A Random Walk Down San Fernando Street
Break in the Chain: An Excel-Driven Supply and Demand Student Case Study of the Beef Processing Industry During the COVID-19 Pandemic (Decker & Bredthauer)
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February 18, 2024The entrepreneur is the intermediary who combines inputs to satisfy consumers, takes risks, and creates new and improved goods and processes. Adam Smith, Jean Baptiste Say, and others have explained the role of the entrepreneur and the market process. Two more modern ideas include the rational expectations and efficient market hypotheses–markets aggregate available information, recognizing and eliminating price discrepancies quickly—no $20 bills are left on the ground. If true, how is it that entrepreneurs find profit opportunities and innovate? We offer an answer through an exercise that instructors can easily replicate with their students.
by Ninos Malek and John Estill
Malek, N., & Estill, J. (2024). A Random Walk Down San Fernando Street. Journal of Economics Teaching, 9(1), 17-30. DOI: 10.58311/jeconteach/2ff6399b0d66ae11ca632e86cf9ec6197e21e3c2
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