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There are two key properties for a scarce good. First that demand can get arbitrarily high if the price is low enough. So if you plot demand on the $x$-axis and price on the $y$-axis this function is decreasing for all $x$. Second is that production cost is non zero, producing more items will always cost more money. This is always the case for physical goods ...


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Your formula $\mu = \sum\limits_{i=0}^n x_i$ just denotes the total amount of goods, so this just means that $\mu$ units were distributed among $n$ agents. Scarcity (in this context) means that no matter how you distribute these $\mu$ units, as long as everything else is unchanged (ceteris paribus) at least one agent would like to get more, i.e. $\forall (...


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Nothing will be better than going through the textbook. Lecture's slides can be beneficial, you can google newer versions or access older here: http://www.mtholyoke.edu/~mirobins/econ212.html. I also used notes done by Łukasz Woźny, from SGH: http://web.sgh.waw.pl/lwozny/LectureNotes.pdf - they are not entirely based on Varian's textbook but might be helpful ...


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Introductory Econometrics: A modern approach by Wooldridge Econometric Theory and Methods - Davidson and MacKinnon Econometric Analysis of Cross Section and Panel Data. by Jeffrey Wooldridge Mostly Harmless Econometrics Microeconometrics - Trivedi


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I am tempted to deviate from others' answer and suggest that the best Econometrics textbook for someone with a strong enough mathematical background might not a "mathematically-minded" econometrics textbook, but rather a textbook that focuses on "empirical methods and economics research", the best of which at the moment seems to remain: Mostly Harmless ...


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Here are the papers I've already found, in chronological order. USA Boskin, Michael J., et al. "Social security: A financial appraisal across and within generations." (1986). Boskin, Michael J., and Douglas J. Puffert. "The financial impact of social security by cohort under alternative financing assumptions." (1987). Duggan, James E., Robert Gillingham, ...


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There is an ongoing project to try and estimate how close a society is to the ideal, see the indices of economic freedom by the Heritage Foundation and the Fraser Institute. The ones who made They score countries from 0 (all-pervasive state control) to 10. Hong Kong (8.91) and Singapore (8.71) are currently the two countries closest to the ideal, according ...


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How long can I – coming from country X – live in country Y by spending my last monthly salary converted by nominal exchange rate: 1 as a backpacker or as a convenience tourist? 2 adapting to the other country's standards which may be lower? 3 adapting to higher standards than I am used to? 4 How much does this period deviate from a month? My ...


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This is tricky to answer precisely because governments vary a lot in the services they extent to visitors. There is also variation in the mix of consumption goods across countries as well as their relative prices. You might respond to local conditions by changing your consumption bundle more or less than the average person and that would change the economics ...


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I think the World Bank's table Price level ratio of PPP conversion factor (GDP) to market exchange rate gives an answer. The numbers given here indicate somehow how much of a month an average inhabitant of this country could afford to live an average life in the United States (by an average monthly income in his own country), right? ... For the "poorest" ...


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Accounting profit is revenue minus costs. One of the largest costs is wages. The owner of a business does not want to increase costs all else constant. Profits are split mainly two ways. One way to direct profits is to reward investors with interest and dividends. In a simplified world, that reward is spent so it becomes revenue. The other way to direct ...


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At the end of the day, currency (such as $) is just a means of purchasing real goods and services in an economy. Roughly, utility corresponds to consumption. Since you assume the capitalist isn't allowed to consume, there is nothing for the capitalist to gain even if they capture all the currency. Here is a slightly modified thought experiment. Suppose ...


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Handbook on the External Costs of Transport – Version 2019 Commissioned by the European Commission and produced by the research firm CE Delft. I think it was first published in 2008 and had a 2014 update. This is the latest 2019 update.


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As @H2ONaCl correctly points out the mechanism that you mention can be well described by "Baumol's cost disease" mechanism associated perhaps most clearly with this 1966 article William J. Baumol and William G. Bowen, “On the Performing Arts: The Anatomy of their Economic Problems.” The American Economic Review, Vol. 55, No. 2, 1965, pp. 495-502 and ...


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