Iraq as Dollar Auction by mattsteinglass
September 13, 2007, 12:07 pm
Filed under: Economics, Iraq

This Oliver Goodenough column is absolutely brilliant. You’d think so much had been said about Iraq by now that there was nothing interesting left to add. Amazingly, you’d be wrong.

Goodenough likens the Iraq war to the economics teaching tool of the “dollar auction”, where the professor auctions off one dollar to the highest bidder, on the condition the second-highest bidder has to pay up, too. The auction usually ends with the top two bidders offering several dollars each for the dollar, in an insane war to lose a bit less than they otherwise would.

To quote the computer in “Wargames”, “The only way to win is not to play.”


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