Knowing Basic Microeconomics — Part 2

This is a follow up to the previous post on Knowing Basic Microeconomics where I had claimed that micro theory is essentially codified common sense and that it is never too late to learn a bit of microeconomics. Many people have written to me (and some commented on the post) that they would like references … Continue reading Knowing Basic Microeconomics — Part 2

Of Kakistocracies, Principals, and Agents

Enclaves of Private Luxury Just off the expressway from Mumbai, on the road leading into Pune, you see huge billboards advertising new housing developments with fancy names like “Whispering Pines” and “Orchard View” crowding each other, promising idyllic lifestyles of lavish comfort. They convey very urgently a palpable sense of how rapidly the market for … Continue reading Of Kakistocracies, Principals, and Agents