Last month, my Dad got really annoyed by you tiao (dough fritters). He complained, “You know, you tiao used to cost $0.50. But when I tried adding it to my porridge yesterday, it cost me $0.80!!!! WTF???? I AM NEVER EATING YOU TIAO AGAIN”
At first, I thought it was pretty funny because $0.30 isn’t thaaaaat much money. But as I though about it, it actually affects us more than we think.
Let’s take airlines, for example. On 22 March 2016, American Airlines – with the stroke of a pen – did something that instantly made tens of thousands of people poorer. Singapore Airlines also did something similar this week, although they were much nicer about it.
Can you guess what it is?
I’m secretly a huge nerd at heart, so I love applying Economic concepts to real life. When I read about the SIA news this ......