July 27, 2005
My Kind Of Love Advice or Adam Smith,The New Love Doctor (by guest blogger Petitedov)
Tim Harford writes a sort of Dear Abby column for the Financial Times. The column, Dear Economist, approaches everyday problems and queries from the economics point of view, often Harford quotes famous economists and nobel prize laureates in his explanation why people aren't having enough sex (my personal favorite).
Here's how the column describes itself:
The 'Dear Economist' column in the Financial Times answers readers' personal problems with the tools of Adam Smith.
The only drawback to this blog is that it's a big tease. In order to read the columns in full one must register at FT for a price. Still I find the concept refreshing, enjoyable, and practical. I need to listen to Mr. Harford more often.
Posted by Petitedov at July 27, 2005 09:43 PM
Technorati Tags: Dear+Economist love+advice Tim+Harford
Indeed, the 'invisible hand' can benefit a multitude of things, not just free markets. :)
i think the amount of work you have to put in, in order to get the reward of sex is just not worth it to some guys. men have to approach a girl, get her phone number, arrange a date, make conversation, and subtly ask the girl back to his place, and even then there is a small chance the girl will put out. so there you have it. cost vs. benefit.
Precisely, Jessica. The marginal cost of getting a respectable, intelligent girl in the sack often exceeds the marginal benefit to most men, thus, they must shift their focus to the bottom of the barrel if they want some cheap lovins. Plus, why should one compete in a perfect market, with its tricky demand elasticities, for the real catches when he can be a lazy monopolist with the easy women? ;)
Jason, I must say it all makes sense now.
The next example of imperfect information leading to market distortions will be when Jason opts to settle down and neglects to give this speech to the "respectable, intelligent girl," which would certainly shed some light on his character.