Looking at 18th century France and 2022, we can see how winning the lottery is not necessarily a low probability event.
We can ask why our lottery ticket spending has been $70 billion annually when we have such an infinitesimal chance of winning.
Our Posts Roundup Sunday 3.01.15 Handy notes from Warren Buffett…more Monday 3.02.15 The basics of Greek tax evasion…more Tuesday 3.03.15 Insight about airline queues…more Wednesday 3.04.15 Why we subsidize Brazilian farmers…more Thursday 3.05.15 What an ATM can teach us…more …
His 50th anniversary, Warren Buffett’s letter to his shareholders again conveys what he did right, what he did wrong and his folksy investing advice.
This week’s everyday economics stories included spillover, externalities, incentive, opportunity cost, sovereign debt, demand and financial intermediaries.