And now I reveal that I've been quietly putting something past my readers, in talking about markets as an exchange technology. Without mentioning it (much) I have been talking about spot markets ( Read more... )

For this last lap of discussing the foundations of how economists reason about choice, I'll be talking about social technologies for exchange: individual pairwise exchange, markets, contracts, and firms ( Read more... )

This is the last lap of filling in the basics of the basic choice model, in which choicemaker selects from a set of possible actions in pursuit of some goal or goals ( Read more... )