Don’t think of the model as “what happens to a restaurant when there is an exogenous increase in the beauty of its women” (recall Scott Sumner — “don’t reason from a beautiful women [price] change!” ). Think of the model as “what does lots of beautiful women predict about the place of a restaurant in its product life cycle?”
I read the line in the book as making a causal argument that the beautiful women actually induce lower-quality food, but this heuristic interpretation is more consistent with the overall message of An Economist Gets Lunch.
An Israeli Insult Benjamin Netanyahu is risking U.S.-Israeli relations on partisan politics. It’s revolting and dangerous.
What Happened at Slate This Week? Josh Keating read about making music in the Anthropocene and journeyed into the heart of coding darkness.
House of Cards Showrunner Beau Willimon on Morality, Netflix Leaks, and Frank Underwood’s Presidency