We have witnessed a food delivery boom in the last decade, yet one such system has operated successfully for over 130 years. In Mumbai, India, five thousand delivery men distribute…
Taxes and tariffs are—unsurprisingly—a major topic for economists. On one hand, they generate huge inefficiencies, deadweight losses, and perverse incentives; on the other hand, they reveal the fascinating creativity with…
As you read this, 103,000 men, women, and children in the U.S. are waiting for a kidney. Last year alone, over 43,000 transplants were performed. Yet, 17 people die every…
Prison cells are a fascinating economic laboratory, where for over a century thriving markets in goods, services, labor—and even money—have existed. Nowhere else do you find so many people craving…
In many countries, there is a demand for regulation of gambling, as gambling is considered a vice with potentially harmful consequences. However, regulating gambling and similar goods is somewhat problematic.…
Gambling, alongside tobacco and alcohol, is often regarded as a vice. The main reason behind this view is that gamblers often overlook the full extent of the costs involved in…