Keyword: culture
No Chicken Feet! (1/3/2013)
Chicken feet, long considered a waste product in the US, have become a profit center for the high-volume low-profit US chicken industry in the China export market. But this export trade is not exempted from political whims.
Keywords: byproduct, chicken feet, China, comparative advantage, culture, export, fixed cost, inferior good, tariff, trade protection, US
The Blind Leading the Blind (12/8/2000)
An informational cascade occurs when people blindly follow the early movers, but can be quickly reversed in the light of trusted information.
Keywords: adoption, bandwagon, blind, celebrity, culture, down cascade, fads, fashion, first movers, information, informational cascades, rejection, reputation, reversal, signal, up cascade