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Ignorance is Bliss: Study by Leontief

What is at stake? Let’s start with a story. A friend asked me what my favourite genre of fiction is. I replied: microeconomics. If you get the joke, you would be laughing. Otherwise, you would be wondering why I said that. Well, that’s the truth. Take any standard economics textbook, we find ourselves in the fictional worlds of ‘let’s assume there are two goods’ and ‘if we move from point A to B’. It is true and well understood that these assumptions and imaginations are meant to break down complex phenomena. However, this entry point of supply and demand curves with the … Continue reading Ignorance is Bliss: Study by Leontief