I was using ChatGPT for legal advice and it decided to completely hallucinate some preposterous nonsense about how growing wheat to use on my own farm somehow constitutes interstate commerce
Every member of my family has a PhD in economics. We have a quaint, gift-giving tradition where we all sit in a circle around the Christmas tree. We each take out a crisp 100 dollar bill and gift it to the person sitting to our right.
My dad is an economist. On the highway he will never change lanes no matter how much faster the other lane is moving, insisting that the drivers in front of him have already exploited any possible speed arbitrage opportunities.
Congestion pricing coverage is peak economics
Every person is like, "I didn't used to bear the external costs of my behavior. But now that I do, I am adjusting along an infinite variety of least-cost adaptive margins that no central planner could have foreseen or designed"
When your customers spend their own money, pursuing an innovation that improves quality but is more expensive requires expecting that customers will value the improved quality above the extra cost. (Adding AC to a car for example.) but if customers are spending other people’s money as most do in health care in the US, that is no longer the calculation. It’s a different game and the people with the most info are not as likely to pay attention. A disaster. That’s why there is good health care in the US but at an absurdly high cost that sometimes isn’t worth it. Market forces—the feedback loops of profit and loss and competition aren’t allowed to operate.
Minecraft villager says their universe is not a computer simulation because to simulate it would require a redstone computer the size of the Minecraft universe