> But in perfect competition, nobody actually makes any money; all economic profits are competed away.<p>This is incorrect. Competition drives economic profit to zero in the long run, but!<p>First, there's also the short run - "in the long run, we're all dead", etc - where gobs of money could be made.<p>More importantly, economic profit includes a term for opportunity cost - money you'd be making with your next best option. So if you have an alternative that would also be making you lots of money, and your economic profit is zero, you're making lots of money.
I'm very grateful for Blake Masters taking the time to type up his essays on his class notes for the rest of the world that didn't get to sit in on this class. If he wants to get his name out there more with your typical 4 page/3 bullet points per page/10 point lesson that is on Forbes.com then that's fine.<p>It's an alright article but don't let that take away from what he did over the last 10 weeks