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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