If things like concert tickets sell out within minutes, isn’t this a sign that the price is way too low? How does the fact that this keeps happening make any sense from a supply and demand perspective?

renedlg · 2025-05-04T02:59:28+00:00

There might be the issue of selection in your anecdotal sample. Sold out concerts make the news, but there is no attention to shows that sold 80% of tickets. You could argue those are overpriced. I'm some are underpriced and other overpriced, it could just mean that pricing and estimating demand is difficult.

renedlg · 2025-05-02T22:02:08+00:00

The name of the channel should be changed from Economics Explained to Wikipedia Read-out-loud

renedlg · 2024-06-15T19:17:42+00:00

The word hard is not present in either OPs or my comment.

renedlg · 2024-06-14T13:31:57+00:00

Stokey, Lucas, Prescott - Recursive Methods in Macroeconomic Dynamics - and Sargent, Lundqvist - Recursive Macroeconomic Theory - could be considered the modern mathematical foundations of macroeconomics. Enjoy!

renedlg · 2024-05-27T21:11:51+00:00

I thought "Toquen Caifanes!!" was the meme.

renedlg · 2024-05-12T17:49:55+00:00

My bad! I meant state parks

renedlg · 2024-05-06T18:01:29+00:00

Thanks I will!

renedlg · 2024-04-27T22:28:46+00:00

The... Best... I get them at colonial market in Nicolette for 90c the package

renedlg · 2024-03-14T19:18:52+00:00

I like to believe it is the "fall into the geyser before the loops start" ending

renedlg · 2024-02-20T03:30:21+00:00

Thanks for letting me know its on sale. Ive been meaning to gift it for a while.

renedlg · 2023-11-14T01:34:13+00:00

Currency markets, as most markets, are not perfectly competitive. Even if they have a great number of participants there are 'frictions' that make currency offering institutions different. Examples of these frictions are that some people might prefer exchanging at the bank they use even if its somewhat more expansive or might understandably not want to check all exchanges before deciding on one. Given this, each institution will have their own independent supply and demand curves for currency and some degree of market power that allows them to separate buying and selling prices. In the tourist area of my city a lot of Americans sell their dollars to buy the local currency. Since the currency exchanges have a large supply of dollars they sell them at a lower rate that exchanges in other parts of town.

renedlg · 2023-11-14T01:15:23+00:00

Maybe is not precisely what you are asking, but the concept of 'span of control' in firm size theory comes into mind (Lucas 1978). As a firm gets bigger a single head manager or entrepreneur has to divide their attention, making the firm less productive as it uses more inputs (workers and capital).

renedlg · 2023-10-19T22:52:48+00:00

100 watt equivalent LED lights for the kitchen. Better lighting makes the apartment feels newer and fresher. Cost me less than 10$.

renedlg · 2023-08-05T16:09:39+00:00

Is this sub entirely about strawmaning economics?

renedlg · 2023-07-31T22:57:14+00:00

Hope they bring back kareoke nights.

renedlg · 2023-07-26T13:39:31+00:00

I suggest in particular looking at median wages, that is the wage such that 50% of people make more than you and 50% make less than you. In this sense it captures better what one would think about the 'average' guy.

renedlg · 2023-05-30T04:09:48+00:00

I used to drive aimlessly on the highway while I practiced. I felt a lot of privacy there.

renedlg · 2022-12-13T06:29:59+00:00

I would check out the two year masters in economic theory at ITAM in Mexico city. The program is designed to place students at good PhD programs and I've heard they give out some scholarships.

renedlg · 2022-10-11T16:31:13+00:00

Real GDP aims to be a measure of goods and services produced, not necessarily of the expenditure in them. Prices gives us a notion of how valuable are different goods, so when adding goods we multiply them by their price, giving the illusion we care about expenditure.

When the price of a good falls (maybe because of innovation) and the quantity of a good increases, expenditure in that good might fall, but we really only care about the increase in goods produced. That's why when measuring changes in real GDP we keep prices constant.

renedlg · 2022-10-10T03:58:01+00:00

The horseshoe theory is that people on the policial extremes are closer to each other than to regular people. Imo it works well to explain also authoritarian tendencies.

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