5 MOL! – I don’t need sleep…

Yesterday we defined a rational person to be someone who chooses what is best for herself given an objective, which is self-defined.

When we say best, we mean what the person believes to be best. It doesn’t matter what others think, or what society thinks, or what actually is best.

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5 MOL! – It’s all about me.

Before we proceed further, we want to clarify the definition of trade we used in last week’s posts. We chose to regard trade as synonymous with exchange, but in most economic texts you’ll find exchange being used in context of ‘trade between individuals’ whereas trade is reserved for ‘trade between countries’. It’s not a big difference in our opinion but we thought it is an important one to clarify.

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