Dmitry Chernikov’s Blog

It has always puzzled me how people can look forward to retirement even while they are still young. For, first, most of their life they will not be enjoying themselves and their work but dreaming about distant future. Second, retirement almost by definition entails being useless to your fellow man. It means sitting in your [...]

Economists have argued that utilitarianism urges that consumer surplus obtained due to gains from trade be maximized. But what about producer surplus? Well, under indirect exchange the producer does not receive goods but money which is de facto debt of society to him. So, the producer receives no surplus until he spends this money, at [...]