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Noah Smith

Nine Economics Mysteries Explained

Here's what some economists mean when they use these nine terms.
Answers please.

Answers please.

Photograph: Universal History Archive/UIG via Getty Images)

Matt Yglesias of Vox has posted a list of “9 things only neoclassical economists will understand.” Well, the good news is, we at Bloomberg View don’t believe there is anything that you, the reader, can’t understand! That’s why I, your friendly neighborhood economics columnist, will explain Yglesias’ nine things in layman’s terms.

No. 1. The Cobb-Douglas Production Function