Economics

Newscasters on CNBC, Fox, CNN, Bloomberg and other stations have asked their guests in recent weeks why airlines won’t cut their prices since the price of oil and, therefore, jet fuel, has dropped. Framing the discussion in this way implies the price of a ticket is determined based on the input costs. Of course, it is not, and to even imply that reveals a stunning lack of business acumen from journalists who claim to be experts in the field. The price of a ticket is based on:

Having read a number of books about economics and banking, history and politics, I believe that Economics In One Lesson stands out as the most important book, and one that everybody needs to read.

Forget about a “recovery”. Nearly every publisher selling ad space is claiming we’re “entering an economic recovery” or we’d “better get ready to advertise in time for the recovery” as if accepting the fallacy that the time to advertise is after the economy has recovered. Meanwhile, a small group of publishers is claiming that “the time to advertise is during a recession” and they cite studies and statistics to support their cases – and they are largely correct.