Super helpful explanations of how to model important parts of the world with microeconomics. I really appreciate laying out both how a system can be inefficient yet unexploitable, and also the simple model of how a big institution filled with intelligent people (like academia) can be inadequate yet still in a competitive equilibrium (such that it’s hard to take advantage of noticing the institution’s inadequacy). I might go away and think about all the institutions in my life and try to basic analysis of how they are and aren’t adequate. For these reasons I’m promoting this to Featured.
(Also, the first two paragraphs of section 6 were awesome.)
Super helpful explanations of how to model important parts of the world with microeconomics. I really appreciate laying out both how a system can be inefficient yet unexploitable, and also the simple model of how a big institution filled with intelligent people (like academia) can be inadequate yet still in a competitive equilibrium (such that it’s hard to take advantage of noticing the institution’s inadequacy). I might go away and think about all the institutions in my life and try to basic analysis of how they are and aren’t adequate. For these reasons I’m promoting this to Featured.
(Also, the first two paragraphs of section 6 were awesome.)