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Your friend Picasso offered your other friend Van Gogh a job painting houses over the summer for $5,000. Believing he was a better painter and could make more on his own, Van Gogh turned down this job offer to run his own painting business. He went out and purchased all the necessary equipment and supplies for $2,500 and took in revenues of $6,500 over the summer. Later, Picasso told him that he had in fact lost money because of his decision to run his own business. In response, Van Gogh stated that he had clearly profited. Explain why they have different interpretations. Would you say one is more correct from an economic perspective? Why?
Please explain so that I may come to the answer myself
Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.
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"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"
Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
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