To coincide with the Fun Economics month on Development Roast, we have drawn inspiration from Why Dev‘s list of 52 Reasons Why You Should Date an Aid Worker and On Motherhood and Insanity‘s 52 Reasons Why You Shouldn’t Date Aid and thought long and hard about reasons why dating an economist would be a bad idea.
It won’t matter what you supply, they will always demand more. They consider selfish behavior the most natural thing in the world.
What he’s been looking at, among other things, is the the thickness of the market in minutes and seconds, and then in microseconds.
If you’re graduating from law school, you get hired long before you graduate. Before you might know what kind of law you really want to do.
Doctors used to be hired two years before graduation and that’s eventually one of the things that eventually led to the centralized clearinghouse for doctors [in the US], the National Resident Matching Program.
Roth swung by Quartz’s New York offices recently to chat about his new book, , which explains how matching markets work, why almost everyone makes it illegal to buy kidneys, and why it’s increasingly rare for people to marry their high-school sweethearts. Alvin Roth: Once you start looking at marketplaces one of the things you notice is that not all marketplaces are set up so that their job is merely to find a price at which supply equals demand. But lots of markets, even when they have prices as very important parts of the market, don’t set the price so that supply equals demand. Quartz doesn’t hire people by lowering the wage until [only] just enough people want to come work here.
Instead, presumably you get to interview bunches of people who would like to work here and you get to hire some of them. Lots of markets clear very early—before lots of information is available. Publishers buy books before the books are written and they don’t really know what they’re getting.