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Most poor people earn more than minimum wage when they are working; their problem is not low wages. The problem comes when they are not working.
Once I undertook the analysis of a problem, I often looked at it from a variety of perspectives. I approached the problem as a series of thought experiments — unlike many other sciences, we typically cannot do actual experiments.
An early insight in my work on the economics of information concerned the problem of appropriability — the difficulty that those who pay for information have in getting returns.
Quote of the day
Sun-worship and pure forms of nature-worship were, in their day, noble religions, highly allegorical but full of profound truth and knowledge.
February 9, 1943
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Predictions that didn't happen
If it's on the Internet it must be true
Remarkable Last Words (or Near-Last Words)
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