In other words, the sticky prices problem should be reframed as human behavior is sticky since we avoid adaptation at all costs.
Source date (UTC): 2021-12-13 23:31:44 UTC
Original post: https://twitter.com/i/web/status/1470536946829119488
Reply addressees: @DanSWright @phl43
Replying to: https://twitter.com/i/web/status/1470443018322915333
IN REPLY TO:
Unknown author
@DanSWright @phl43 No. Classicals were wrong because cooperative networks dont equilibrate as predicted, they exhaust and overextend because the cost of reorganization isn’t something they’ll pay until they have to – b/c humans in organizations maximize rents.
Original post: https://x.com/i/web/status/1470443018322915333
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