The Beer Game
I have been participating in a group that was reading Complexity: A Guided Tour, by Melanie Mitchell. In one of our last sessions we set the book aside and explored the complexity of the supply chain.
2.8 Market failure - Externalities and Common goods | Economic Well-Being | Safe Haven - Into the Doughnut
Dead Weight Loss
Accidentally I stumbled upon a disparity between the definition of Harberger’s triangle or deadweight loss as it is employed in a Dutch textbook I consulted as opposed to the way it is employed in my son’s A-level textbook or the IB textbook in our possession.
2.10 Market failure—asymmetric information | Choice | Ecological Ceiling | Social Foundation | Sustainability | Unit 2: Microeconomics
Mental Models
One of the things I find important in relation to a 21st century economics education is systems thinking. But when discussing systems thinking with interested others I often find that it is such a huge concept.