INSTITUTIONS EVOLVE TO REDUCE TRANSACTIONS COSTS. Lengthy Jane Galt post on the efficiencies of arranged marriages where the institutions of government are corrupt or nonexistent. Read it in tandem with this article about the importance of getting the institutions right (reference nailed to Newmark's Door.) And don't lose sight of Atlantic Blog's observations about the usefulness of economics. Sex, death, and why the lines are longest at the rollercoaster, is the way I put it.

Why does this good stuff come out at the end of the semester? Ah, but there will be another semester coming ...

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