> The observation on these oligopolies, that are now larger than some states is, that they seem to lack in their strategic reasoning and are more built on vibes of their leader…
Yes, there are several problems with oligopolies and monopolies. You referred to one: a kind of blinkered irrationality. Also, capable and strategic self-interest can threaten free markets.
I don’t expect readers here to have the equivalent of a US bachelor degree in economics (though I think this is likely to be a valuable skillset to learn in one’s free time).
Still, I’m hoping they can recognize when they’re stepping into an unfamiliar realm and pay attention to the feeling of “seems like economists are using certain words in particular ways that I should dig into rather than treat them as known vocabulary.” Achieving this level of self-awareness is probably hard for many. To build a deep sense of intellectual honesty and self-awareness of one’s cognitive limitations, I think one can do worse than working closely and intensely with others who also care about these traits. Mentorship helps.
Back to Econ… It also helps to remember in much of economists, these terms are founded in mathematical models. So the interpretation might be subjective, but the mathematical model (the operations) are formalized.
Yes, there are several problems with oligopolies and monopolies. You referred to one: a kind of blinkered irrationality. Also, capable and strategic self-interest can threaten free markets.
I don’t expect readers here to have the equivalent of a US bachelor degree in economics (though I think this is likely to be a valuable skillset to learn in one’s free time).
Still, I’m hoping they can recognize when they’re stepping into an unfamiliar realm and pay attention to the feeling of “seems like economists are using certain words in particular ways that I should dig into rather than treat them as known vocabulary.” Achieving this level of self-awareness is probably hard for many. To build a deep sense of intellectual honesty and self-awareness of one’s cognitive limitations, I think one can do worse than working closely and intensely with others who also care about these traits. Mentorship helps.
Back to Econ… It also helps to remember in much of economists, these terms are founded in mathematical models. So the interpretation might be subjective, but the mathematical model (the operations) are formalized.