Structural reforms
Households and firms do not operate in a vacuum. Everyone has to play within a structure of rules, conventions, and […]
Why inflation feels higher than the official number
It’s the economy, stupid! Inflation feels higher than the official number because humans are imperfect status seeking social animals, and
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Economics of giving gifts
Although giving gifts has a prestige and social status function and is therefor not entirely “rational” in the classical sense
Open secrets
Let’s say I own a public good with limited or costly excludability, as well as loose rivalry — a private beach. That is, I want my beach to be enjoyed freely and responsibly by a reasonable number of people. But I neither want to pay for a bouncer nor clean the beach myself. What to do is an open secret.