Monthly Archives: June 2012

Crusoe Economics

Einstein said it best; for a model of reality to be useful, it must be as simple as possible… but no simpler. The very simplest possible model of economics comprises one person… because one human actor is the smallest and … Continue reading

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Bills vs. Bonds

In the heyday of the classical Gold Standard during the nineteenth century, a common saying among bankers was that ‘Being a banker is easy, as long as you can tell a bill from a bond’. A lot of assumptions are … Continue reading

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