I keep encountering the word “Groupon”–I think it’s some sort of pets.com-style commercial endeavor where people can buy coupons? I don’t really care, and I’ve avoided googling the word out of a general animosity toward our society’s current glorification of get-rich-quick schemes. (As you can tell, I’m still bitter about that whole stock market thing.)
Anyway, even without knowing what Groupon actually is, I enjoyed this blog by Kaiser Fung in which he tries to work out some of its economic consequences. He connects the statistical notion of counterfactuals to the concept of opportunity cost from economics. The comments are interesting too.