Source: Bet On It
by Bryan Caplan
“Most economics students will never control monetary policy, set tariff rates, or run a Stackelberg oligopoly. But all of them will eventually watch a bad movie and wonder, ‘Should I walk out?’ If their economics teacher did his job, they’ll instantly think: ‘Enduring this stupid movie is a classic illustration of the sunk cost fallacy. I’m out of here!’ Walking out of bad movies is one tiny example of a general truth: Economics can and should improve the way you live.” (09/03/24)