-
Also, it's late and I think I just made about a million spelling and gramma mistakes, sorry...
-
[quote user="Clayton"] What prices are perfectly flexible?? The point is that there is no reason to treat "labor" differently from any other good - "it" has a supply, a demand, and a price at which it clears. [/quote] There are reason to think that it is more difficult for the prices of labour to adjust than other goods
-
On the frictional unemployment front: Despite the fact that they show up on the statistics, W.H, Hutt pointed that workers who are searching for work are in fact employing their labour. Also, Clayton, are you really saying that prices would be perfectly flexible if it weren't for government intervention in the market?
-
[quote user="Aristophanes"] SPLC (you don't need to like this) labels LvMI as a neo-confederate hate group. [/quote] Really? Do you have a link?
-
[quote user="Aristophanes"] a neo-confederate hate group. [/quote] Really? Do you have a link?
-
H.G West's Education and the State is good.
-
The free rider problem is when an individual is able to "free ride" on the work of others and therefore avoid paying for a good or service and is at the centre of discussions of externalities and public goods. For example, if A does something (getting vaccinated, going to school, playing the viola) that creates benefits B then B is "free
-
I've done it twice. The first time I got INTP with really low P and the second time I got INTJ with really low J.
-
It's been a while since I read MES, but I think when Rothbard says that demand is "elastic donwards" he means that demand is elastic below the market price, while elastic upwards would mean that demand for the good is elastic above the market price.
-
[quote user="Wheylous"] In perfect competition, the marginal firm makes no profit. But depending on how seriously you take the underlying assumptions of PC, doesn't perfect information imply that no firms will have any profit? Why do I say that? Well, the marginal firm makes no profit - that's known. It is possible that there are other