There are a number of ultra-premium mass market products for sale in the world.  These products cost a lot of money but many people have a chance to buy or try them.   Designer handbags and pocketbooks, vintage French wines, and limited edition sports cars are all examples.  The economic idea of all these products is the same.  First, a relatively limited supply is available each year.  Second, a large amount of marketing is done continuously to ensure both exceptionally high product recognition and that consumers’ associate the product as a luxury item. Continue reading Is Kobe Beef Really Worth The Price? →

Do you know someone who earns a lot of money, but works a huge number of hours and is never home?  Why don’t companies split these high-hour jobs into two?  It seems insane (and maybe inhumane) to work someone 80 or 100 hours a week constantly, even if they are bringing home big bucks.

Continue reading Why Does Job-Sharing Rarely Happen for High Paying Jobs? →

Should everything in life be about money?  In the mind of this economist the answer is no.  This past weekend was the 4^th of July.  For most people this means eating hot dogs, hamburgers, and watermelon by the pool or water.  For me it also means the Winthrop Horribles Parade.  Continue reading Should Everything Be About Money? →