Good news – monkeys would have taken option ARM and pay-as-you go mortgages too: http://www.ted.com/talks/laurie_santos.html For more about Human Irrationality, check out Dan Ariely’s blog and his book – Predictably Irrational.
July 27, 2010
Many thanks to Greg Mankiw for posting the link on his blog to Robert Solow’s prepared statement to the House Committee on Science and Technology Subcommittee on Investigations and Oversight – “Building a Science of Economics for the Real World.” I didn’t realize it at the time, but I was introduced to the field of… [Read more…]
July 21, 2010
Interesting article on Wired today – 5 Things That Could Topple Facebook’s Empire. It’s fun and easy to create this lists – 5 things that…, 10 things that… – but thought-provoking nonetheless. Terms on a patent are 20 years, but businesses of the Facebook sort are difficult to make patentable, let alone enforce any legal… [Read more…]
July 19, 2010
How humans’ ability to conceptualize and capitalize on gains from trade leads to economic and societal progress: http://www.ted.com/talks/lang/eng/matt_ridley_when_ideas_have_sex.html Ridley references one of my favorite economics lessons from Uncle Milty – The Story of the Pencil – though he fails to cite Milton Friedman on the idea… Found that rather disappointing. (Thanks to Paul Kedrosky’s blog… [Read more…]
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July 29, 2010
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