Since January I have talked about economics as a way of analyzing and modeling choice as a comparison of feasible alternatives as ways of fulfilling an objective or objectives ( 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... )

Way back on March 31 I wrote about employment relations as contracts and thus as non-market phenomena. That may have led some of you to think about firms, which-- surprise-- are also not markets ( Read more... )

n talking about social exchange institutions, we've been talking about contracts-- which are not markets ( Read more... )

So today I just want to summarize where we are. Mostly ( Read more... )

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... )

So-- I've been talking about the institutions of exchange that make for opportunities to be chosen among. I've talked about competitive, monopolistically competitive, oligopolistic, and monopolistic markets-- all about the number and market power of sellers ( Read more... )

So-- I started the year talking about the basics of how economists model choice, and have been engaged in talking about institutions that facilitate exchange, which makes for some of opportunities from which people choose ( Read more... )

I'm winding up to discuss how a profit-maximizing firm with no concerns beyond the present should set the price and quantity of their output, in order to maximize profit in the moment ( Read more... )

We're talking about the nature of markets, which furnish exchange opportunities that create larger sets of options to choose from. We've talked about perfectly competitive markets (with many functionally identical buyers and sellers), monopolistic competition (where buyers care about the identities of sellers), and oligopoly (where buyers care ( Read more... )