The Econormist

All about economics and you. Yes, you! You are awesome. And so is econ.

[econormist]

The economist, like everyone else, must concern himself with the ultimate aims of man.

Alfred Marshall. Opening quote in The Affluent Society by John Kenneth Galbraith

[econormist]

Yamaha started out in 1887 making pianos and other musical instruments. Then came World War II and with it came resource reallocation.

Yamaha was pressed into wartime production of plane propellers and fuel tanks because its factories could work with wood and metal

The War destroyed most of their factories but Yamaha bounced back making the most of scarce resources (just like the rest of Japan) and continued to make musical instruments but also diversified including figuring out that the existing machinery they had (which was used to make airplane propellers) could be used to make motorcycles. The Yamaha Motor Company was born.

Today the Yamaha Corporation remains a shareholder in both the musical instruments company and the motorbike company.

[econormist]

Congratulations to India’s Mirabai Chanu!

[econormist]

Draw me like one of your French demand curves.

[econormist]

We read some classic lit.

[econormist]

Ever eaten a chocolate cake so rich, you thought Bernie Sanders might ask for it to be taxed at 90%?

[econormist]

Total Factor Productivity.

[econormist]

Modern banking was invented in Italy in the 14th Century.

People before that:

[econormist]

Me: Ugh I hate capitalism.

Also me:

[econormist]

Governments be like...

[econormist]

Right on, Jake!

[econormist]

Bee-conomics

[econormist]

Goddammit!

[econormist]

Hey guys do you think concert audiences sometimes go LOUDER FOR THE PEOPLE AT THE BACK and the band goes WELL TOO BAD Y’ALL POOR

[econormist]

A story with a happy ending in three acts.

For professional sportspeople (Burl plays 🏏 for the Zimbabwe national team) there is huge opportunity cost to attending to things like this (repairing their own gear) because that time and effort could be otherwise spent training or resting.

Opportunity Cost (n.): In econ theory, opportunity cost is the loss of the benefit that could have been enjoyed if the best alternative choice was chosen instead.

[econormist]

Football economics is weird. Liverpool FC were drawing West Bromwich Albion last Sunday before their goalkeeper scored a last minute goal from a corner which eventually helped them finish third on the table this weekend making sure that they will be part of the Champions League next season (top 4 teams from top European leagues qualify for the tournament). Because the tournament is huge, marquee clubs earn a lot of money just by appearing in it (since their brand name makes the tournament attractive to global audiences). Liverpool will be paid £58 million ($82 million) just for qualification and they will get more if they advance when they play.

All because in the last minute of regulation time a West Bromwich Albion defender gave a careless corner away.

[econormist]

Duck Coin? Nah, gold will do.

I’d like to believe that Scrooge McDuck’s take on CryptoCurrency is - “If you can’t wash it or swim in it, it’s probably not a great measure of a store of wealth.”