> What's the value of food? If you have none you die, so the value is quit of high, but the price is much lower than that because there are many competing suppliers.

The first calories of the day, the ones that prevent you from dying, have a very high subjective value - but you pay them at the value of the 3000th calorie of the day, the extra drop of ketchup on your fries, which has a very little value.

And thus of course average value x volume is very different from (marginal value of last unit) x volume.

If you're getting a blood test, the pipeline might be primary care physician -> lab with a nurse to draw blood and machines to measure blood stuff -> primary care physician to interpret the test results. There is no blood-test-ologist (hematologist?) step, unlike radiology.

Anyway, "there's going to be radiologists around for insurance reasons only but they don't bring anything else to patient care" is a very different proposition from "there's going to be radiologists around for insurance reasons _and_ because the job is mostly talking to patients and fellow clinicians".

The current "workflow" is primary care physician (or specialist) -> radiology tech that actually does the measurement thing -> radiologist for interpretation/diagnosis -> primary care physician (or specialist) for treatment.

If you have perfect diagnosis, it could be primary care physician (or specialist) -> radiology tech -> ML model for interpretation -> primary care physician (or specialist.

    This paper proposes that idiosyncratic firm-level shocks can explain an important
    part of aggregate movements and provide a microfoundation for aggregate shocks. Ex-
    isting research has focused on using aggregate shocks to explain business cycles, argu-
    ing that individual firm shocks average out in the aggregate. I show that this argument
    breaks down if the distribution of firm sizes is fat-tailed, as documented empirically.
    The idiosyncratic movements of the largest 100 firms in the United States appear to
    explain about one-third of variations in output growth. This “granular” hypothesis sug-
    gests new directions for macroeconomic research, in particular that macroeconomic
    questions can be clarified by looking at the behavior of large firms. This paper’s ideas
    and analytical results may also be useful for thinking about the fluctuations of other
    economic aggregates, such as exports or the trade balance.

- takes better photos than phones (esp. when printed)

- is not crazy expensive

- is not crazy complicated

The camera you'd buy if you did not want to make photography a hobby but phones don't cut it.

Looking at the richest Europeans [0], they all seem to be bourgeois.

[0] https://en.wikipedia.org/wiki/List_of_Europeans_by_net_worth

Note that, at least for France, it was not found to be illegal to use contract workers; rather the jobs-as-they-existed were really employment contracts according to the reality of the arrangement and not procurement contracts; merely not calling them "employment contract" does not absolve the parties of the obligation of a work contract.

Is that not equivalent to a prior that the coefficient on variables in Z but not in X is zero?

Note that no one has argued for a planned economy.