Posted by GTG on March 31, 2008
As a long-time Newcastle United fan, I’m very pleased to announce that I have finally made the pilgrimage to the St James’ Park stadium, home of the Magpies.
After a tour around the grounds, I headed straight for the store, eager to get some evidence of my trip to Magpie-Mecca. Imagine my horror when I found our prestigious club logo emblazoned on everything from mousemats to sweets (pictured left) to garters.
“They stick the logo on anything and sell it for twice the price,” remarked my Geordie friend as he picked up a packet of Newcastle United Official Wine Gums (TM).
Then I put on my green-tinted glasses and put my economics brain to work. And I realised we shouldn’t be dissing the sweets — we should be thankful instead.
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Posted by GTG on March 15, 2008
Nothing irritates me more than watching pretty ladies breeze happily into the club while I’m stuck outside in the cold queuing with other men for expensive tickets. But I still only go clubbing on ladies’ nights, the reason behind which is beyond economics. (Actually it’s not, but let’s leave it at that.)
What is not beyond economics, however, is the reason why nightclubs seem to discriminate against men. We have to pay to enter, and then we have to pay more for drinks. The ladies, on the other hand, get free entry and discounts off the menu. And guess who is expected to buy drinks for the other sex?!
Is sexism at play? Do nightclubs have some form of monopoly power that allows it to abuse a section of its customers? No, and no. A deeper look into the economics of nightclubs tells us that they are actually charging fair prices for both sexes, and, rather incredibly, that the higher prices are for the benefit of everyone, including men.
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Posted by GTG on March 14, 2008
The world’s oldest profession has come into the media spotlight after the Spitzer sex scandal, which cost the former New York governor his job and much more besides.
The episode has raised a new round of debate about the legality of prostitution. Tyler Cowen points out the absurdity of jailing someone because of a particular interpretation of their consensual sexual acts. Will Wilkinson notes that the criminalization of sex work adds to the social and legal stigma attached to prostitution. On the other side, Nicholas Kristof argues that legalization encourages the sex industry.
Prostitution, by virtue of its sensitive nature, carries with it much emotional baggage. Economic analysis allows us to temporarily strip the issue of the messy moral and human rights issues to focus on the bare bones of the problem. The result, as we shall see, can run entirely against what the lawmakers have in mind.
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Posted by GTG on March 9, 2008
The school term is coming to an end, which means only two things: spring break is coming soon, and the end-of-term exams even sooner. The library is now jam-packed in the day, thousands of eyes straining over millions of words and figures and diagrams.
I can’t help but think: had the university set the exams really easy, all the time and effort spent on studying for a pass can be channeled towards something more productive instead (e.g. sleep, Facebook). We will undoubtedly all be happier, more contented students, with no loss to anyone. Sounds like a Pareto improvement to me.
So why do university profs like to set mind-numbing exams for their students? Game theory has an answer.
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Posted by GTG on March 8, 2008
My housemates and I are big fans of Hawkin’s Bazaar, which sells wacky things from fire-breathing toy nuns to clocks that tick backwards (their slogan: “Things you thought had gone for ever, things you never even knew existed”).
So we subscribed to the Bazaar Times, the first issue of which arrived at our doorstep today. As expected, it was little more than an item catalogue disguised as a newspaper, but one of the very few articles caught my eye.
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As a long-time Newcastle United fan, I’m very pleased to announce that I have finally made the pilgrimage to the St James’ Park stadium, home of the Magpies.
