Keyword: tax
One-Price Law – Making an Illegal Buck (2/27/2007)
Artificially-imposed price difference between markets can lead to flow of goods from short-supplied areas to well-supplied areas to equalize their effective prices.
Keywords: arbitrage, China, diesel, gasoline, Hong Kong, material flow, one-price law, price control, red oil, smuggling, subsidy, tax, Vietnam
Private goods vs. public goods (transcript) (3/27/2007)
Narrated lecture on the difference between private goods and public goods. Demand schedules for private goods and public goods are generated using Flash animation.
Keywords: aggregate demand curve, excludability, horizontal summation, marginal utility, market demand curve, private goods, public goods, rivalry, tax, vertical summation
Rivalry and Excludability in Goods (8/15/2006)
Goods can be classified by their consumption rivalry and ability to exclude non-payers.
Keywords: advertisement, apple, Commons good, enforcement cost, excludability, indirect funding, low-congestion good, private good, property right, public good, radio, rivalry, school, tax
Tipping the Scales (1/16/2006)
Tipping for service is a social custom that traps everybody into a collectively inferior position.
Keywords: doormen, gratuity, prisoner's dilemma, service, social custom, tax, tip, tipping, trap