The Birth of the Modern Shark Tank Economy

imagePaula and I are both readers. Except in the case of a movie night or some other exceptions the TV doesn’t get a lot of play time in the Golbabai house. One of those exceptions however is our favorite Friday night tradition: putting the kids to bed and watching Shark Tank over a bowl of ice cream. As an economics blogger, I find the show fascinating because in just a few short minutes it is a perfect microcosm of how our modern economy thinks and rewards. Continue reading

Our Repair Economy: Are Low Prices the Enemy of Sustainability?

imageI was preparing for work one morning when disaster struck; my trusty beard trimmer wasn’t trimming. There was plenty of strange whirring but absolutely no movement of the blades. I spent a few minutes tinkering with it but to no avail. At this point, what are my options? It seemed to me that the problem was fixable. I have a two-year-old son who is fascinated with shaving; maybe he got a hold of it and dropped it, knocking something loose. If I couldn’t fix it myself, could a repair shop handle it? What would they charge me? How would that compare with the cost of a brand new beard trimmer? But maybe the biggest question was this: do repair shops for small electronics even exist any more? Continue reading

Redefining Success in Our Economy

imageBy all accounts the famed basketball coach John Wooden is one of the most successful in the history of the game. He boasts an all-time winning percentage of over .800 (620-147), and won an incredible 10 national championships over a twelve year period (from 1963-1975), which included four perfect seasons (1964, 1967, 1972, and 1973) and an 88 game winning streak. Despite all his victories however, a deeper look into Coach Wooden’s philosophy reveals that winning was something he actually never talked about, as he did not believe that success should be judged by comparison with anyone else. Continue reading