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.
Why It’s Too Soon for Mitt Romney to Endorse Marco Rubio He should wait until that endorsement would do the most good.
Flicker Off, Flicker On LED bulbs were once pricey and easy to ignore. They’re about to become the standard. And it will happen very, very quickly.
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