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President Susilo Bambang Yudhoyono of Indonesia has recently signed the Industrial Law into effect, which aims to reduce the country's dependency on imported components and machinery for the manufacture of goods. Indonesia has been experiencing larger trade deficits recently due to increasing costs in these imports, but an ISI strategy would allow the country to replace the imports with additional exports. However, the implementation of the policy is not likely to be flawless and needs to be done quickly, in time for the new ASEAN Economic Community that will go into effect in 2015. Indonesia's markets must be ready by this time to be sure that they can handle the increased traffic that will occur as a result of the economic agreement.

The gap between imports and exports in Pakistan is spurring the need for import substitution within Pakistan. However, their food industry is growing and that is expanding Pakistan's global reach.

This article discusses how the Pakistan economy needs import substation in order to decrease the trade deficit it is experiencing. 

Many people are lactose intolerant, but this new genetically modified cow looks to solve those problems. If this new "tailless" cow is able to solve the lactose intolerance problem, than the demand for milk will increase, and the demand for soy milk or other milk substitutes will decrease.

The annual "Student Price Index" released yesterday by the Kansas State Economics Club shows that the prices for common goods purchased by students has increased by about 3.7% in the past year. However, not all goods have been affected equally. For example, prices for textbooks have actually decreased while the prices for internet services have risen 8%. These differences are due to primarily to elasticity. Daniel Kuester, the director of undergraduate economics at the university, explains that for products like pizza, the availability of many substitutes makes the good elastic, making it less likely to be affected by inflation.