Crowd wisdom economics: The bad news
Wednesday, May 29, 2013 - 06:30
in Mathematics & Economics
(Phys.org) —Volkswagen is simply a better car company than Fiat. Profits are higher, and so are wages. Why doesn't Fiat just be like VW? Why doesn't Italy, for that matter, emulate Germany? Is it elites that perpetuate lousy economic institutions and unhelpful social norms? Or is it the weight of tradition? Or maybe people are just dumb.