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Originally posted by taxwonk
Actually, it was Oscar Wilde. But thanks for playing.
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You're welcome, but I'm sticking with Churchill.*
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I begin with a story included in my principles textbook (Colander 2001a) thatraises a failure-of-market-outcome issue. It is a story about Lady Astor and Winston Churchill. Churchill asks Lady Astor if she would sleep with him for one million dollars. They know each other quite well, and she contemplates the offer as part of a broader intellectual game they played. After some thought, she responds, “Yes, if the payment could be guaranteed.” To which he replies,“Would you sleep with me for $1?” To which she replies, “Of course not, what do you think I am, a whore?” He responds triumphantly, “We’ve already established that; now we’re simply negotiating about price.”
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if it's on the web, it must be true! (pdf file)
* in all fairness, this story has been ascribed to everyone this side of Pauly Shore.
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