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Economics

Theory of Value

Objective Value = Energy x Time x Utility x Subjective Value

Human Limits

One of the primary reasons why the idealized market does not mesh with reality is that free market theorists tend to make unrealistic assumptions about the rational economic agent.

- Agents can switch jobs at will

In real life it often takes years of experience and focused effort to become competent in a field. Furthermore, in a free country where one can choose an education, different people will eventually end up with different competencies. If these competencies do not fit the job market well, there will be unemployment and underutilization.

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Page last modified on July 23, 2014, at 03:19 PM