Category Archives: Price Theory

Communism Lives

By Josh Weil | Published: November 8, 2009
Why does the country with the world’s largest oil reserves and the 4th largest river face an energy shortage? Answer below the jump. Social Bookmarking
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This Book Deserves Its Own Post

By Josh Weil | Published: November 6, 2009
In my last post, I quoted extensively from the Introduction to Price Theory, David Friedman’s economic textbook. It turns out there is more and it’s really good. If you want to understand economics more deeply,  you have the opportunity to read Price Theory online. The Internet never ceases to amaze. I’m committing myself to read the entirety [...]
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Munger on Prices and Shortages

By Josh Weil | Published: November 1, 2009
Duke University Professor Mike Munger is on this week’s Econtalk discussing the role of prices in the allocation of goods. What is the preferable allocation mechanism if there is a limited supply of something? How do producers react to demand, and what are the signals they receive from a government purchaser compared to consumers? What can [...]
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