It's time to get rid of "willingness to pay".

JDN 2456484 EDT 09:35.

 

Most laypeople, if you asked them what economics is about, would probably answer with one word: "money".

This could hardly be more wrong; it's like saying that physics is about computer readouts and medicine is about needles on the dials of blood pressure cuffs. But I can forgive the mistake, because it is one that a large number of economists seem to make on a regular basis.

You'll actually hear economists say things like: "The tsunami killed 300,000 people, equ...