Friday January 31st 2014 Tim
In matters of economics, one grail, is
predicting the behavior of people. And as you can imagine it is a
minefield, which to better grasp, it's a field that is often divided.
One division is called Choice, which itself is a word rife with the sort
of controversy well exemplified by a Professor of Medieval Chinese
Poetry who dismissed the translation "birds in thick fog wallow" with
the words "I never knew birds could wallow." Clearly a walking
stick wielding fuddy-duddy. However, within economics, Choice is so
broad ranging an area it can bring all discussion to a halt until terms
are defined with the precision of an eyelash. And here one atom in
the gigantic molecule of Choice, is the word Preference.
And I would go on to explain how recent experimental data
from the cathedral of economics suggests that Preferences in
us people when given the choice of three types of peanut
butter, might be unstable, particularly over time, accords
with my own definition of randomness. But I find that
I have become so aggravated by a Professor of Medieval
Chinese Poetry's "I never knew birds could wallow"
that I find myself quite unable to gather the necessary
cohesion to continue. So I think it sufficient to say that
while I am fan of peanut butter, the sad fact is that Peter
Pan, Skippy and Jif will never ever pass my lips because
they are so horribly named. I am told that years ago in
Canada, Skippy peanut Butter was called Squirrel peanut
butter. Nor does this seem to influence my preference.