Cengage has gone bankrupt, and owes Greg $1.6 million.
Thought question: what does the negative income shock do to his labor supply?
This is likely bad news for Jeff Wooldridge too. His excellent undergraduate text, which I use in my ECON 406 class every fall, is also published by Cengage.
Addendum: apparently the bankruptcy is not a problem for Greg.
Hat tip: Ken Troske and others
Who was my favorite student this term?
6 months ago