I've been talking about examples of the technical category of public goods and services, and have moved to relatively abstract ones. At this point I'd like to take some time to discuss fiat money as a public service ( Read more... )

So that concludes the discussion of social technologies for exchange, which make such a part of many opportunity sets people and firms choose from: markets, contracts, and firms beng spotlighted ( Read more... )

Note: In talking about the continuum that goes from markets to contracts to firms, as social technologies for exchange, I am discussing distinctions that public discourse typically ignores and that economists often forget about in applying conceptual models to the worlds we live in ( Read more... )

I wanted to spend a little time on opportunity cost, and how economists think about cost. Including a little introduction to the very difficult idea and institution that is money ( Read more... )