The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design. - F.A. Hayek
Posted in Fun Facts, Standards of Living on Apr 10th, 2008
I found out that among Americans that live in Money Magazine’s “100 Best Places to Live”, the annual average amount spent on vacations was $8,250. That is roughly 10% of median (pre-tax) income (about $90,000). Assuming that the tax taking authorities avail themselves of 33% of income on average, that means that families in these […]
Posted in Price System, Standards of Living on Feb 26th, 2008
My brief take in the Christian Science Monitor:
Yet despite the recent rise in food prices, over a longer period of time, spending on food as a percentage of household income has been declining, points out Michael Rizzo, senior economist at the American Institute for Economic Research (AIER) in Great Barrington, Mass. For example, in 1970, […]
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