Sunday, August 26, 2007
Brad Denton Explains Why Economic Analysis Alone is Not Enough
by Ken Houghton
Read The Whole Thing.
Brad Denton at Eat Our Brains, an excellent, social, cultural, and inadvertently-political novelist and brilliant short-story writer but so-so Do-It-Yourselfer analyses the Labor-Leisure Tradoff and the Substitution Effect in attempting to Maximize Utility:
Dear MHG: I don’t know. I’m supposed to be writing a novel. Won’t it be a better use of my time to work on the book and hire someone else to do the water-softener job?
Dear DIM: That depends. What kind of advance are you expecting?
Dear MHG: Okay, I’m ready to start on the water-softener project.
Read The Whole Thing.
Labels: Eat Our Brains, Economics, marginal utility, Optimal Resources
