Puzzles and Paradoxes in Economics

Puzzles and Paradoxes in Economics

by Mark Skousen, Kenna C. Taylor
     
 

ISBN-10: 1840640499

ISBN-13: 9781840640496

Pub. Date: 11/01/1998

Publisher: Elgar, Edward Publishing, Inc.

Economics is full of puzzles and paradoxes that often frustrate and challenge everyone, including economists. This engaging book focuses on three types of paradox. First, everyday observations that appear to belie common sense (such as why do some supermarket items sell for more per ounce in larger sizes?). Secondly, those paradoxes which have perplexed economists in…  See more details below

Overview

Economics is full of puzzles and paradoxes that often frustrate and challenge everyone, including economists. This engaging book focuses on three types of paradox. First, everyday observations that appear to belie common sense (such as why do some supermarket items sell for more per ounce in larger sizes?). Secondly, those paradoxes which have perplexed economists in the past but have since been fairly resolved (such as the diamond-water paradox). Finally, empirical or conceptual anomalies that remain unresolved and present a challenge to today's economists (such as the voting paradox). This original and unusual book will have a wide appeal, ranging from the lay person with an interest in everyday economic puzzles, to the student and teacher wishing to develop their understanding of some of the paradoxes that have existed and continue to exist in economics. It will serve as an ideal source for teachers who want to challenge their students with unusual economic problems.

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Product Details

ISBN-13:
9781840640496
Publisher:
Elgar, Edward Publishing, Inc.
Publication date:
11/01/1998
Pages:
232
Product dimensions:
6.12(w) x 9.25(h) x (d)

Table of Contents

List of figures and tables
Acknowledgements
Preface
Introduction1
Cases and concepts4
1The Adam Smith paradox22
2The diamond-water paradox27
3The water problem31
4The case of the fourth egg33
5Profiting from pants35
6The price of quality38
7The rationality and risk puzzle43
8Gold's backward supply curve48
9The positive sloping demand curve?51
10The leisure paradox54
11The price discrimination dilemma57
12A hot vacation spot66
13The rare case of a Giffen good?69
14The case of the costly catsup73
15The mail order question77
16The businessman's query80
17Are teachers underpaid?84
18The pollution puzzle91
19Are market wages fair?98
20The highly valued occupation nobody wants103
21The stock market puzzler105
22Apples and the Alchian-Allen theorem107
23The perfect-market puzzle110
24The starvation of Buridan's ass119
25Does studying economics make one immoral?121
26The savers' dilemma127
27Keynes's banana plantation129
28Producing cars that don't sell131
29The feckless forecast and policy purveyor puzzle134
30The growing but declining gap puzzle141
31The perpetual poverty puzzle145
32The paradox of thrift157
33The gold absurdity164
34The wager over wages166
35The voting behaviour puzzle169
36The voting paradox175
37A taxing debate182
38The blessings of destruction185
39The interest rate dilemma188
40The population puzzler190
41The efficiency versus equality puzzle193
42The national debt: asset or liability?198
43The Leontief paradox200
44The perversity of Wall Street206
Index209

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