Who pays a tariff? This was a standard question in my Greenville University undergraduate economics class. Tariffs are taxes, mostly on imported goods. When the United States imposes a 25 percent, or $0.25/$1, tariff on an imported good, an imported … Continue reading →
Paying $3 for a drive-thru coffee is a rational choice when the alternative is no coffee at all. It is also reasonable to pay $4 for a box of corn cereal. If one, 12-ounce box of cereal provides 8 bowls … Continue reading →
In the most recent post, the case was made that in their role as producers, farms transform inputs into outputs more than establish and maintain markets in the final goods and services, retail sector. The 2022 Census of Agriculture also … Continue reading →
As a quantitatively trained, free-market economist, I had been shaped to believe buying ‘local’ was a preference that was not cost-effective. But as I grew into a manure visionary and biomass systems economist, bulky and wet materials of limited value … Continue reading →
