The application of economics principles to the analysis of behavior has yielded novel insights on value and choice across contexts ranging from laboratory animal research to clinical populations to national trends of global impact. Recent innovations in demand curve methods provide a credible means of quantitatively comparing qualitatively…

In Shadish (2010) and West and Thoemmes (2010), the authors contrasted 2 approaches to causality. The first originated in the psychology literature and is associated with work by Campbell (e.g., Shadish, Cook, & Campbell, 2002), and the second has its roots in the statistics literature and is associated with work by Rubin (e.g., Rubin, 2006). In…

The author's students regularly ask him, "Why can't the government just print more money?" Typically they are seeking a simple solution to a complex problem like the national debt, or they just want the government to make people all rich the easy way, by handing them wads of cash. His best answer used to be, "They just can't," but the…

As competition for students, faculty and financial support has increased, so has the application of marketing in the field of higher education. One critical application of marketing all too often neglected, misunderstood and mismanaged in higher education is targeting customers for profitability. The purpose of this paper is to enrich the…

Describes the Giffen effect: demand for a commodity increases as price increases. Explains how applying control theory eliminates the paradox that the Giffen effect presents to classic economics supply and demand theory. Notes the differences in how conventional demand theory and control theory treat consumer behavior. (CH)

Following the behavior-analytic tradition of analyzing individual behavior, the present research investigated demand elasticity of individual consumers purchasing supermarket products, and compared individual and group analyses of elasticity. Panel data from 80 UK consumers purchasing 9 product categories (i.e., baked beans, biscuits, breakfast…

Presents a diagram for figuring the value of time into an individual's labor-supply decisions and the time intensiveness of the individual's consumption patterns. Seeks to make the integration of differing time values with leisure income choices more understandable for students. (DK)

Illustrates how a simple discontinuity in an individual's demand curve, or inverse-demand curve, affects the shape of market aggregate curves. Shows, for private goods, that an infinitesimal change in quantity can lead to large changes in consumption patterns; for collective goods, the analysis suggests a theory of coalition building. (DSK)

This issue focuses on commodities trading as an essential economic tool. Activities include critical thinking about marketing decisions and discussion on how futures markets and options are used as important economic tools. Discussion questions and a special student project are included. (EH)

This booklet focuses on the economic concept of "value added" to goods and services. A student activity worksheet illustrates how the steps involved in processing food are examples of the concept of value added. The booklet further links food processing to the idea of value added to the Gross National Product (GNP). Discussion questions,…

Analysis of the world market and trade deficits and surpluses are used to examine global economics. The GATT (General Agreement on Tariffs and Trade) is discussed and presented with the various perspectives on the agreement. A forecast for economics of the '90s and a quiz are included. (EH)

Comparisons of average food prices and hourly wages based on 40-hours work week in various capital cities of the world are presented. Such factors as mechanization, chemicals, and improved genetics have resulted in greater productivity, fewer but larger farms, and hardier plants and animals. The economic effects are discussed as they are felt by…

Summarizes the results of a study of 40 high school students with grade point averages of 2.5 or greater who had never received formal training in economics. The students worked on problems involving basic economic concepts including productivity, profits, opportunity costs, and supply and demand. Discusses their misconceptions. (MJP)

Recommends reviewing the 1958 debate between P. A. Samuelson and J. R. Minasian over the controversy involving tax-financed television versus pay-TV. This exercise is a lively way to introduce students to the issue of exclusionary devices for public goods. Includes graphical analysis and excerpts from the original debates. (MJP)

Briefly defines and provides some background on Eugen von Bohm-Bawerk's "marginal pairs" theory of pricing. Asserts that Bohm-Bawerk's theory is a good introduction to the Austrian school of economics and illustrates the differences between this approach and neoclassical economic theory. Includes several graphs and tables of data. (MJP)