The Day My Friend Aaron Got Trapped in His Model

Yeah, I remember that day. Aaron started on about the frictionless movements of goods and services instantly from one place to another. Then it was that markets instantly take full account of all available information. He said that entrepreneurs could somehow costlessly enter and exit markets hundreds of times a day. And it was “widget this” and “widget that” for the rest of the time. I knew it was bad when I told him about a $20 bill I’d found. Get this. He called me a liar, arguing that “if it had really been there, someone else would have gotten to it first.” By then he was rocking back and forth.

What’s that? No, I don’t visit him in the hospital, but not a day goes by that I don’t miss him. He was a good friend.

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