William Lazonick, a director at University of Massachusetts writes an article for The Huffington Post and points out all of the flaws that comes with perfect competition. He acknowledges all the issues that textbooks aren't teaching college kids when it comes to it. I really like this article because it provides an outside opinion of what someone thinks about perfect competition and what he believes needs to be improved. Link below:
Wednesday, December 14, 2016
Chapter 6: Elasticity
In this article by Catherine Merlo titled "Why Dairy Demand Has Become More Elastic" who is an editor for Ag Web describes the issues that diary prices are having on demand. Over the years dairy was always stable when it came to prices but since the past years prices have been increasing causing the demand for dairy to become more and more elastic.
After reading this article I realize now how much economics is associated with our lives everyday. Normal things that you do not think about is impacted by economics and economic decisions. Link Below:
Chapter 10: Pure Competition
Elaine Schwartz who writes for Econlife points out that consumers are drinking less and less milk over the years and that pure competition is to blame. Even though she agrees that we are drinking the same amount compared to previous years, our beverage options have increased compared to our parents and grandparents. She explains that pure competition is the reason why juice and soda are in, and milk is out. Link Below:
Chapter 12: Pure Monopoly
Another article that caught my eye about monopolies was by Noah Smith from Bloomberg View titled "Monopoly is NOT a game". In this article he addresses the issues that come with monopolies and why he does not agree with them. His reasoning for his lack of support toward monopolies is that they are allowed to charge too much money for a product. He also addresses what the government needs to be skeptical about with monopolies increasing. Link below:
Chapter 12: Pure Monopoly
This article from New York Times by Dean Baker shares an important message when it comes to monopolies on drugs. In this he sympathizes with the families who are struggling with paying for overly priced medicine. I agree with Dean that just like other countries, there should be a price control and monopolies should not be allowed to take advantage of families by doubling their prices. What are your thoughts? Link below:
Chapter 6: Elasticity of Demand
I found this really interesting article from Forbes by Patrick Rishe who talks about the Super Bowl in 2013 and how their ticket prices that year almost doubled compared to previous years. In this article he mentions the elasticity of demand and how most times ticket prices are fairly cheap to make sure that seats are filled with fans. This article really caught my eye cause I never compared elasticity of demand with ticket prices to sports games. If you want to read about it the link is below!
I also found this really funny music video about the elasticity of demand and this is the link to that!
https://www.youtube.com/watch?v=gNN3l-v5Tnk
Chapter 13
Monopolistic competition is like pure competition because suppliers try to accomplish price advantages by separating their products from other similar products. An example would be beauty products, there are tons of different products.
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