Carolina Quotes[Imperfect information is ubiquitous.] People with more [or better] information can take advantage of people with less information, so exploitation becomes a real possibility.
John Komlos Connected to the Carolinas
Source
No citation is recorded for this quotation.
- work
- A Progressive View on the Need for a Paradigm Shift in Economics (Dec 2020)
- year
- 2020
no citation recorded
Cite this record
“[Imperfect information is ubiquitous.] People with more [or …” John Komlos. Carolina Quotes, record CQ-75AFC4A23D. https://carolinaquotes.com/quote/75afc4a23d
More from John Komlos
The divergence in the trend of biological and conventional indicators of well-being can be explained... [R]apid population growth and... urbanization... increased demand for food at a time when the agricultural labor force grew more slowly than the industrial... and the gains in labor productivity in agriculture... were lagging... Hence food prices rose relative to... other goods. ...Thus while the real wage might actually rise, it often did not rise as fast as food prices...
Path dependence means that many processes are non-reversible... Poor people who go to poor schools... can't get into college and their whole life course is messed up...
[I]n Europe the quantity of land under cultivation could be expanded only slowly; therefore, population growth ran again into Malthusian ceilings in the eighteenth century. The subsequent rise in food prices led to a decline in consumption, particularly of meat, because the price elasticity of demand for meat was much greater than that of grains.