People are not fully rational. Moreover, people’s expectations of future conditions often play as much of a role as the current situation in their willingness to buy or sell things at different prices. Keep that in mind when digesting news…
Global market reality trumps gas price fantasy
Holding out the promise of cheaper gasoline is a popular activity for political candidates right now. They suggest that if we just did a few simple things — research alternative energy, drill offshore or in the Alaskan National Wildlife Refuge,…
Brush up on math to grasp economy
Everybody is familiar with percentages but their details still trip people up, particularly when communicating economic news. Here are a few pitfalls to avoid. There is an important distinction between an ‘increase of X percent’ and an ‘X percentage point…
Weighing the tradeoffs of off-shore drilling
President Bush’s proposal Wednesday to end decades-long bans on offshore oil and gas drilling may be a cynical political ploy, but he opens a useful debate. What trade-offs are there between the environment and energy production? Should we change policies…