As I was standing in the queue to pay a rip off price for a pint to use as mixer for the naggin of whiskey in my coat pocket, I wondered how I could apply my knowledge of economics to the situation. Ireland is well known for its links to alcohol and as a student drinking is almost mandatory for me. So what is the economics of drinking?
On this blog I have discussed a lot of economic theories and ideas. I wrote about many flaws in the market, problems of competition, the need for the government etc. But all of that is hypothetical so I decided to use some practical examples. Over the next couple of posts I will apply economic theory to different parts of the economy. It’s not going to be a rigorous examination, more just things I notice during the day. I’m a firm believer in the relevance of economics and that it must be based on the real world. The best way to test a theory is to see how it matches the real world. Continue reading “Applying Economics To Bacon”