Why do talented musicians struggle to break through while less talented ones with the right family names receive opportunities effortlessly? This is not just unfair. It is inefficient. In labor markets with high information costs, evaluators use proxies to assess quality. In Hindustani classical music, family lineage functions as that proxy. The problem is that…
During my visit to Switzerland earlier this year, I found myself surrounded by exceptional chocolate everywhere I went – from Coop grocery stores to the Lindt factory to premium chocolatiers like Läderach. But the real story isn’t just about quality; it’s about how Switzerland built global leadership in premium chocolate without growing a single cocoa…
In my previous exploration of gold jewelry markets, I examined how different cultures solve the fundamental economic challenge of trust and information asymmetry – whether through Florence’s hallmarking traditions, India’s trusted national brands, or America’s standardized quality tiers. But these trust mechanisms are only part of the story. Gold jewelry, beyond its aesthetic appeal and cultural…
Standing in The Gold Corner jewelry store on Piazza di Santa Croce in Florence this past November, examining an 18-karat gold ring, I found myself reflecting on how differently gold jewelry markets operate across the world. As an economist who has experienced gold markets in India, the United States, and now Italy, I realized that…
Experiencing first-hand how nostalgia transforms a utilitarian ‘people’s car’ into a premium tourism product in Florence’s competitive market. Last November, while exploring Florence, my husband and I decided to venture beyond the usual tourist trail of museums and churches. We opted for a self-drive vintage Fiat 500 tour through the Tuscan countryside. As we navigated…
The aroma of fresh croissants wafting through a Parisian morning isn’t just about breakfast – it’s about supply chains, labor markets, and agricultural subsidies. The pristine glaciers of Alaska aren’t merely Instagram-worthy vistas – they’re living laboratories of environmental economics and sustainable tourism. And those intricate tiles in Lisbon’s historic neighborhoods? They’re a study in…