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It is often called the dismal science. More than any other science, it is one of the most challenging sciences, as it is almost impossible to conduct experiments.

Isaac Newton said he could predict the motion of heavenly motions but not the madness of people.

[[Lectures#Economics Introduction]] was an excellent introduction to some of the good cases. I especially liked the example of the taxi industry in NY. What was the welfare function of restricting the supply of taxis, who got them? Taxi Cab Medalion Also, the taxi king medallion. ng



  • Lewis's Turning Point is a fascinating concept; according to Marx's economics theory, there would be constant exploitation; however, he did not account for the fact that the labor supply is not infinite. If this is the case, then Marx would be right.
  • Giffen goods are an exciting concept because some goods will increase demand if they increase in price. Think of rice, potatoes, etc. I do not think it has ever been a case of this actually happening. Also, not the Veblen Good, which shows the price also increases demand but describes "high-quality" goods, such as luxury items. This might be related to Kahneman and Tversky´s research.