Re:A Beautiful Theory Falls to Ugly Data
by _alternator_ on Thursday July 16, 2026 @11:13AM
(#48935692)
My read was that MC = "market clearing price" not "marginal cost".
Being a bit more humble, perhaps the lesson is that the difference between the theory and reality highlights externalities that always exist in the real world that make the theoretical model miss a crucial piece of the real world. It's logically correct in some sense, but incomplete.
Being a bit more humble, perhaps the lesson is that the difference between the theory and reality highlights externalities that always exist in the real world that make the theoretical model miss a crucial piece of the real world. It's logically correct in some sense, but incomplete.