by Tyler Cowen
on March 18, 2008 at 1:08 pm
*Tenure*, the movie, starring Luke Wilson. Seriously. They are about to start shooting.
Does not seem like it will appeal to the 98% of the population who neither knows nor cares about the tenure process. I’m up this year and the most frequent question I get from acquaintances is “why are you going up before you’ve been there ten years?”
A veritable slogan for this blog is ‘markets in everything’.
Yet, a few days ago you (quite rightly) drew the line at child pornography.
But doesn’t it then follow – NOT markets in everything?
And then, we’re just arguing about where to place the line, not whether or not there should be a line.
And why can’t the argument against markets in child pornography be extended to other kinds of equally offensive markets?
There’s a basic contradiction in the fundamental premise of this blog. Perhaps you’d like to discuss that.
Markets for everything?- clearly assuming either non-zero transaction costs or psychic costs/benefits from the activity of marketing- there will be a market for any given market- i.e an implicit market causing problems of interference in the observed market. The problem with implicit markets- or with notions like meta-preferences- is that the resultant signal extraction problem (if you think about it) must be the dual of the constraints operating on the market for theories about the market- thus driving analysts to some Schelling focal point w.r.t otherwise arbitrary conventions whose effect is to equate the ‘Real’ with the ‘Rational’ in some silly Historicist fashion. In other words, it is the inexorable invisible hand of the market-for-markets which puts the blinkers on us and applyies the goad which has us bray out the same old idees recues which, more even than the mischief of its Messiahs, establishes Economics as a full fledged Religion.
Anyway, that’s why Economic consultancies should immediately be granted tax exempt status.
Comments on this entry are closed.
Previous post: Fear
Next post: How bad news can be good news
Email Tyler Cowen
Follow Tyler on Twitter
Email Alex Tabarrok
Follow Alex on Twitter
Subscribe in a reader
Follow Us on Twitter
Marginal Revolution on Twitter Counter.com
Get smart with the Thesis WordPress Theme from DIYthemes.