Ask an Economist

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.

By definition, revenue equals price of product times the number of units of the product sold.

Most economists would start to answer this question by asking a question: what is the objective you have in mind, and why? Specifically, what problem are you trying to solve for which the solution is a wealth cap?

[The following guidance provided herein is of a generic nature and derived from overarching principles of economics.

Members of the Federal Open Market Committee (FOMC) take a broad range of information into account when forming their economic forecasts, including considering how changes to fiscal policies may affect the economy.  One way to get a sense of

Thanks for asking. This is a good and long-lasting debated question in Economics. As reported, the recent fertility rate in Canada is around 1.4, which is relatively low because the subsistence level is 2.1.

This is an interesting thought experiment. Many factors must be considered, and it is difficult to address them all at once, but here are some important ones.

According to Motoyama, Sadaki, and Watanabe (2016), "on a global scale, the carcass production of Wagyu is quite limited, equivalent to about 2% of beef carcass production in the United States (11,698,479 t) and Brazil (9,675,000 t), 4% of that in

No, it's not possible; that is, the Federal Reserve can always pay IORB.  The reason is simple: unlike an ordinary bank, the Fed's liabilities are in units (dollars) that it creates.  Put differently, unlike a private business, the Fed d

Agricultural land returns on investment do compare favorably to U.S.

Both opinion from you and your friends make sense but there are some important factors missing. The decision of having one more child or not depends on how parents weigh benefit versus the cost associated with that child.