Word of the Day
Tautology (n., taw-TAWL-oh-gee)
A redundancy or a statement comprised of multiple parts that together make the statement logically true. This definition will sound confusing or it will not sound confusing.
Gif of the Day
Link of the Day
Megan McArdle - The Economics of Dining as a Couple
Over at Bloomberg, Megan McArdle uses economic systems as a structure for how to optimally choose feed as a couple while dining out. It's a fun, thought-provoking read:
3. Individual property rights, with option trading. Now we’re moving toward a more centrally planned economy. The menu is individually consulted, and then the two parties state their preferences. If these preferences are strong, then matters proceed much as in the above strategy. However, if indecision is expressed, the trading is opened: “If you get the clam chowder, I’ll get the mushroom crostini, and we can split.” Option trading is usually, but not always, confined to the appetizer course. Any offer can be refused, and a substitute offered -- “What if I got the clam chowder, and you got the ham timbales?” -- or both parties may reluctantly conclude that no trade is possible, and revert to their original choices.
Well done, Team Restaurant! You are now beginning to realize the magnificent benefits of trade. Coordination and cooperation have permitted you to agree on choices that jointly improve utility.
However, I must tell you that you are still probably not at the highest valued use of your food dollar. You are almost certainly investing most of your effort in appetizers or shared desserts, which are the minority of your spending, time and consumption. If you want not merely to improve your utility, but to maximize it, then you are going to have to invest more effort in coordination.
EconomicsFoodUtility and sharing in foodWay more things than you ever thought aboutNom nom nom
I'll take the awkward conversation and the exploded brain, please