Tuesday, January 28, 2014
Chapter uno~The Power of Markets - Who feeds Paris?
Throughout the first chapter, Wheelan intertwined many examples continually within the whole reading. One of these examples that stood out to me was the idea behind the safety of motorcycles, airplanes, and how the number of fatalies increased when the prices of gas were raised. "...That every $1 increase in the price of gasoline is associated with an additional 1,500 motorcycle deaths annually" (23). Wheelan continues with the Harley example only to tie into the lesson that "...if the person making that decision doesn't understand the true risk involved, then it may not be a rational trade-off after all" (26). He uses this overarching example to explain how many everyday activities and situations all rely on rational trade-offs, whether we want them to or not.
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