Economic efficiency of markets breaks down when people making transactions don't have good information about prices, quantities and other relevant factors needed to make sound choices.
So new technology or institutions that improve information and reduce transaction costs can make an economy more efficient. People can have more of their needs and wants satisfied from the same set of resources used.
Sometimes institutional changes alone promote efficiencies. In the 1400s, financial innovations in cities such as Milan and Amsterdam — double-entry accounting, property insurance, especially for ships, tradeable promissory notes and even futures markets — did improve information and reduce transaction costs.
While you're here, how about this:
Bloomberg - Are you a robot?
South Forsyth's Miller named top economics teacher in
South Forsyth High School's Joel Miller was selected as the 2020 Georgia Economics Teacher of the Year by the Georgia Council on Economic Education (GCEE).
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Each year, the GCEE honors a K-12 classroom teacher "who has contributed to economic and personal finance education through their excellent teaching skills," said Chris Cannon, associate director and chief program officer of the GCEE.
Economists say Greta Thunberg doesn't need a degree to understand climate change
Nobel laureate William Nordhaus, a 78-year-old professor of economics at Mnuchin's alma mater, Yale University, is widely considered the "father of climate change economics" and has long argued that the economic benefits of reducing climate-harming emissions outweigh the costs.
Mnuchin, also in Davos, brushed off Thunberg's comments as uninformed when asked what divestment would do to the U.S. economy. "Is she the chief economist, or who is she? I'm confused," he said. "It's a joke. After she goes and studies economics in college she can come back and explain that to us."
Many things are taking place:
Rhodium ride - Why are rhodium prices on a roll? | Finance and economics | The Economist
W HEN ANNA SCOTT left her Honda Jazz in a commuters' car park outside Oxford on January 10th, she had little reason to think that criminals would take an interest in the 12-year-old car. Yet the next afternoon a group of shifty characters were spotted sawing off its catalytic converter. Such incidents have become more frequent across Britain as prices for palladium and rhodium, metals contained in the devices, have rocketed.
The small size of the rhodium market (just 792,000 ounces last year, about 1% of that of gold) makes it prone to huge price swings. In 2008, after mining in South Africa was interrupted by blackouts, the price climbed above $10,000 an ounce. This time, a lack of capital investment has squeezed supply, according to Impala Platinum, the world's second-biggest platinum miner.
Slower is better - Is low economic growth a sign of success?
Fully Grown: Why a Stagnant Economy is a Sign of Success. By Dietrich Vollrath. University of Chicago Press; 296 pages; $27.50 and £20.
A big chunk of America's economic advance in the 20th century was driven by improvements in "human capital", the size and the skills of the workforce. In 1910 only a tenth of Americans completed high school; by the 1970s four-fifths were graduating. Many more now go on to college. A baby boom after 1945 increased the workforce; women piled into paid work in the 1970s and 1980s. All this added nearly a percentage point to annual per-capita GDP growth from 1950-2000.
Oxford Economics: Wuhan coronavirus seen to cut tourism revenues in Asia, including PH | Inquirer
People wear masks on a train on the first day of the Lunar New Year of the Rat in Hong Kong on January 25, 2020, as a preventative measure following a coronavirus outbreak which began in the Chinese city of Wuhan. (Photo by DALE DE LA REY / AFP)
MANILA, Philippines — The influx of Chinese tourists to the Philippines and other Southeast Asian countries would take a hit from the outbreak of Wuhan coronavirus, but most economies in the region were expected to be ready in offsetting any potential economic impact of the illness, UK-based Oxford Economics said Sunday.
Schumpeter - Moutai madness | Business | The Economist
P ICTURE A STATE-RUN distillery in the mountains of Guizhou, China's poorest province. The smell of fermented sorghum fills the air. Barefoot men shovel the grain into pits. Hundreds of women work the bottling line. Visitors are given a snifter. At first it intrigues: the dominant notes are of fermented beans and soy sauce. But then it becomes a Hobbesian battle for survival. One throat-singeing toast leads to 15.
These scenes, recounted in "Drunk in China", a new book by Derek Sandhaus, a self-confessed aficionado of Chinese liquor, take place at the headquarters of Kweichow Moutai, the most renowned producer of China's national drink, baijiu —which will be quaffed by the skinful this Chinese new year.
Happening on Twitter
"Why do actors — people whose main talent is faking emotions — think that their opinions should be directing the co… https://t.co/cNzuaToEzp larryelder (from L.A., Calif.) Sun Jan 26 03:26:37 +0000 2020
Twitter is not real life 78% of Americans do not use Twitter and even less are consistent users Get your head out… https://t.co/XpYJuud94m Timcast (from New York) Sun Jan 26 01:35:51 +0000 2020
The impeachment trial of President @realDonaldTrump rolls on, but back in the real world, signs of a different sort… https://t.co/x0l4SXJVnE JudicialWatch (from Washington, DC) Sat Jan 25 14:01:00 +0000 2020
Stop laughing at memes or calling your loved ones, put down your phone and be present in the real world. https://t.co/gu3bGnj2yH bbcthree Sat Jan 25 21:03:00 +0000 2020
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