The deadweight loss of Christmas
You have to love a paper entitled The Deadweight Loss Of Christmas. It is further proof of why microeconomists are the world’s favorite people.
(Via Ideoblog, by way of Concurring Opinions)
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My favorite sentence from the first page is, “While these recipients may be unrepresentative of the U.S. population, their gifts are not necessarily unrepresentative.” How is this sentence falsifiable?
How do economists think of non-transferable gifts, anyway?
Comment by Chung-chieh Shan — January 1, 1970 @ 8:00 am