
