EFI Հայաստան

Economic principles are operating all around us—if we know where to look

The best money I ever spent was on pink velour drapes. It was 2003, and I was studying abroad in England with very little spending power and poor preparation for my time overseas. When I arrived in the UK, with two other classmates, I did so with no real guarantee of a place to sleep, but when you are young, you feel you can figure anything out.

I had previously dismissed the only option I received for on-campus housing since the cost seemed too high, and I thought I could do better on my own—and I had convinced the two other students to trust me. After a rather daunting arrival and a lot of scrambling around, we were able to secure a flat and saved a significant amount of money upfront for doing so. However, other costs would be incurred because of our decision, like paying for public transport given the distance we were from campus.

Being on the outskirts of town was one reason our rent was so low, but anothe...