Most Americans spend about the same percent of their income on clothing regardless of how much they earn. For example, people who earn $5,000 per year might spend about $200 on clothing whereas Americans who earn $150,000 per year spend…
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When you get a 10% raise, will you suddenly need to spend 10% more on food and clothing?
Posted in Development, Globalization & International
Did we reach peak market circa year 2000?
For centuries, markets have been expanding into ever greater spheres of human life and displacing non-market human interaction. This has been an exciting time for economists because economists mostly just study markets. This has led economists to neglect major spheres of…
The rules of globalization were written to help elites hide money.
Hernando de Soto believes that economic development and capitalism depends upon formal property rights. He has been advocating for making a clear public record of who owns all real estate and to help entrepreneurs register their ownership of their businesses because millions of…
To Trade Is Human
What makes humans different from animals? Anthropologists used to say that humans are unique in using tools (but it turns out that many animals use tools). Linguists used to think that language is unique to humans (but other animals have…
Posted in Development, Globalization & International
The Box
The Economist magazine explains containerization: [C]ontainers—uniform boxes that can be easily moved between lorry, train and ship—have reshaped global trade over the past few decades. Why…? Uniform metal containers were invented by Malcom McLean …in 1956. Before then goods were…
Posted in Globalization & International
A global environmental regulation saved the planet from disaster.
CBS News had an uplifting story about the environment: Here’s rare good news about an environmental crisis: We dodged disaster with the ozone layer. A NASA study about ozone-munching chemicals [CFCs] from aerosol sprays and refrigeration used a computer model to…
Posted in Globalization & International
Is The South-East Quadrant Of Asia Special?
China, India and nearby countries have been the most important drivers of world GDP from the dawn of agriculture until the industrial revolution when Europe finally boomed along with some European offshoots like the USA. Asia has always been the…
Posted in Development, Globalization & International
Medianism 