Friday, September 12, 2014
Jonathan Webb, Chapter 1, Question 6
This chapter was related to a lot of what we had been talking about in class the last couple weeks. And I think the main thing that stuck out to me was him just emphasizing that "Life is about tradeoffs, and so is economics". He gave man examples of this and it started to make me think of all the tradeoffs that I'm doing in my daily life. But in these tradeoffs everyone acts to there own self interest. He gives a good example of why wouldn't Brad Pitt start his own insurance firm, because Hollywood is where he can add the most value and get the most paid for doing so. The last thing that stood out to me was when he said, "the market does not provide goods that we need; it provides goods that we want to buy" (20). Later gives the example on why surgical doctors provide breast enhancements and etc to Hollywood stars, Because they can afford it!
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