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Comments on: The day where Panadol was needed http://www.tvhe.co.nz/2011/07/22/the-day-where-panadol-was-needed/ The Visible Hand in Economics Sun, 06 Nov 2022 20:04:25 +0000 hourly 1 https://wordpress.org/?v=6.9.4 By: Matt Nolan http://www.tvhe.co.nz/2011/07/22/the-day-where-panadol-was-needed/#comment-33548 Thu, 28 Jul 2011 19:22:16 +0000 http://www.tvhe.co.nz/?p=5952#comment-33548 @Stephen Stratford

The thing is, the store manager may suffer from two things:

1) An inability to explain “why” they are doing something (even if he was the one setting prices) – even though he knows from experience it is the right thing to do,
2) An unwillingness, or inability to, tell the truth.

That is why economists like the frame the situation and come up with possibilities first – before moving on to getting the information from people in the know. When you combine both you get the best type of information overall 😉

]]> By: Stephen Stratford http://www.tvhe.co.nz/2011/07/22/the-day-where-panadol-was-needed/#comment-33511 Fri, 22 Jul 2011 03:28:26 +0000 http://www.tvhe.co.nz/?p=5952#comment-33511 Interesting analysis, especially the cause of the headache. Sounds well-earned.

But here’s the difference between an economist and a journalist: an economist puzzles about how theory might explain an apparent anomaly, whereas a journalist would ask the store manager.

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