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Presumptions of Self-control theories

Here are some thoughts on presumption of self-control theories. They are based on the presumption that we have bounded willpower and that there needs to be a course of action to which keeps in the individual on track to meeting goals and expectations. Thus they derive...

The Law of Small Numbers Explained

Here is a brief explanation on the law of small numbers. The Law of Small Numbers infers that when people see two small numbers that they have the natural propensity to round the numbers down to equal the same. This is a error in that small numbers may make a...

Bad Money! Gresham's Law Explained

In a previous post we discussed the pros and cons of the two monetary standards: commodity and paper. Evidently developed economies have moved beyond the commodity (or metallic) standard for a good reason. Bad Money Drives Good Money Out of Circulation There is in an...

BoC to Leave Interest Rate at 1%

The Bank of Canada monetary policy report released suggests no end for the bottom basement dwelling interest rates this year. The key lending rate will remain at 1% in next month’s announcement. There was, however, some indication that BoC will move next year to...

Social dilemmas in Behavior Economics

Social dilemmas are simple situations between a pair of people, to a group of people, that involve making decisions that will ultimately affect their well being and the well-being of the overall group. The ‘players’ in the social dilemma have the choice to...

How Producers act in the Long Run

Producers have Long Run Costs Recall that: > In the short run some costs are fixed. > In the long run fixed costs become variable. > Consequently, a firm’s long-run cost curves differ from its short-run cost curves. Long-Run Cost Minimization Given that...

Microeconomics: Profit Maximizing Output

Looking for introductory information about profit maximizing output for producers (firms)? Look no further than DiscussEconomics’ microeconomics article section for the latest information on the economy. Let’s begin by asking: How do we know if we have...
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