1. Cartoon of the day above is from Henry Payne of the Detroit News.
2. Markets in Everything: On-demand delivery service Postmates.com promises to get any product from a store or restaurant in NYC or SF delivered to you in under one hour. The company invokes the important economic concept of “opportunity cost” in its advertising: “We give you something priceless: time. Delivery fees start at $5. An hour of your time is worth way more than that.”
The [Eagle Ford] region is expected to spin out $90 billion of wealth in the coming ten years, and much of that wealth will go to local residents. It is not unusual for residents of the Brush Country to be making $2 to $3 million a year just from oil leases. One man in Three Rivers compares his income to that of an NBA player.
4. Shale Oil Boom II: Rent in North Dakota oil patch city of Williston exceeds rent in New York by 59%, Los Angeles by 70%, and Boston by 56%.
5. Oil Boom but Economic and Political Chaos: What’s really going on in Venezuela? Watch the video below to find out, it’s been viewed almost 2 million times since it was posted six days ago:
Mark J. Perry is concurrently a scholar at AEI and a professor of economics and finance at the University of Michigan's Flint campus. He is best known as the creator and editor of the popular economics blog Carpe Diem. At AEI, Perry writes about economic and financial issues for American.com and the AEIdeas blog.