Tag Archives: opportunity costs

That trading thing people do

Canadian economist Nick Rowe made a comment on a blog post on comparative advantage that bugged me: The way I teach it, all gains from trade come either from differences between people, like comparative advantage, or else from economies of scale. So I think gains from trade is not more basic than comparative advantage. Gains […]

Journalists are Luddites #groggate

No-one likes being made surplus to requirements, but being made surplus to requirements is at the heart of capitalism and ‘creative destruction’. In the ongoing fooferaw over Grog’s Gamut’s outing (and Jacques Chester is right, the Australian has trolled the progressive blogosphere with some skill), I’ve detected a distinct whiff of the Luddites or ‘Frame […]