We've all heard of it, and most of us probably know the general idea behind it. For those who don't or could use a refresher, this article is for you. Inflation is defined by the New Oxford American Dictionary as, "a general increase in prices and fall in the purchasing value of money." Let's look at …
The Great Depression a time of unprecedented hunger, homelessness, and crime. What you probably didn't know was that the government was buying tons of food and destroying it.
"What is ominous is the ease with which some people go from saying that they don't like something to saying that the government should forbid it. When you go down that road, don't expect freedom to survive very long." Thomas Sowell The free market is ALWAYS better off without government interference. The only reason there …
Have you ever wondered why rent control almost never works out in the long run? When rent control is in effect, it lowers the value of lower-to-middle class apartments. Why? Because when you do so, it forces the landlord or landlady to accept lower rent. If you were a landlord or landlady that is just …
When I first heard of a minimum wage, I thought it would be a great idea. After all, who wouldn't like to have a guaranteed amount that, no matter what you do (provided you actually work), you get a certain amount of money? But, after I looked into it, a different story surfaces. In the free market, …
Lionel Robbins was a British economist who lived from the late 1800's to the late 1900's and his definition is, in my opinion, one of the best definitions of economics. "Economics is the study of the use of scarce resources which have alternate uses." Now, when you hear the word resources you might be thinking …
My name is Ethan Connell. I'm starting this blog because of my interest in blogging and economics. This Blog is my attempt to encourage teenagers to learn about real-world problems and be able to think and discuss differing economic viewpoints in a way that we aren't typically encouraged to do. When was the last time …
Capitalism, Economics, the free market, Why do these words seem to go right over our heads? We (the teenagers reading this) have been trained by the adults that we are not ready yet for these big thoughts and that it's ok to just act like oversized kids. It's high time we start thinking about money, …
The Teenage Economist 