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Shortage, Shortage, Who's Got the Shortage?

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  • Robert S. Goldfarb

Abstract

Shortages, while rare, do appear in the United States. Under what circumstances might this happen? Which alleged shortages are “true” economic shortages? When do true shortages emerge in a market economy? What does this tell us about how market economies work? Six types or categories of “true” economic shortages and one category of alleged shortages are identified in this article. Examples include shortages of Christmas toys, flu vaccines, nurses, concert and sporting event tickets, airline seats, parking spaces, and blood supply. Do a few fundamental underlying causes link the six categories? Questions for class discussion are included throughout.

Suggested Citation

  • Robert S. Goldfarb, 2013. "Shortage, Shortage, Who's Got the Shortage?," The Journal of Economic Education, Taylor & Francis Journals, vol. 44(3), pages 277-297, September.
    • Handle: RePEc:taf:jeduce:v:44:y:2013:i:3:p:277-297
    DOI: 10.1080/00220485.2013.795461
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    References listed on IDEAS

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    1. Carman, K.G. & Kooreman, P., 2010. "Flu Shots, Mammogram, and the Perception of Probabilities," Other publications TiSEM fba970b8-6fc7-449b-acf9-9, Tilburg University, School of Economics and Management.
    2. Connolly, Marie & Krueger, Alan B., 2006. "Rockonomics: The Economics of Popular Music," Handbook of the Economics of Art and Culture, in: V.A. Ginsburgh & D. Throsby (ed.), Handbook of the Economics of Art and Culture, edition 1, volume 1, chapter 20, pages 667-719, Elsevier.
    3. Courtney J. Ward, 2009. "Influenza Immunization Campaigns: Is an Ounce of Prevention Worth a Pound of Cure?," Working Papers daleconwp2010-01, Dalhousie University, Department of Economics.
    4. repec:ucp:bkecon:9781884829987 is not listed on IDEAS
    5. Marie Connolly & Alan Krueger, 2005. "Rockonomics: The Economics of Popular Music," Working Papers 878, Princeton University, Department of Economics, Industrial Relations Section..
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