Risk, Uncertainty, and Profit - Econlib
The text has been altered as little as possible from the original edition ( Risk, Uncertainty, and Profit, Frank H. Knight, Ph.D., Associate Professor of Economics in the State University of Iowa; Boston and New York, Houghton Mifflin Co., The Riverside Press, 1921).A few corrections of obvious typos were made for this website edition. However, because the original edition was so internally consis
Junk Macroeconomic Science - Econlib
Several days ago, Greg Mankiw linked to a list of top economists according to some objective criteria related to published work. I was familiar with most of the top 150, at least to the point of being able to identify their main field of contribution. In the top 25, there was only one economist with whom I was unfamiliar. His (I assume it’s a he) name is Jordi Gali. Coincidentally, the other day I
"The Use of Knowledge in Society" - Econlib
"The Use of Knowledge in Society" By Friedrich A. Hayek What is the problem we wish to solve when we try to construct a rational economic order? On certain familiar assumptions the answer is simple enough. If we possess all the relevant information, if we can start out from a given system of preferences, and if we command complete knowledge of available means, the problem which remains is purely o
Library of Economics and Liberty
bank regulation, Mike Munger, mobile operating systems, perfect competition, transaction costs More Firms Doesn’t (Necessarily) Mean Better Competition Kevin Corcoran | Jun 10 2024 Mike Munger recently wrote about an elementary misunderstanding of economic competition many legislators and regulators seem to harbor – the idea that improving competition means ensuring there are more firms rather tha
CEE Archive - Econlib
Featured Topic Game Theory Avinash Dixit and Barry Nalebuff Game theory is the science of strategy. It attempts to determine mathematically and logically the actions that “players” should take to secure the best outcomes for themselves in a wide array of “games.” The games it studies range from chess to child rearing and from tennis to takeovers. But the games all share the common […] ABOUT THE CO
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Disaster and Recovery - Econlib