Tag: Gains from Trade
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Ticketmaster Monopoly Ruling: A Law and Economics Perspective
A couple of weeks ago, the media reported that a jury had found Ticket Master (and Live Nation) guilty of being an illegal monopoly. The media quoted people on the street who said the obvious: “I am looking forward to paying lower prices for concert tickets.” Yet, there is no cartel amongst concert promoters (that…
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How Global Conflicts Impact Gas Prices in Canada and the US
Why would a war on the other side of the world raise oil and gas prices in countries, such as Canada and the United States, that are net exporters? The explanation is both simple and has profound implications for behaviour and for government policy.
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Understanding Market Shortages: Oil, Concert Tickets, and College Basketball
Economists often talk about how markets adjust to shocks with relative ease. Recent news offers three prominent examples of markets with excess demand: world oil and gas, reselling concert tickets, and college basketball. These examples are newsworthy for the same reason even if the “solutions” differ. Not everybody is happy with the “solutions” and that…
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Trick or Treat: Lessons in Economics
Halloween is an odd event because it is so silly: people dress up in scary costumes and, for one night in the year, anybody who knocks on the door is given candy. This post notes six lessons involving economics, not including the incentive/threat implied by the phrase “Trick or Treat”.
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Surprising Insights and the 2025 Nobel Laureates in Economics
The 2025 Nobel Laureates in Economic Science are being recognized for their contributions to understanding the determinants of economic growth. Growth is generally seen as a good thing and the work being recognized was done more than 30 years ago. So, what was the surprising insight and, more importantly, what do others not understand about…
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Economic Lessons Hidden in Popular Movies
The Oscars® are handed out on March 2, and, in many Canadian provinces, Spring Break for high school students is soon after. So, now is a good time to remember that some movies present important economic ideas entertainingly. Most movies do a bad job of conveying economic ideas precisely.
5 Basic Principles of Economics 