Why do the keypads on drive-up cash machines have Braille dots? Why
are round-trip fares from Orlando to Kansas City higher than those
from Kansas City to Orlando? For decades, Robert Frank has been
asking his economics students to pose and answer questions like
these as a way of learning how economic principles operate in the
real world-which they do everywhere, all the time. Once you learn
to think like an economist, all kinds of puzzling observations
start to make sense. Drive-up ATM keypads have Braille dots because
it's cheaper to make the same machine for both drive-up and walk-up
locations. travellers from Kansas City to Orlando pay less because
they are usually price-sensitive tourists with many choices of
destination, whereas travellers originating from Orlando typically
choose Kansas City for specific family or business reasons. The
Economic Naturalist employs basic economic principles to answer
scores of intriguing questions from everyday life, and, along the
way, introduces key ideas such as the cost-benefit principle, the
no cash on the table" principle, and the law of one price. This is
as delightful and painless a way to learn fundamental economics as
there is.
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