Outsourcing as an Economic Benefit

A number of years ago, economist Greg Mankiw (then chief economist in the Bush Whitehouse) created a firestorm in the media with his comments on outsourcing as an economic benefit.  The link below is from his blog, referencing Adam Smith and David Ricardo regarding the benefits of trade (including outsourcing).

Mankiw on Outsourcing

Chicken Wing Shortage?

There has been a lot of hype recently over a possible chicken wing shortage for next weekend's Super Bowl game.  Is it real, or is it just an attempt to increase demand based on faulty expectations?
Read about it here.

Chicken Wing Shortage?

Another Case of Unintended Consequences?

As is often the case, government intervention in the economy leads to unintended consequences.  As government mandates higher fuel economy, manufacturers find new ways to reduce the average weight of their vehicles.  Does this lead to higher incidence of injury or worse in accidents?
Read about it here:

http://www.nationalreview.com/articles/337110/our-cars-weight-problem-robert-e-norton#

Milton Friedman and Free Markets

The Lesson of the Pencil

End of Semester Humor

This has been a very interesting period for studying economics.  Sometimes it's nice to just sit back and have a good laugh at some of the craziness we see around us.  Here's a collection of recent economic/political cartoons.  Enjoy!

Is It Goodbye to Twinkies?

Striking unions at a dozen Hostess Brands plants have forced the company to shut down.  18,000 employees including approximately 600 employees at the Ogden, Utah plant will be laid off in the closure.  Here is a real world example of why many economists suggest that unions create more unemployment in the workplace.  Can this iconic brand be saved?  Read about it here.

Goodbye Twinkies!



Three Trillion Barrels of Oil Under Utah?

A Recent discovery of oil in the Green River basin could provide enough oil to make the US totally independent from OPEC.  What are the possibilities?  Read about it here.

Utah-Colorado Oil Find