Economic systems, illustrated

More here.

Creative destruction, illustrated

Swiss watch exports suffer largest decline in 6 years following Apple Watch launch

Despite earlier bluster and claims that traditional mechanical watch buyers wouldn't be drawn to smart watches, some Swiss watch companies now seem to be doing an about-face and are embracing the idea of smart technology on the wrist. TAG Heuer released a "smart" version of its famous Careera watch earlier this month, which runs on Google's Android Wear platform and retails for $1,500.

Link: http://appleinsider.com/articles/15/11/19/swiss-watch-exports-suffer-largest-decline-in-6-years-following-apple-watch-launch

PPP, illustrated

BBC: "Singapore is world's priciest city."

Globalization, illustrated

Nuff said.

Price discrimination, illustrated

Average, illustrated

(Global) negative externalities, illustrated

Efficiency, illustrated

Coase theorem, illustrated

Bayes' rule, illustrated

The animated GIF is quite fun to watch.
http://simplystatistics.org/2014/10/17/bayes-rule-in-a-gif/

Creative destruction, illustrated

Cheaper internet vs. net cafés. Cafés are still very popular (and important) in rural areas, as I witnessed in Tuguegarao City last Jan. 2014.

Accuracy vs. precision, illustrated

Log vs. linear time series, illustrated

Also, incidentally, the significance of Bitcoin:
http://conversableeconomist.blogspot.com/2014/09/how-does-bitcoin-work.html

Necessities vs. luxuries, illustrated

http://conversableeconomist.blogspot.com/2014/10/spending-on-necessities-and-luxuries.html

#EconomicsInThreeWords

https://twitter.com/hashtag/economicsinthreewords?src=hash

Some of my faves include:

1. Employment for economists.
2. Ideology with charts.
3. Hard sciences envy.
4. Model trumps reality. 
5. MaxU(x) st whatevah.
6. Separating hyperplane theorem.
7. Twice sociologists' salaries.
8. Fourth rate mathematicians.
9. Often misses the target.
10. Works in theory.

Correlation vs. causation, illustrated

One doesn't necessarily lead to the other:
http://www.tylervigen.com/

Coase Theorem, illustrated

Don’t Want Me to Recline My Airline Seat? You Can Pay Me
By Josh Barro

I fly a lot. When I fly, I recline. I don’t feel guilty about it. And I’m going to keep doing it, unless you pay me to stop. 

I bring this up because of a dispute you may have heard about: On Sunday, a United Airlines flight from Newark to Denver made an unscheduled stop in Chicago to discharge two passengers who had a dispute over seat reclining. According to The Associated Press, a man in a middle seat installed the Knee Defender, a $21.95 device that keeps a seat upright, on the seatback in front of him. 

A flight attendant asked him to remove the device. He refused. The woman seated in front of him turned around and threw water at him. The pilot landed the plane and
booted both passengers off the flight.

Obviously, it’s improper to throw water at another passenger on a flight, even if he deserves it. But I’ve seen a distressing amount of sympathy for Mr. Knee Defender, who wasn’t just instigating a fight but usurping his fellow passenger’s property rights. When you buy an airline ticket, one of the things you’re buying is the right to use your seat’s reclining function. If this passenger so badly wanted the passenger in front of him not to recline, he should have paid her to give up that right.

Poverty, illustrated

A distressing and humbling case study at Interaksyon.com:

PAANO BA MAGING SOBRANG POOR? | Toothpaste ay sabong panlaba, tela ang gamit kapag may regla

http://www.interaksyon.com/article/92339/paano-ba-maging-sobrang-poor--toothpaste-ay-sabong-panlaba-tela-ang-gamit-kapag-may-regla

Income inequality, illustrated

A rather powerful graph from Rappler.com. Though I prefer a more accurate histogram.

Economic modeling, illustrated