Abolition of Slavery and Path Dependency

by Nicholas ScarmozzinoGross Domestic Product, Macroeconomics, Slavery and Path DependencyPosted on Comments are Disabled

Season 4, Episode 10: In this clip, a former slave asks Daenerys to allow him to sell himself back to his master, citing poverty and problems with current benefits to the newly freed. This is related to the idea of path dependency, Path dependency is the idea that history matters: it’s easier or more cost-effective …

Read more “Abolition of Slavery and Path Dependency”

Efficiency of Government Spending

by Nicholas ScarmozzinoGovernment Spending, Gross Domestic Product, MacroeconomicsPosted on Comments are Disabled

Season 1 Episode 3: There is a discussion on inefficient government spending (for the hand’s tournament). Government spending should almost always be more inefficient than private sector spending because governments don’t face the same constraint consumers do when spending on items that give the highest marginal utility per dollar.