Tuesday, January 8, 2008

If You Could Be President for a Day...

Steve Levitt, the renowned economics professor at the University of Chicago, is struggling to allocate the open spots in his popular "Economics of Crime" course. He discusses how a student who has a spot in the class is trying to auction it off to the highest bidder - what a lovely example of supply and demand in action. However, Levitt speculates that the University will not look kindly on selling class registration. My question is: if you were in charge of making the decision, would you allow a student to sell his (or her) spot in a course? Does the fact that it's an economics course have any effect on your decision?

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Compared with the totality of knowledge which is continually utilized in the evolution of a dynamic civilization, the difference between the knowledge that the wisest and that which the most ignorant individual can deliberately employ is comparatively insignificant. ~Fredrich Hayek in The Constitution of Liberty