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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
Define yourself radically as one beloved by God. This is the true self. Every other identity is illusion.
February 9, 1943
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If it's on the Internet it must be true
Remarkable Last Words (or Near-Last Words)
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