A wise business man or women might have seen this coming in an economy of perfect information and knowledge and had a "pre-revolution-everything-must-go" sale hours before the place was taken. Economic Theory would suggest that people would have done this if they were rational and the following picture would suggest one of several possibilities: 1. The revolution in fact did not happen. 2. It did happen, but businesses were irrational. 3. Economic Theory is just plain wrong. 4. The theory does not cover revolutions. 5. The theory does not apply in those cases where it does not fit the facts. 6. Wait for the next revolution - part of the theory suggests people learn - by - doing and several revolutions will be needed before people are more rational.
Photo: Courtesy of Azamat Ababakirov
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