To begin, a meddling externality is where others would be willing to pay in order to change or outlaw the behavior of others, essentially people are willing to pay in order to meddle in the lives of others. In practice this kind of externality is no different than being willing to pay for breathing less… Continue reading Maybe Not Meddle with Meddling Externalities
Category: Economics
What Does More Mean?
Economic efficiency has some potential flaws, flaws I will certainly discuss but unfortunately most of the critiques of efficiency are not grounded on any real understanding. I still remember reading an article against "economic efficiency" that argued we should focus on higher quality rather than more which is... Anyway without further ado a crash course… Continue reading What Does More Mean?
King Midas and the True Nature of Money
I am going to tell you a famous story from Greek mythology that helps illuminate the truth of money. King Midas one day saved the son of Dionysus, one of the major gods[1]. In order to show his thanks to the King, Dionysus offered to grant Midas a single wish. Midas, being covetous by nature,… Continue reading King Midas and the True Nature of Money
Fun Trade Facts
The US gets only 8% of its oil from the Middle East (consume about 2/5s from our own production) The US imports only 2% of its steel from China. (consume 2/3rds from our own production) China only has a .7% trade "surplus" overall The EU has the world's highest trade surplus, and 8.4% unemployment Imports… Continue reading Fun Trade Facts
Of Money
It is often said that money is the root of all evil. Let us then try to imagine a world where it doesn't exist. Right now, every day, you interact with millions upon millions of people who are just as unaware of you as you are of them. The simplest product you could possibly… Continue reading Of Money
Homo Economicish
Homo Economicus- noun ECONOMICS another term for economic man. "using rational assessments, Homo economicus attempts to maximize utility as a consumer and economic profit as a producer" Homo Economicish- noun ECONOMICS... mostly a term for economic man with a lot of bleeding in from real world complication. "using tools forged from evolution that generally sought optimality for… Continue reading Homo Economicish
Homo Economicish 