The errors and misinterpretations are nicely summarised. In fact, laypeople are mistaken.
There is one important point that needs to be considered in all cases, but often. Successful trading requires trust that agreements will be honoured. We humans also have a (healthy) natural tendency not to become dependent, which could be very harmful. We do not want to put ourselves in potentially blackmailing situations. We can reduce these problems with multiple sources, storage and back-up solutions etc., but it remains a risk.
However, the basic statements on lay economic reasoning remain. We fail regularly and the risk arguments would also be shared by economists.
The errors and misinterpretations are nicely summarised. In fact, laypeople are mistaken.
There is one important point that needs to be considered in all cases, but often. Successful trading requires trust that agreements will be honoured. We humans also have a (healthy) natural tendency not to become dependent, which could be very harmful. We do not want to put ourselves in potentially blackmailing situations. We can reduce these problems with multiple sources, storage and back-up solutions etc., but it remains a risk.
However, the basic statements on lay economic reasoning remain. We fail regularly and the risk arguments would also be shared by economists.