We don’t have to have to be like Brady and have an absolute advantage to profit.
As with so many dynamic systems in society, developing the proper incentive structures leads individuals pursuing their own self-interest to generate desirable outcomes for the entire group.
When the costs of risky behavior are reduced, people tend to increase the amount of risky behavior they engage in.
The really radical idea behind the rule of law is that the lawmakers themselves are not above the law. It is “the law” that rules, not those who make and enforce the law.
The Economic Way of Thinking can help improve decision-making, even in areas you wouldn’t think to look.
The use of performance-enhancing drugs is thought to violate the notions of fairness, honorable victory, and excellence that are at the heart of sport. Even if doping was not disallowed by the rules, many argue that it would still undermine the very essence of sport. I am not going to challenge those arguments here, though […]
Sure, you did well in Econ 101, but what does that have to do with your day-to-day life if you aren’t an economist? You probably glazed over terms like “opportunity cost” and “gains from trade”, and we really couldn’t blame you. But what if you could apply those concepts to the things you do for […]