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amazon, Sears, Target, WalMart

Some Thoughts on the Apparent Demise of Sears

Sadly, the company that made its name on mail orders couldn’t quite figure out what to do in a world of email orders. Sears was, in many ways, the Amazon of its time. It made the mail-order catalog a staple of American households, and in so doing brought the latest and greatest products of American capitalism to people in every corner of the country at significantly lower cost. The catalog also offered African-Americans in the rural south not just access...
EconLog By Pierre Lemieux
Preferences and Choice: A Distinction
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One useful idea taught by neoclassical economics is to distinguish between choice and preferences. An individual is modeled as making choices according to his preferences and his constraints. Think about an individual who, on his preference scale (in his "preference function"), prefers a BMW i8...

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Good post, Steve!

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