The Pro Market and the Opportunity Costs

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i want to roughly follow the organizational principles of the book. We first give the pro market a happy lesson, and thenll then we'll talk about the failures later. The idea is that the market is a way of finding an equilibrium. There's no way of making me better off without somebody else worse off. And again, to havea henry farrell on the podcast, a your come logger at crooked timber,. One of the few old school blogs that is still just going strong. My pupile are still posting. Oi antwe carryig on forsur very vere impress i had my on personal blog, which is even rarer, i think, a 20 year old

The idea of an “interest rate” might seem mundane and practical, in comparison to our usual topics around here, but there is a profound philosophical idea lurking in the background: if you lend me money now against the promise of me paying you back more in the future, I am relating the different values that a certain sum has to me at different moments in time. Traditionally, the interest rates set by the government have been a major tool for influencing the economy, but in recent decades they have increasingly fallen near zero. John Quiggin relates this change to the shift from manufacturing to an information economy, and we talk about what that means for the public interest in having information be reliable and widely available. And yes, there is a bit about crypto.

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John Quiggin received his Ph.D. in economics from the University of New England. He is currently a VC Senior Fellow in Economics at the University of Queensland. He is a Fellow of the Econometric Society and the Academy of the Social Sciences in Australia. Among his books are Zombie Economics: How Dead Ideas Still Walk Among Us and Economics in Two Lessons: Why Markets Work So Well, and Why They Can Fail So Badly.

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