I suppose that the original intent of financial aid—most particularly scholarships—was to attract good scholars who would be likely to become famous and thus increase the prestige of the university. By offering intelligent, driven individuals an opportunity to be educated for reduced rates or for free, universities could be assured that they would attract . . . → Read More: What’s The Point of Financial Aid?
Maybe my discipline for reading has been waning in recent weeks, because this is the second consecutive book that I’ve been unable to read in its entirety before quitting. The problem with The Winner’s Curse is that it is a highly technical way of saying “duh.” By this I mean that Thaler addresses issues . . . → Read More: Book Review: The Winner’s Curse by Richard Thale
One of the fundamental concepts in economics is utility, which, in the cant of the profession, means whatever works for you. Utility is a need, a preference, a source of satisfaction; if it improves your physical, spiritual or emotional well-being, then it’s said to give you utility.
Many people assume that utility is associated . . . → Read More: Utility & the Economics of Happiness: How to Measure Your State of Well-Being