Posts Tagged ‘the theory of moral sentiments’

  • Adam Smith, laissez-faire and traffic lights

    Adam Smith and Traffic Lights

    Jul 14, 14 • 101 Views • Demand, Supply, and Markets, Economic Debates, Economic Thinkers, Government, Health Care, Households, Labor, Lifestyle, Thinking EconomicallyNo Comments

    Located 30 miles from Cape Cod, Massachusetts, the island of Nantucket has no traffic lights. Instead, drivers respond to stop signs, rotaries, and courtesy. More often than not, if a pedestrian, a walker, or a biker needs to cross the street, cars stop. When

  • Decisions Have An Opportunity Cost That Require Tradeoffs

    (Bad) Decisions

    Apr 24, 12 • 231 Views • Behavioral Economics, Economic Thinkers, Financial Markets, Thinking EconomicallyNo Comments

    By Mira Korber, guest blogger. Why might have most notorious fraudsters committed their crimes? The traditional answer seems obvious: severe character flaws, lack of ethics, unbridled greed. But there may be more to the picture than simply this “bad