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If you are anything like me, economics seems to be interesting but kind of scary. There are a lot of things that go into economic policy and the l money networks can appear really complicated. I have recently started listening to Planet Money, an NPR podcast that does a bi-weekly play-by-play of the week’s economic news and explains it for people that do not know the difference between GDP and GNP.
Several weeks ago I listened to the episode on the curbing of Brazil’s egregious inflation of the ’80s and ’90s. Today on The BBC there is an article about the same thing. It is highly intriguing and is worth a listen to. It is an amazing story about how a few drinking buddies saved an entire nation from hyperinflation. I recommend giving it a listen.
This article from Newsweek talks about how a gallon of gas costs more than what is paid at the pump. This concept is one that most people fail to grasp and is the root of many of the environmental and social problems we face today.
Some examples- A hamburger costs $1 at King McBurgerville’s. This burger actually costs more than that; it is costing you in ways that you do not know.
1st- That beef is likely raised on range land leased from the federal government for a couple of bucks per/year, for far less than the cow is worth. Who pays for the management of that land? You do.
2nd- After years of eating the burgerlicious food you have to have your arteries uncorked. That is expensive. Who pays for that?
You do/insurance/fellow taxpayers. That can get expensive.
I can go on… but externalities. They are the indirect cost of goods and services we use or consume. Think about it. What are the indirect costs or consequences of the way you live you life?