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Forget about oil for a minute.
If you were able to buy a professional haircut at the old price, a home-made haircut would probably have negative value.
#IndexNumberProblems
If you were able to buy a professional haircut at the old price, a home-made haircut would probably have negative value.
#IndexNumberProblems
And (confession) I have never understood the role of the "free disposal" assumption in GE theory.
Too much of any good and it becomes a bad. You have to pay someone to take away the garbage.
Too much of any good and it becomes a bad. You have to pay someone to take away the garbage.
I once wrote a very imaginative blog post on negatively-valued ("red") money. (Like using garbage as Medium of Exchange, where the seller of apples *gives* money to the buyer.)
Then I realised I was talking about overdrafts.
Then I realised I was talking about overdrafts.
