P aul Volcker, while chairman of the Board of Governors of the FEDERAL RESERVE SYSTEM (1979-1987), was often called the second most powerful person…October 8, 2020
Suppose the economy has two sectors: one “covered” where laws are enforced and one “uncovered” where employers can do whatever.Suppose the two…October 8, 2020
Whenever it is snowing when Joe Commuter gets up in the morning, he misjudges how long it will take him to drive to work. Otherwise, his expectations of the driving time are perfectly accurate. Considering that it snows only once every ten years where Joe lives, Joe”s expectations are almost always perfectly accurate. Are Joe”s expectations rational?
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