Tuesdays With Mary: The Difference Between a Deal and an Agreement
Tuesday, April 7, 2026 There’s a story economist Russ Roberts tells; one that has stayed with me, even if the details blur over time. An economist travels to Russia shortly after the fall of the Soviet Union. He books a hotel conference space months in advance. Everything is agreed to. Contracts signed. Plans made. And then, shortly before the event, the hotel cancels. Another group came along and offered more money, and the space was simply resold. There was no apology in the way we might expect. No real sense that anything improper had happened. No damages to pursue in [...]