Episode 234: Errors We Repeat in Economics
Words & Numbers
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What's the Difference Between an American Billion and a European Billion?
The correct number for those following at home is $28. And even $28 isn't the correct answer. The correct answer is pennies. Because if Jeff Bezos attempted to liquidate his holdings so that he could pay people cash, he'd tank the market for Amazon stock and wouldn't get anywhere close to 185 billion. There's a difference between an American billion and a European billion. How can a number mean two different amounts if numbers are constant? This is just stupid.
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