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Second-best blogging for a second-best world. Wednesday, May 27, 2015. The unexplained and the unexplainable. I demonstrated yesterday how the idea of externalities as defined by the presence of external costs relies on the externality going partially unexplained. External costs are necessarily unexplained because they are unexplainable. 1 The improving alternative is actually infeasible. 2 The feasible alternative is actually not improving.
Silly econ blog with a short shelf life. Wednesday, December 7, 2016. There is a specific circumstance where markets no longer trend toward efficiency, that is basically never discussed. Walk into a convince store, look at the dozen drinks on display. How many choices are there? What are you going to do with the cash? The solvency of banks is directly tied to t.