Question Based on your political beliefs, would you never have implemented a quarantine and left it up to people to self-quarantine? If no, do you agree with all the government interventions that have been rolled out and/or are about to be rolled out in order to help individuals/businesses/industries affected by the quarantine? Please frame both … Continue reading COVID-19 Essay Question
In a World of Stupid People, Profits Will Still Exist
One might ask, “But how? Aren’t profits the result of shrewd business deals and wise choices by [greedy] CEOs and shareholders?” “Maybe, but probably not.” Economics is claimed to be married to the principle that people are “profit-maximizing”. I admit that I am guilty of furthering this notion. What I mean is that they behave … Continue reading In a World of Stupid People, Profits Will Still Exist
Why Big data Won’t Save Central Planners from the Knowledge Problem
Among statisticians, economists, and business executives, “Big Data” is all the rage. Large and detailed data sets that, until recently, couldn’t even be stored on a computer are now managed and analyzed using innovative statistical techniques. Hopes are high that these advances will improve scientists’ ability to predict human behavior. Some enthusiasts even speculate that … Continue reading Why Big data Won’t Save Central Planners from the Knowledge Problem