Tuesday, July 25, 2006

Thoughts from studying Economics

Ideas are a more specific type of information that also have public-good attributes. That is, the use of an economically valuable idea by one person does not necessarily lessen the value when the idea is used by another person. As a consequence, ideas, like other types of information, will tend to be under produced.
Economics and Public Policy: An Analytical Approach James R. Kearl pg 301
I can’t begin to explain hilarious I find this quote and how true it is. Not only are ideas under produced, the good ones are under utilized and the bad ones propagate exponentially.

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