Interest rates
Since many enrolled in the clergy are pursuing avarice and shameful profit, and have forgotten the saying of Sacred Scripture: “who has not given his money in usury,” and when they offer loans, they...
Econowmics Blog
Opportunity Cost
Opportunity cost, to put it as simply as possible, is the price you have to pay in order to obtain something else. It is what you lose, to gain something else. Opportunity cost is...
Actor-Observer Bias
You are at the casino watching a game of Black Jack, when a player who has a hand of sixteen asks for another card. You quip to yourself “What an idiot! He should have...
Survivorship bias: dead men don’t tall tales
Diogenes was asked concerning paintings of those who had escaped shipwreck: “Look, you who think the gods have no care of human things, what do you say to so many persons preserved from death...
The False Consensus Effect
The false consensus effect demonstrates an inability of individuals to process information rationally, it suggests that conventional economic analysis of strategic behavior, which assumes unbiased expectation formation, is deficient. A Simple Theory of the...
