The general equilibrium theory proves – and this is the principle of free market economy – that when each individual maximize his and only his own utility, then the economy will reach prices that will lead it to an equilibrium which is efficient. The exact terminology is “Pareto Efficiency”, which means that it is not [...]

The plan for this last day was mostly open. I decided to start walking in direction to the building of the Synagogue and Jewish Community to say goodbye to my friend W that worked there. I found all the workers outside the building because Health Ministry workers came to fumigate all the buildings in the [...]

Last post was extremely large, so I divided it into two parts… so this is the second one. So, before you start, go back and read the previous post. And the one before that. And the one before, and the previous one also… so, go and read all the posts before going forward!

Well, one of [...]

I went out and started walking along the coast in order to reach the US Interests Section in Havana. In front of it, there a square full of black flags, each one with one white star on it. There were 168 flags in total, and the monument was founded in 2006. The 168 flags represent [...]

Ok… so to ALL of you who were anxiously waiting for the second part of these series of posts (yeah right…) here it goes. My second day in my 4-day long visit to La Habana Cuba.

I woke up at about 8:30am, and ate a cracker I brought with me from Venezuela. It was Tuesday, September [...]

It is time to write a little bit about socialism… isn’t it?

Well, this post is based on writings I made on my trip to La Habana in September 2006. While visiting my family in Venezuela, I decided to pack my stuff, and have a 4-days long visit to La Habana Cuba. Since there are lots [...]

I was talking to my ex-boss a couple of weeks ago about economic development. We talked about how the west tries to promote public policies that induce economic growth and a better “quality of life” on the less developed regions.

He told me “You know, I saw a poll the other day about happiness, and the [...]

I just came from the festive dinner marking the last day of the 19th summer school in economic theory at the Hebrew University. I saw Kenneth Arrow, an economics Nobel price laureate, and one of the most brilliant minds of the world, being called by the waiter to serve the rice… well, he actually did [...]

Jerusalem, 2:30 am. Can’t fall asleep.

I can’t think of anything interesting to write either. Maybe a short intro will do.

Can an economist think of any rational explanation to insomnia? Is there any incentive to stay up late and write blogs? It is hard to think of any.

The most interesting part of being an economics graduate [...]