Last month a friend asked my opinion and I thought I might be able to apply my economic knowledge to a real life scenario (this almost never happens so I got quite excited). It had to do with the process of reselling tickets, and we debated whether or not this was greedy exploitation or simple capitalism. Is it right to be governed by money and the market or should social norms and ethics dominate? Continue reading “Applying Economics To Ticket Scalping”
In the run up to exams myself and my friends in college were all stressed over study and getting assignments completed. In the middle of this I noticed that some essays were individual and some were group essays. Seeing as I’ve been doing a lot of economic thinking, particularly about the difference between collective and individual, I thought I might try and see what economic lessons could be drawn from this. Continue reading “Applying Economics To Assignments”
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”