Economics @ ITT

Drivers start to cut back on gas as prices rise

Posted in economics by ittecon on April 11, 2011

Supply and demand in action: Drivers start to cut back on gas as prices rise.

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An era of cheap food may be drawing to a close

Posted in economics by ittecon on January 31, 2011

While grain prices remain below the historic highs of 2008, they could remain stronger for longer this year as intense competition among crops for land use and depleted grain bins make it an even greater challenge to restore equilibrium.

via An era of cheap food may be drawing to a close – Business – Retail – Food Inc. – msnbc.com.

The Finite World

Posted in economics, International Economics, macroeconomics by ittecon on December 31, 2010

In The Finite World – NYTimes.com, Paul Krugman addresses the issue of scarcity.

Economics of Oil

Posted in economics, microeconomics by ittecon on January 12, 2010

This is an relevant article about cost/benefit analysis as it relates to oil extraction. This field in Schoonebeek, Netherlands was shut down when oil prices dropped, but demand has influenced the oil price, which is now selling for over $80 a barrel, it is worth it to reopen it.