Sublime

rabbit. So you can think of the economy as a series of shocks moving to an equilibrium, shock, moving to an equilibrium.

not vary.

Good policy uses incentives to channel behavior toward some desired outcome. Bad policy either ignores incentives, or fails to anticipate how rational individuals might change their behavior to avoid being penalized.

Value is subjective, which means uncertainty governs all economic phenomena.

The best option, indeed, is the combination that links an openness to free trade with covering individuals against the adverse consequences of exposure to the violent winds of the global market. As Dani Rodrik remarked in 1998, “government

Realistically, agents not identical, don’t know other agents’ circumstances or likely behavior; or situation complicated and not fully known. There is fundamental uncertainty: Therefore “the problem” is not well-defined; Therefore “rationality” is not well-defined; Therefore “optimal” behavior is not well-defined; Behavior and outcome unlikely to b