The Error of Pricing Goods in Gold

We’ve all heard experts, pundits and talk show hosts pontificating about gold and silver. We’ve heard examples of their so called “intrinsic” value, about how gold and silver retain their value over time. Aside from any intrinsic value, this is accurate, except when these people attempt to make price comparisons of goods in gold or…

Time - money. Business concept.

Time: Our Most Scarce Resource

The recent passing of Nobel Laureate Gary Becker had me reflecting on some of his work. Specifically, his thought on how time is our most scarce resource. In his Nobel lecture he begins by explaining that economics impacts more than just the financial decisions that people make. Economics, when properly applied, allows the student to study…


Fast Food and Reality

Recently, fast food workers across America have been striking for higher pay, to include a “living wage”. Complaints have been that a fast food worker can’t afford to raise a family on slightly above minimum wage. Better yet, congress has held hearings over the last few weeks about the possibility of raising the national minimum…

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Americans are Starving!

There has never been in the history of this country a time when Americans were dropping dead due to starvation. The only exception would be the Jamestown colony of 1607.  Those that advocate for a socialist solution for the condition of hunger need only to look back through history at this country’s first attempt at…


Bitcoin and Money

The debate over whether Bitcoin is a money or not has cooled down quite a bit. But it’s still worth understanding what all the fuss was about. To do that, we first need to understand what constitutes a money.


The Batmobile, Value and Prices

Recently, the Barrett Jackson Auto Auction made automotive history by auctioning off the original George Barris “Batmobile” for an astounding $4.5 million. Not a world record but amazing nonetheless. The 1964 Aston Martin DB5 used in James Bond films sold in 2010 for $4.6 million. The value individuals place on such rare automobiles is merely…