In a follow-up to its earlier article about things that science can’t explain, New Scientist lists 13 More Things That Don’t Make Sense. We wonder: if you were writing a similar list for the field of economics, what would you include? (HT: Kottke) [%comments]
Things That Don't Make Sense
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Two specific questions regarding cable come to mind…
Poker is all over the place on television, but why is there not a dedicated Poker or (Gambling) Channel?
There has been a busts in many markets (auto, housing, finance) observed in the last few years, but why has there always been a growing number of TV channels. Why is that and will this hurt job growth considering the unemployed now have so many channels to watch?
Tipping after a meal.
Or more explicitly, tipping a server after a meal in a restaurant in which you are not a regular.
Homo Economicus would be the first thing that doesn’t make sense. People are not completely informed nor do they make decisions dispassionately. Put another way, we’re Kirk, not Spock. Spock, with his vast reserve of information and totally dispassionate decision making style is Homo Economicus. Kirk, making decisions by the seat of his pants with insufficient information, is a better description of real people in the economy.
Efficient markets
I love Economics taught via Star Trek examples. Every subject should be taught using Star Trek characters… in international relations, for example, the original Star Trek’s Federation represented NATO whereas the Klingons were the Soviet Bloc. The Vulcans clearly represent the Germans. In the post-Cold War era, much like in Star Trek: The Next Generation, Putin leads a resurgent Russia that looks like the Romulans – antagonistic, opportunistic, and untrustworthy. Meanwhile the Indians are Ferengi.
@Nick J -
I take it you are not familiar with the Poker Channel – http://www.pokerchanneleurope.com/
The US laws for poker/gambling go along way to explaining why there isn’t something US-based, but if you look a little further a field you will find some top quality poker shows.
Austrian School.
purchase power parity