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Philosophy

Do you think like an economist?

Do you think like an economist?

Let's see if you think like an economist. You have tickets for a basketball game in a city 45 minutes from your home. But the star is not going to play, nothing hangs on the outcome and it's raining hard. Suppose you paid $100 for the tickets. Would you go to the game or stay home? A municipal hospital in your area is obsolete. The city can build a replacement or it can remodel the old one, which was extremely expensive to construct. The quality and the cost would be about the same either way. Which course would you choose? A hot new restaurant is getting phenomenal reviews. You wait three hours for a table. But when your beef stroganoff arrives, it's flavorless, and you...

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