If there is a single aspect of the economic way of thinking that I struggle to put into practice, it’s the idea of letting go of my sunk costs.
Limits to the homo economicus version of rationality are also limits to the explanatory power of some aspects of introductory-level economics. They do not, however, compromise the case for laissez-faire. If anything, they strengthen it.
Why don’t economists get invited to the good parties? Professor Sarah Skwire (Poet) thinks it has to do with economists’ choice of words. According to her, it seems, the optimal amount of economists to invite to an evening social would be close to zero. Economists probably aren’t known for the liveliness of their dinner conversations, but […]