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April 25, 2008
There’s no such thing as a half-price gyro
The best $4 sandwich in Bowling Green, OH is the gyro from a take-out place called South Side Six. On Thursdays the price is $2. This is public information, so it was clearly a lapse in my thinking that led me there yesterday evening expecting a bargain. The little place was packed, and the excess demand for $2 gyros was predictably rationed by waiting. A hungry student can eat two gyros for dinner, so that’s a $4 saving. Guess how long the marginal BGSU student (hourly after-tax wage $8) will wait to save $4 and you have a fairly accurate estimate of how long I had to wait. BTW, today at 4pm in Student Union 316 on the BGSU campus I'll be giving the annual Stranahan Lecture. Topic: The Intellectual Origins of the New Deal, chapter 4 of a book I'm writing on the history of economics as told through the great policy debates of the 20th century. Come one, come all. Refreshments will be served! Posted by Lawrence H. White at 10:37 AM in Economics
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The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. -Adam Smith
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