Let's start this series with a fundamental question on the economic approach: Why is there a difference between a cost and a price ? Understanding the difference between a cost and a price is key in understanding economics. As we look at people, economists pay attention to everyone's perspective – even when they're aggregated in … Continue reading The difference between a cost and a price
Bitcoin may be worth more than this, but I'll only give two cents for it. TL;DR The infamous cryptocurrency, Bitcoin, saw its value explode in a matter of months. It was at $1,000 / bitcoin at the beginning of 2017, $6,000 a month ago, and around $15,000 today (well, stay put, that will change again … Continue reading My two cents on Bitcoin
The introduction of minimum wages in the United States The early 1930s were the years of the Great Depression, an economic recession that affected the United States as well as most of the European metropolises. This crisis led many countries to enact social policies or reevaluate those in place to protect workers and stimulate the industry. … Continue reading Minimum Wage Policy in the United States
Both of us, Patrice and Gatien, have started to read the recent book (May 2016) of Jean Tirole, a French economist, Nobel Prize in Economics in 2014, entitled Economics of the Common Good (published in French: "Économie du bien commun"). In the first pages, we come across a parallel between economics and medicine, that calls … Continue reading The economist and the doctor: Jean Tirole’s parallel and contrast
