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"Context is that which is scarce" - Marginal REVOLUTION

marginalrevolution.com · 892 words · saved by 1 readers

1. Ever try to persuade another person? Let’s say it is even of an uncontested idea such as supply and demand. You might “final exam them into admitting that the demand curve slopes downward.” But still, if they do not understand enough of the uses of supply and demand thinking, they will find it hard to think in terms of supply and demand themselves. They will not have the background context to understand the import of the idea. 2. Why did economists for so long stick with cost of production theories of value, rather than adopting the marginal revolution? They didn’t see or understand all the possibilities that would open up from bringing the marginal calculus to microeconomics, and then later to empirical work. Given the context they had, which was for performing simple comparative statics experiments on developing economies, the cost of production theory seemed good enough. 3. One correspondent from a successful company wrote me: “- I’ve been onboarding ~5 people every two wee

A number of you have been asking me about this maxim, so here is some background on what it means: 1. Ever try to persuade another person? Let’s say it is even of an uncontested idea such as supply and demand. You might “final exam them into admitting that the demand curve slopes downward.” But still, if they do not understand enough of the uses of supply and demand thinking, they will find it hard to think in terms of supply and demand themselves. They will not have the background context to understand the import of the idea. 2. Why did economists for so long stick with cost

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