The Armchair Economist (revised and updated May 2012): Economics & Everyday LifeThe extensively revised and updated edition of Steven Landsburg’s hugely popular book, The Armchair Economist—“a delightful compendium of quotidian examples illustrating important economic and financial theories” (The Journal of Finance). In this revised and updated edition of Steven Landsburg’s hugely popular book, he applies economic theory to today’s most pressing concerns, answering a diverse range of daring questions, such as: Why are seat belts deadly? Why do celebrity endorsements sell products? Why are failed executives paid so much? Who should bear the cost of oil spills? Do government deficits matter? How is workplace safety bad for workers? What’s wrong with the local foods movement? Which rich people can’t be taxed? Why is rising unemployment sometimes good? Why do women pay more at the dry cleaner? Why is life full of disappointments? Whether these are nagging questions you’ve always had, or ones you never even thought to ask, this new edition of The Armchair Economist turns the eternal ideas of economic theory into concrete answers that you can use to navigate the challenges of contemporary life. |
Contents
| 3 | |
Why the Rolling Stones Sell Out | 10 |
How to Split a Check | 20 |
Who Cares If the Air Is Clean? | 31 |
Learning What Its All About | 42 |
The Pitfalls of Democracy | 49 |
The Logic of Efficiency | 60 |
Smith Versus Darwin | 73 |
Do We Need More Illiterates? | 138 |
The End of Bipartisanship | 146 |
Why Popcorn Costs More at the Movies and Why | 157 |
The Mating Game | 168 |
Why Life Is Full | 174 |
Armchair Forecasting | 181 |
A Primer | 188 |
The Iowa Car Crop | 197 |
Economics | 83 |
How the Atlantic | 95 |
The Mythology of Deficits | 106 |
Spurious Wisdom from the OpEd Pages | 116 |
Unemployment Can Be Good for You | 127 |
Was Einstein Credible? The Economics | 203 |
How Economists Go Wrong | 211 |
The Science | 223 |
Notes on Sources | 233 |
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Common terms and phrases
American analysis answer aquarium argument auction average behavior believe benefits better bill billion borrowing Bridgman busboys bushel candidate cars choose clean air Clean Air Act Cleanstown Clint Eastwood Coase Coase Theorem consumer's surplus consumers consumption corn flakes cost-benefit analysis count deadweight loss debt decision deficits dollar drive drug earn economic economists effect efficiency English auction equally exactly example farmers fixed resource gains Grimyville incentive income increase Indifference Principle individual inefficient inflation interest rates less losses marginal cost Mark Bils matter measure moral movie Myth nomic normative criterion observation outcomes owner payments popcorn prediction prefer price discrimination problem production profits purchase question rational reason revenue risk rules scientists sell spend Springfield stockholders Sturges theater Theorem theory thing tion vote wages Wegman's winner's curse worth
Popular passages
Page 3 - Most of economics can be summarized in four words: "People respond to incentives.
Page vii - First, it is about observing the world with genuine curiosity and admitting that it is full of mysteries. Second, it is about trying to solve those mysteries in ways that are consistent with the general proposition that human behavior is usually designed to serve a purpose.