Fairy Tales and Perfect Markets

Source: EconLog
by Kevin Corcoran

“Most modern fairy tales have very misleading endings. There’s a phrase they almost all end with — you can probably already guess what I’m thinking: ‘And they all lived happily ever after!’ What’s misleading about this? It implies that in life, there’s some kind of end state you can reach called ‘happily ever after’ where the classic pursuit of happiness is, well, completed. Play your cards right, and you will reach the state of ‘happily ever after’ where your continued life satisfaction is locked in. Of course, in the real world, things don’t work that way.” (03/07/23)