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Tuesday's Assorted Links
10 Worst Paying Majors, The Tooth Fairy Index, Insulin Prices, Self-Checkout Limits, Funko Pop Surplus
Hi y’all! Here are five stories from this week that contained some neat applications of economic principles or are related to teaching:
The NY Fed has updated its data on the 10 worst-paying college majors five years after graduation [CNBC]
The latest Tooth Fairy Index finds that the average price of a lost tooth is now above $6 per tooth [Delta Dental]
Competition and political pressure are cited as major reasons that Eli Lilly will cut insulin prices by as much as 70% [The Washington Post]
A Rhode Island legislator has proposed a bill limiting the use of automated checkouts in the state and requiring discounts for customers who use them [The Providence Journal]
Over $30M worth of Funkos are being dumped after waning demand and a glut of inventory [NPR]
A small southern Tennessee community is currently embroiled in a heated dispute with the Jack Daniel's distillery over an unexpected byproduct of the whiskey-making process. A fungus, fueled by alcohol vapors from the nearby barrel houses, has been a nuisance for the town residents. This situation raises important economic concepts such as externalities, property rights, and government regulation.
Since yesterday’s post was about Jack Daniels, it felt only appropriate that I share a recent book that talked about the impact that different drinks have had on the world. A few years ago I read A History of the World in 6 Glasses by Tom Standage. The book explores the influence of beer, wine, spirits, coffee, tea, and Coke on the course of human history.
Each beverage has a unique story to tell, from beer's role in ancient Mesopotamia and Egypt, to wine's spread of Greek culture, to spirits' influence on the Age of Exploration and the slave trade. Coffee stoked revolutionary thought during the Age of Reason and tea had far-reaching effects on British foreign policy. Finally, carbonated drinks, particularly Coca-Cola, became a symbol of globalization in the 20th century.