Friday, September 5, 2014

Adam Smith: the systematic analysis of the behavior of individuals pursuing their self-interests

"Smith had one overwhelmingly important triumph: he put into the center of economics the systematic analysis of the behavior of individuals pursuing their self-interests under conditions of competition" (Stigler 1976, 1201)



The cheese market in Edam, the Netherlands
The cheese market in Edam, the Netherlands

Thursday, September 4, 2014

Joseph E. Stiglitz on the wealth of lower and middle classes

... much of the wealth of the bottom and the middle, resting on the value of their homes, was phantom wealth—based on bubble housing prices... 


Cute cottage in Husum, Germany