Sometimes education can be very satisfying, not necessarily institutionally but just by way of reading and learning. I was thinking back to a couple of years and wondering on what basis I held a whole bunch of my beliefs. Most of those have now been turned on their heads.
Little knowledge is not necessarily dangerous, but a relatively fuller education does have its distinct advantages. Here are are some ideas/concepts/notions I now (long dissertation coming up) wish I’d known before or at least alongside the idea of market failure, monopoly, cost-benefit analysis and Pareto efficiency, property rights and all the other stuff I thought I knew about.
- Incentive Effects and Opportunity Cost
- Litigation Costs and Property Rules
- Risk Aversion and Transaction Costs and Free Riding
- The Nash Equilibrium and Dominant Strategy
- Asymmetric Information, Collective Choice and the Median Rule
- Priority in Bankruptcy and Insider Trading
- Open Access Resources and Regimes
- Strict Liability and Liability Rules
- Regulatory Capture, Rent Seeking and Credible Commitment
- Third-Party Enforcement and Judgment Proof Injurers
- Adverse Selection and Degrees of Price Discrimination
- Non-Monetary Sanctions and Reliance Damages
- Internalized Values and Reasonable Actors
There are probably a gazillion more. So much for always having been “bright”!