Occasional musings about academia, research, travel, arts, and, most importantly, cycling.
Thursday, January 12, 2012
Do Ordinary Folks Understand How Markets Work?
A prominent jurist once said to a small group (including myself) gathered around a conference table, "Most people don't understand how markets work." I thought about this claim for a moment and responded with a simple question: "Do you really think people don't understand the meaning and implications of a 'Sale' sign in a shop window?"