Re:The worldly turn: A return to economics that studies the ...
by kevin_morrill on Sunday January 23, 2022 @07:41PM
(#30052258)
More over the risk of death is part of the cost calculation for tobacco. Not all prices / values are monetary. This is a crucial aspect any serious economist incorporates and this article completely misses.
Well, bullshit, no economist ever claimed that.
And the rising salaries of the premier league plays are not a big mystery. If all clubs can fire the worst 50% of their players, their salary budget is increased. If that happens in a company like McDonalds, you can can just keep paying the rest the same or even less because everyone can flip burgers. Premier league clubs can't just pocket the "saved" money, they still need the absolute top players to win and if you don't pay your talent the most you can afford, some other club will. This has nothing to do with the failings of supply/demand curves. If anything it's a prime example of them working exactly as expected.