Month: February 2019

Hidden costs to outdoor recreation during the government shutdown

Posted on by — 1 Comment ↓

The longest government shutdown in our country’s history was expensive in more ways than one. The outdoor recreation economy, which made up 2.2% of total GDP in 2016, was one of the losers. According to an article written on January 4 (just 14 days into the shutdown), the National Parks Conservation Association (NPCA) estimated that the partial shutdown had already cost the National Parks Service (NPS) at least $5 million in entrance fees. Although the NPS left some areas open, they operated with limitations and did not collect entrance fees. Fortunately, many outdoor communities stepped up to volunteer in garbage Continue reading Hidden costs to outdoor recreation during the government shutdown→

American Political Parties are a Duopoly (Spoiler: Its not Symmetric)

Posted on by — No Comments ↓

In the United States we have effectively only two political parties to choose from, the Democrats or Republicans. Unlike in other developed nations that are characterized as two party systems, America has zero representation of third parties in national government while in Australia, the United Kingdom, and Canada the third biggest parties hold 14.4%, 7.52% or 5.38% (depending on who you count), and 23.9% of seats in national government respectively. Therefore, it is fair to say that the parties act as two firms unchallenged within a market for votes and thereby power within the American political system. Now this isn’t a shocking Continue reading American Political Parties are a Duopoly (Spoiler: Its not Symmetric)→

Why Running is Becoming (more) Boring; Breakdown Game Theory Style

Posted on by — No Comments ↓

If you have ever been to a cross country race, or a track meet, you know endurance running is boring.  Runners can be going very slow and it’s hard to know how impressive it is, especially the races that take 20+ minutes. Recently championship races are getting harder and harder to watch, races that had audiences that spanned outside the running community.  Specifically, I’m talking about races such as the olympics, D1 nationals or the IAAF championship. The short answer: the races have been getting slower. The confusing part is that the runners are not getting slower, just these races.  The Continue reading Why Running is Becoming (more) Boring; Breakdown Game Theory Style→

Learning to Apply Your Econ Knowledge to Things Besides Economics

Posted on by — No Comments ↓

I like Economics. I think it’s fun. And, I was told when I started studying economics that I would be able to apply my knowledge to the real world in real and helpful ways. That has turned out to be true, but until recently I hadn’t really figured out how to apply my econ knowledge to fields besides economics. Politics and government Professor Seth Weinberger was explaining to my connections class the concept of states interacting with each other. He explained that at the heart of comparative politics, states all act in their own best interest to obtain as much Continue reading Learning to Apply Your Econ Knowledge to Things Besides Economics→

Let’s tell the truth about raising marginal tax rates

Posted on by — No Comments ↓

The mere suggestion of a 70-percent tax rate reeks of radicalism in our culture that still discusses taxes on Reagan’s supply-side terms and digests new information in 280-character increments. This amounts to elites and private citizens dismissing such a suggestion as just another ephemeral musing on Twitter by the wide-eyed freshman congresswoman, Alexandria Ocasio-Cortez. Eyes glaze over when tax brackets come up, and many revert to an American conventional wisdom that says lower taxes are always better. Twitter trolls and elected officials, which are not mutually exclusive, take advantage of this and sound the alarm that AOC wants to turn Continue reading Let’s tell the truth about raising marginal tax rates→

The Modern Day Terminator; Artificial Intelligence in the Labor Market

Posted on by — No Comments ↓

Despite public dispositions of terminator-esque results, and apocalyptic amounts of data accumulation, artificial intelligence is making big steps toward diminishing irrational decision making. Consumers and buyers have always approached decisions with diffidence and certain inefficiency. Think of the consumers and buyers decision as a language barrier. In the modern world the consumer communicates what they want through action. For example on freemium platforms such as spotify or matching markets like eBay, consumers listen to songs they like and buy items they want, these actions prompt recommendations, such as “artists recommended for you”, or “others also purchased”, which try to predict Continue reading The Modern Day Terminator; Artificial Intelligence in the Labor Market→

Say Thank You and Kiss the Traditional Economy Goodbye

Posted on by — 1 Comment ↓

It seems like everybody who watches Marie Kondo on Netflix ends up furiously cleaning out their room while mumbling, “does this bring me happiness?” It’s not hard to see that minimalism is a re-emerging trend hitting consumer behavior full force. It originated as an art movement during the 1960s and since then has developed to become a lifestyle; mainly because of financial trauma caused by the 2008 crisis. People were forced to reduce ownership of excessive goods and consciously reflect about their purchases. This is the whole minimalist purpose: to only keep truly useful, beneficial, and memorable items. But why has Continue reading Say Thank You and Kiss the Traditional Economy Goodbye→

Spotify: the Economics of Streaming

Posted on by — No Comments ↓

Music platforms are evolving at breakneck speed, but is the increasing consumer utility destroying artist profit? CDs replaced records, digital downloads replaced CDs, and now streaming services like Spotify and Apple Music thrust the purchased digital copies of iTunes onto the edge of obsolescence. Spotify’s 2011 debut in America offered music fans a new way to listen to their favorite artists. Instead of purchasing individual songs or albums, users can stream music from a phone or laptop. Spotify offers multiple options: a free version where music is interrupted by advertisements and a premium version where users pay a monthly subscription Continue reading Spotify: the Economics of Streaming→