Understanding some key ideas in Economics makes a difference to how we approach the everyday choices in our lives and react to the choices of others. Everybody can get more of what they value if the system works.

Knowledge problems, risk taking, transaction costs, and the difference between a command economy and a free market--all these matters became obvious to us as this morning's simulation attempted to please the consumer with successive product designs.

(For some reason he wanted his limo to be armoured and preferably armed. We did not ask him why!)