Category: Microeconomics

The Lipstick Effect: what is it all about?

First brought into spotlight by Leonard Lauder, the chairman emeritus of The Estée Lauder Companies Inc., the Lipstick Effect states that during economic hardships...

Microeconomics

Paradox of Value

Put forth by Adam Smith in “The Wealth of Nations”, the paradox of value tries to explain why luxuries such as diamonds are incredibly expensive,...