Since the Bronze Age, men have been rocking belts. For most of its history, belts are a practical accessory, meant to hold weapons. Today, we've moved passed that and now wear belts because it makes us look fashionable and keeps our pants from falling. I guess that's practical, right? What does this have to do … Continue reading The Inelastic Belt
Inspired by a podcast at MacroMusings, let’s talk about growth. Alex Tabarrok and Tyler Cowen, co-authors of a couple of excellent textbooks on the principles of economics, discuss what they mean by “cutting edge” growth and “catching up” growth. The reason for this distinction arises because of the claim that particular institutions promote economic growth. … Continue reading Master Chefs Grow Slower Than New Cooks
Last week, The Business Roundtable released an updated statement on the purpose of business. It might seem like firms are departing from standard business theory, but are they redefining business?
Humans make choices they believe will provide the greatest satisfaction according to their subjective values with the information they have on hand. These values are not only unique to each individual, they are unique to the circumstances under which a good or service is experienced.
I recently watched a fun documentary on Netflix, Basketball or Nothing. The camera follows the Chinle High School basketball team as they attempt to win the Arizona State Championship. Chinle is a town smack-dab in the middle of Navajo Nation, the largest reservation in the United States. I started watching it because I wanted to … Continue reading Basketball or Nothing or Property Rights