Wow, high end restaurants have changed what they serve over time!


My investigation on changes in the price of going to the prom in the Wall Street Jorurnal (see here) got a number of comments and emails.  The most interesting email came from Marie Concannon.  She is one of the head librarians at the University of Missouri.  Ms. Concannon created a web site called “Prices and Wages by Decade” (click here).  It contains links to the retail prices for all sorts of things that people buy like food, clothing, transportation, housing and education. Continue reading

To Really Beat Box-Office Records, “Star Wars” Will Need To Top These Numbers

This weekend, the newest Star Wars movie will start playing in cinemas throughout the world. Pundits in places like Forbes and the International Business Times are already predicting it will be the “biggest movie of all time.”

The headlines and superlatives about this movie’s box office records will dominate entertainment news during the winter. However, it is important to understand that the hoopla surrounding box office records is nothing new: Hollywood uses special effects for both making movies and discussing how a movie does financially. Hollywood movies consistently break box office (ticket sales) records because the industry does not adjust sales for inflation. Continue reading

Why Are Martha’s Vineyard and Other Island Getaways So Expensive?

President Barack Obama is currently taking a two week vacation on Martha’s Vineyard, a small island off the coast of New England. My wife and I took a short vacation on the same island and left a few days before the President and his entourage landed. The island has lovely scenery, warm water and many quiet places to relax. The island also is very expensive. While I didn’t do a professional survey since I was on vacation it seemed that almost all prices I paid were about 50% higher than what exists 45 minutes away on the mainland. On the ferry back to the mainland I came up with three reasons why Martha’s Vineyard and other island getaways like Nantucket are so expensive. Continue reading

Why Pump Prices Haven’t Fallen As Fast As Oil (Don’t Blame Greed)

Crude oil prices have dropped dramatically since last summer. Strangely, over the same time period the price at gasoline pumps fell much less. If a barrel of oil today costs less than half what it did last summer, why hasn’t the price people pay at the pump decreased a similar amount? Continue reading