How to Feel Profoundly Grateful about the Market

In the real world, prices often seem far above marginal cost. Yesterday, for example, I bought a pair of tweezers for $14.99. But it’s hard to see how the marginal cost – metal, electricity, transportation, miscellaneous – could even reach $1.00. That’s a markup well in excess of 1000%. If you’re steeped in the perfectly competitive model, where price always equals marginal cost, it’s easy to feel “ripped off” whenever you make a purchase.

Political Power-Lust Thrives in a Democracy

Under democracy, politicians are less candid about their motives; they need us to like them, and power-hunger is not likeable. But given its ubiquity throughout most of political history, can we really believe that the motive of power-hunger is no longer paramount? One of my favorite political insiders privately calls politicians of both parties “psychopaths”–and he’s on to something. Rising high on the pyramid of power is hard unless the love of power fuels your ascent.