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Economics

What Prices Do

Cost, information and incentive: the machinery, and where it bites

Hayek · Goodhart · Coase · 3 chapters · 13 min read

Cost, information and incentive: the machinery, and where it bites.

Free to read: every chapter below is open

The Machinery

  1. 01The Cost of a Thing Is the Other ThingOn the cost of a thing being the other thing you could have had.
  2. 02The Knowledge in a PriceOn a number that carries a conclusion without carrying the reasons for it.
  3. 03You Get What You Pay ForOn the reliable gap between what you pay for and what you wanted.