A lot of money smarts are also street smarts – knowing how to navigate the grocery store, finding the best cheap entertainment, and being able to negotiate a good deal. Other money smarts are also book smarts. The basics of economics and finance are helpful! Really! Recently, as friend asked me for an explanation of… [Read More]
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Tag: gold standard
Nominal prices, real prices, and the minimum wage
Recently, a friend asked me for an explanation of inflation. Her children were asking about the minimum wage, and they wanted to know why prices had to go up, and she was stumped. Here’s an explanation; you can decide if it is simple enough. First, economists talk about “real” prices and “real” wages, which would… [Read More]
