Tag: Animal Vegetable Mineral

American Capitalism as A Delicious Milkshake

One of the greatest films you are ever likely to see about the intensity, competition and dynamism in American capitalism, There Will be Blood, is the midnight movie tonight in the Warch Campus Cinema.  As I watched the movie, I marveled at how all of those people and resources made their way into the middle of backwater nowhere within days of identifying a promising play. If you are a night owl type, I recommend you stroll over and see it.

As for the famous “milkshake” reference, that has to do with the “fugitive” nature of petroleum.  Indeed, as I tell my students, oil is more like buffalo, and gold is more like cows.  Gary Libecap has written extensively on oil field unitization as a solution to the “milkshake” problem.  Indeed, yours truly knows a thing or two about how this all played out.

Seems Like a Good Job Interview Question

I’m not sure this has anything to do with economics, but given the cross-disciplinary spirit that exists here on campus I thought I would post it anyway:

Would you rather fight 100 duck-sized horses or one horse-sized duck?

That was a question that was posed to President Obama (he declined to answer) that I read about at the Kottke blog.  And, as per usual, Mr. Kottke has way more on the topic than we could reasonably hope to expect.

People, It is a Commodities Boom

If you didn’t know already, the U.S. and many other parts of the world are amidst an epic energy boom that has sent natural gas prices tumbling.  One back-of-the envelope calculation suggests that consumers have benefited to the tune of more than $100 billion (that’s a lot); another suggests it’s more like $300 billion annually (that’s even more).

So, with that in mind, which group of graduates on average do you think earned a higher starting salary last year — those from Harvard University or those from the South Dakota School of Mines & Technology?

Answer here, if you haven’t already guessed.

Plenty more at the Mark Perry’s blog.

Black Friday View from Briggs 2nd

Mess with Gull and you get the Beak

I just looked out my window and saw a flock of seagulls (no, not that Flock of Seagulls) antagonizing one of the resident bald eagles.

I guess this isn’t all that unusual from the seagulls. Did you know:

Herring gulls dive-bomb predatory birds at a steep angle from above and behind, as they make a piercing shriek – “kaiow!”.

Some gulls also defecate or even vomit on the predator for good measure.

 My emphasis, as if any was needed.  Ick.

Click the pic for the full story and a bigger picture.

Via MR.

Econ 100 Preview, Complements

Click for Clucky!

Suppose the NFL players and owners fail to agree to terms on a new contract, thus reducing (or eliminating) the number of professional football games this coming season.  What are the expected changes (if any) to the equilibrium price and quantity of chicken wings?

Answer here.

Certainly, you will be more likely to get the correct answer if you rely on the basic theoretical model, rather than just winging it.