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18 October 2010
18 comments
The purpose of markets is to discover the clearing price at which supply and demand balance. Demand is not simply what people want, but what they choose to put their scarce resources towards in...
10 August 2009
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Aggregation is the ignis fatuus of modern modes of thought. Sums beguile. Averages bamboozle. Reality is found at the margins.
10 August 2009
14 comments
Aggregation is the ignis fatuus of modern modes of thought. Sums beguile. Averages bamboozle. Reality is found at the margins.
Take the government’s plans for wind-power to supply around 22%...
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