Thomas Schelling: Winning the Game of Love (Without War)

Even though it may feel like the holidays are over, another is just around the corner. Valentine’s Day is coming and it’s an opportunity for loved ones to express their feelings for one another with chocolates or assorted gifts. But what am I supposed to get my girlfriend? What is she supposed to get me? Obviously, we know each other’s tastes and preferences, but we need a way of making sure that we are both on the same page for how much we will spend on each other. If my girlfriend buys me a nice, expensive watch, and I give her a $5 Starbucks card, I will be in the doghouse until July. Thomas Schelling’s adaptation of game theory can give some answers to this. Continue reading “Thomas Schelling: Winning the Game of Love (Without War)”

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Robert Mundell: Three Choices? Not in My Financial Market! ?

With the bad weather blowing in and holidays around the corner, my mind has slipped into thinking about places I’d rather be than Virginia. Italy, Paris, Switzerland…I have visited Europe a couple times. Unfortunately, as my bank account can’t fund a trans-Atlantic flight, I have had to mostly reminisce of the good times there. Continue reading “Robert Mundell: Three Choices? Not in My Financial Market! ?”

John Nash: It’s All About the Game

Picture this:

You’re on a game show where you face off with another contestant in deciding whether you should split or steal a hefty pot of money. Each player is given the two options and must choose in secret of their intentions. If both choose to split, they each receive half of the pot. If one chooses to steal and the other chooses to split, the one who chooses steal takes the whole pot. If both choose to steal, neither player takes home any money. Continue reading “John Nash: It’s All About the Game”

Ronald Coase: And Now His Watch Has Ended

It makes me very sad that another season of Game of Thrones has ended. It is tough to know that you can get seven seasons in and every time you are still just as sad that it is over. One of the consistent (and oddly relatable) themes in the show has always been “the Wall,” located in the far north of Westeros, manned and maintained by the Night’s Watch. Continue reading “Ronald Coase: And Now His Watch Has Ended”

Sir Arthur Lewis: Progress Always Beats Nostalgia

Donald Trump, the 45th President of these United States, has spoken emphatically about the factories that are running away from the United States and into the arms of Mexico and China. He said, “I have visited cities and towns across this country where one-third or even half of the manufacturing jobs have been wiped out in the last 20 years.” He believes that the politicians we have elected are responsible for allowing this “disaster” to happen. Factories shut down, leaving cities is a state of disrepair, and utterly destroying the middle class. Continue reading “Sir Arthur Lewis: Progress Always Beats Nostalgia”

Milton Friedman: The Man Who Can’t Be Moved

Every day, we are plagued with a slew of choices to make — which shampoo to buy, which menu item to pick, should we study this chapter or skip it? Some decisions are a little more serious, like should a Samsung recall a phone that can potentially explode and kill people? Or, when is it appropriate to fire a worker? Continue reading “Milton Friedman: The Man Who Can’t Be Moved”

Wassily Leontief: A General Manager For The American Economy

With the draft under 24 hours away, general managers of football teams are doing their research, trying to figure out what kind of player will best fit their needs for the upcoming year. Should they focus on the battle of the trenches, selecting an offensive or defensive lineman? Perhaps picking up a wide receiver or cornerback could help combat on the perimeter? Continue reading “Wassily Leontief: A General Manager For The American Economy”