Economics and the mid-life crisis have much in common: Both dwell on foregone opportunities

C'est la vie; c'est la guerre; c'est la pomme de terre . . . . . . . . . . . . . email: jpalmer at uwo dot ca

. . . . . . . . . . .Richard Posner should be awarded the next Nobel Prize in Economics . . . . . . . . . . . .

Sunday, July 03, 2005

You Gotta Know When to Fold 'Em

From Slate's Today's Papers:

Perhaps crowns and cockroaches just don't mix: Unable to compete with the pageantry of reality television, after 48 years, the Junior Miss Pageant (whose winners include Diane Sawyer) held its last national final. The competition, which began in 1957, prided itself on honoring innocence and wholesomeness. After a failed shot at a reality TV program (not enough backstabbing), the pageant is calling it quits. "We didn't want our girls eating bugs or taking their clothes off," said the pageant's executive director. "We decided to draw a line in the sand."
"When expected total revenue is less than expected variable costs, the profit-maximizing firm will shut down."
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