On October 18, 2009
Wonka’s Two Rules of Economics
When I was young I had an aunt who owned a sweet shop. When you are six years old, things don’t get better than that. Aunt Hatty was my very favourite aunt in the whole whole world — and she was smart. She was always reading stuff and improving herself. She keenly felt her lack of formal education and wanted to make up for it. She decided to teach me applied and behavioural economics, at the age of six. She probably taught me many things which I promptly forgot or never figured out in the first place. But two lessons remain with me to this day. Lesson One Whenever I visited Hatty, she would give me a choice between…
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