“Summertime, and the livin is easy.” Contrary to the famous words by the Gershwins in the musical Porgy and Bess, this summer has not been easy. Racial violence in the United States, coup attempt in Turkey, terrorist attacks in France and Germany, doping scandal involving Russian athletes and Brexit have all dominated the headlines, not to mention the American presidential campaign, continued migration chaos and the civil war in Syria.
Last week at Wimbledon I was given a formal, printed card about how to queue. Most people spend some part of their lives standing in line. Whether in a store, at the post office, at the bank or waiting to enter a train or plane, we must wait. For each situation, there are informal rules about who goes first; there are norms about how to queue. Not everyone follows the rules. But to get a formal card, printed in color on heavy paper about how to stand in line was a truly unique experience.
Economics 101 was a great challenge during my studies. When I took the introductory required course I had no economics background or particular mathematical skill. The first day the professor put on blackboard a supply and demand curve. He explained that all economic theory was based on a simple formula: As demand rose, supply diminished. As supply rose, demand diminished. There was something elegant but puzzling here. Could all human activity be reduced to this simple formula? Could all our behavior be shown in mathematical equations and linear charts?