Economics @ ITT

How 15 of the world’s top brands got started

Posted in economics by ittecon on November 30, 2010

This MSNBC article tells how 15 of the world’s top brands got started, from Coca Cola to Nike.

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Manual Labourers in China Fill Playing Card Boxes

Posted in economics, microeconomics by ittecon on November 25, 2010

Warning: This footage is NOT in fast-motion | The Observers.

Watch these workers insert cards into boxes—after they first construct he boxes. Whilst it seems that this sort of labour could be automated, the low cost of wages in China makes it more cost-effective to do this task by hand.

How Are Gillette and Schick Getting Away with Ripoff Razors?

Posted in economics, microeconomics by ittecon on November 17, 2010

The Shaving Racket—How Are Gillette and Schick Getting Away with Ripoff Razors? | AlterNet

Digging into an industry accused of marking up its prices 4,000 percent.

YouTube – Tim Noah on the Great Divergence

Posted in Income Redistribution, macroeconomics by ittecon on November 2, 2010

U.S. incomes have been growing more unequal for three decades and economist Paul Krugman has labeled this 31-year trend the Great Divergence. Tim Noah of Slate magazine asks why arent politicians talking much about this Great Divergence?

Russians and their love affair with vodka

Posted in Uncategorized by ittecon on November 1, 2010

The elasticity, or perceived necessity of different products can influence the decision to introduce a tax. In Russia, two products, Beer and Vodka are being looked at as a potential sources of new government revenue. A proposed increase in the tax duties on beer, will potentially increase retail prices by between 20-30%. An increase in the price of one form of alcohol beer could shift demand towards other close substitutes, such as vodka or home brewed spirits. Hopefully, increased tax revenue will support the government finances and in the long run, the money could be reallocated to treat alcoholism.

via Russians and their love affair with vodka | Economics in Plain English.