“The 10 Things In Economics That Everybody Should Know”
This: list: gets about 2.5 out of 10 correct. A better list:
1. People want far more at zero prices than they can possibly produce: goods and services have been, are, and almost surely always will be scarce.
2. People respond to incentives.
3. The cost of doing something is the value of the next best alternative foregone. (On the list.)
4 Sunk costs are sunk. (Or, sunk costs should be ignored in making decisions.)
5. Voluntary trade is mutually beneficial. (On the list.)
6. Market s are least-cost allocatiion mechanisms.
7. Future cash flows are worth less than nomimally equivalent current cash.
8. Inflation is, everywhere and always, caused by excessively high money growth.
*GASP* Imagine that! You might have to work for something! You know, kinda like the rest of us. Thousands of childless, able-bodied adults in Maine just learned that they are...Read More
Associate Professor of Economics, North Carolina State Univ.
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Despite his moderate character, Mitt Romney could be the most conservative candidate we’ve had on immigration in over a decade.