Sublime

In most real transactions, however, the owner of an item believes it to be worth more than the buyer.

Polygamy gets an analytical treatment too. Comparing it to monogamy, Becker shows on a supply-and-demand diagram how women are better off in a society where husbands can have many wives: Women who wouldn’t make the cut as someone’s first wife under monogamy might be able to get something for themselves as a second or third wife.

We hired Milton Pollack, a brilliant lawyer who later became a distinguished federal judge. The suit unfolded slowly, and I fell into a ritual of having dinner with Pollack once a month during which he would update me on our progress and his methods. At that time he had a daughter in elementary school; he told me that before he asked any question o

Money is a story. It is a story of what work has been done on credit that is yet to be redeemed. It is the Schelling point for universal credit. It is an IOU that everybody is willing to redeem (primarily because everybody is willing to redeem it) and hence that, at every instance of its transfer, it is re-ordained with the ascription of economic v

The most impressive effect was on how much they spent in the micropayment condition, where they were forced to think about the payment every time prior to purchasing (paying during). In this condition, the average participant spent just 4 cents.