3 ms·
But think of the utils that you’re leaving on the table by not fully exploiting comparative advantage. /s
by jointpdf 6y ago
But think of the utils that you’re leaving on the table by not fully exploiting comparative advantage.
/s
- rmrfstar 6y agoUtility is actually a really useful framework, provided you've correctly specified your utility function. [1] "I've shipped my N95 production off-shore and there is a global pandemic" is the kind of thing economists leave out of their models. [1] https://en.wikipedia.org/wiki/Von_Neumann%E2%80%93Morgenstern_utility_theorem https://en.wikipedia.org/wiki/Von_Neumann%E2%80%93Morgenster...