16: Tyler Cowen - The Revolution Will Not Be Marginalized
The Portal
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What Is Gauge Theory in Economics?
Economics is the only place that i am familiar with man's two greatest ideas coming into direct contact. The theory of selection, both sexual and natural, that governs us as apes, which we don't use very much, but continue. A selection is an incredibly important idea. We've done a bad job of incorporating ita. There's a lot of pieces on selection in economics, but they tend to be big, sprawling messes, rather than useful. And most of the best economics pieces are based on pretty simple applications of the law of demand or income effects. So i would say the best idea of economics is that demand curves slope downwards, price goes up.
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