What inputs are required for the production of goods and services? All modern economics textbooks agree that labor and capital are fundamental factors of production. Some textbooks also include land which is usually a shorthand for all natural resources including…
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How much inequality is ideal within your workplace?
Nicholas Fitz at Scientific American has a good summary of recent research about American perceptions of inequality. Answer two questions below to test yourself and see how your answers compare with the average American. 1) How much more should CEOs get paid…
Welfare For Entrepreneurs
‘Extraordinary Bodies (Photo Exhibition)’ by Chris Big businesses is the most important part of the economy to get right because big organizations are where most productivity-enhancing innovations are created. The vast majority of entrepreneurs work in low-productivity-growth businesses. But entrepreneurship is…
The Monopoly Dilemma
The internet (and information technology) is often portrayed as a great leveler that democratizes power. This is one of the themes of Thomas Friedman’s bestselling book, The World Is Flat. It is true that the internet has leveled power in…
Posted in Managerial Micro, Public Finance
Medianism 