Utopia, you are standing in it!

Celebrating humanity's flourishing through the spread of capitalism and the rule of law

Gordon Tulloch explains the agent principal problem

April 10, 2015

Every-man-is-an

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Firms differ in the skill compositions of their labour forces because higher-skilled labour is not always the most profitable type of labour to hire. A profit-minded firm seeks low costs per unit of labour. In truth, nothing is expensive or cheap. This is because buyers will keep buying until the marginal cost equals the marginal …

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Entrepreneurs often do not know why they survived in competition. George Stigler in his autobiography told this wonderful story about how you could not get businessmen to admit in a survey that they maximise profits. You go to their office and asked them: Do they maximise profits? Their answer would be, of course, not. I …

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Who would own up to personal greed and selfishness? But who sends a tip in with their taxes? George Stigler said that if you ask business owners if they maximise profits, they say no, no, no. They are just there to provide employment, a service for their customers, and then they put a small amount …

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