Wednesday, June 08, 2005
Monkey Business - New York Times
Monkey Business - New York Times
Via Marginal Revolution, from the authors of Freakonomics, a discovery of monkey prostitution and other uses of money.
(1) I might like to be a behavioral economist. Get some use out of my interest (or purported one) in economics and psychology.
(2) It's not a violation of economic law for monkeys--or humans--to choose one gambling game over the other. It's just faulty reasoning.
(3) It seems as though this study further demonstrates the truth of Mises' regression theorem, of the tracing back of today's purchasing power of money to its supply and demand, the demand for which is determined by the marginal utility of the money, which is determined by the purchasing power of money yesterday--here demonstrated by the monkeys only going ahead and using money once they expect the money to be there in the future. The question is why monkey commodities, such as cucumbers, never became monkey monies in the wild.
Link
Via Marginal Revolution, from the authors of Freakonomics, a discovery of monkey prostitution and other uses of money.
(1) I might like to be a behavioral economist. Get some use out of my interest (or purported one) in economics and psychology.
(2) It's not a violation of economic law for monkeys--or humans--to choose one gambling game over the other. It's just faulty reasoning.
(3) It seems as though this study further demonstrates the truth of Mises' regression theorem, of the tracing back of today's purchasing power of money to its supply and demand, the demand for which is determined by the marginal utility of the money, which is determined by the purchasing power of money yesterday--here demonstrated by the monkeys only going ahead and using money once they expect the money to be there in the future. The question is why monkey commodities, such as cucumbers, never became monkey monies in the wild.
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