If this idea of what Mises called the Law of Association were better understood, many socialistic misconceptions about the market economy would fall by the wayside. Ayau explains it through simple diagrams and illustrations that will change the way you think.
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Also, if you are already a "convert" on this issue of comparative advantage, this monograph makes an outstanding book to hand out to others. The excitement of the author and the persuasiveness of the author makes this an excellent tract for spreading the wisdom offered by economic science.
Relations not a zero-sum game
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They have decided to go either to a ballet or to a boxing match. Both prefer to go together rather than going alone.
While the man prefers to go to the boxing match, he would prefer to go with his wife to the ballet rather than go to the fight alone. Similarly, the wife would prefer to go to the ballet, but she too would rather go to the fight with her husband than go to the ballet alone. The matrix representing the game is given below:.
The wife's payoff matrix is represented by the first element of the ordered pair while the husband's payoff matrix is represented by the second of the ordered pair. From the matrix above, it can be seen that the situation represents a non-zero-sum, non-strictly competitive conflict.
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The common interest between the husband and wife is that they would both prefer to be together than to go to the events separately. However, the opposing interests is that the wife prefers to go to the ballet while her husband prefers to go to the boxing match.
It is conventional belief that the ability to communicate could never work to a player's disadvantage since a player can always refuse to exercise his right to communicate. However, refusing to communicate is different from an inability to communicate.
The inability to communicate may work to a player's advantage in many cases. An experiment performed by Luce and Raiffa compares what happends when player can communicate and when players cannot communicate.
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Luce and Raiffa devised the following game:. If Susan and Bob cannot communicate, then there is no possiblity of threats being made.