Ask an Economist

The calculation of real income involves regularly updating the basket of goods and services to ensure it remains relevant and accurate.

Your understanding of Quarterly and Annual data is correct.

Economists always consider it important to identify whether theoretical models effectively explain the real economy. Your question has also been a long-standing one for economists.

I commend your interest in Economics as a discipline.  Economics offers powerful insights about many aspects of the way society is organized and provides a helpful way of thinking about many contemporary policy issues.

Let’s start by understanding the numbers (Table 1).

Like any other taxes, people have different views on luxury tax. Some might view it as a way to raise government revenues without having large impacts on the less wealthy.

Let’s consider the three parties involved with a car sale and its potential repair. The three parties are, the consumer, the firm, and the repairman.

To understand Open Market Operations (OMOs), we first need to understand, Government securities. Government securities are a tradeable instrument issued by the Government (Treasury securities in case of US).

The primary issue you have identified is the shortage of houses, especially those priced below $150,000.

There is nothing wrong with your findings. What you described may happen. It is about the rejection cycles that form in each iteration. During the running of the algorithm, many rejection cycles may occur.

GDP per capita and average family income are two distinct indicators used to evaluate economic performance. Each has its advantages and disadvantages, which vary based on the specific question and context.

Your question is nearly as much philosophical as economic in nature.  Philosophy is definitely outside my comfort zone, but, fortunately, I was able to confer with a philosopher.  So let me start by addressing that part of your question

“Economic Growth” is the year-on-year increase in a country’s GDP, that is, the total market value of goods and services produced in a year.

A few reasons livestock producers may be interested in selling locally include having:

  - an available market

  - potential to capture premium prices

  - a direct connection with consumers

There is an extensive research record on the role of information on stock and commodity prices. Among the examples:

To start, I’ll clarify a couple pieces of the question. First, from Lacy et al. (2019): A binding price floor is a legal minimum price, set by the government, at which a good can be sold.

Disclaimer.  The following is not intended as investment advice. You should consult a financial advisor who knows the tax and real estate issues related to New York City as there are likely many factors to consider.

This is an interesting observation.  We regularly see spatial clustering of similar establishments for a number of reasons including natural advantage, agglomeration economies, zoning, social networks, and "norms" shaping location decisions.

The BLS reports Consumer Price Indices which are different from nominal prices reported by other sources mentioned in the question.