“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.
Facebook62.5kTwitter75Email1 Considering how often we see horrific stories of animals being abused and murdered by sadistic monsters, it’s a nice break to see the often unnoticed acts of kindness towards...Read More
Associate Professor of Economics, North Carolina State Univ.
Congresswoman Schakowsky Says The Communist, Maoist, Illiterate, Hate-Filled OWS Protesters Are ‘Ordinary Americans’
FacebookTwitterEmail Apparently, Congresswoman Jan Schakowsky of the Illinois 9th District, a sitting Congresscritter, mind you, decided it was a great
FacebookTwitterEmail The left is built on pure hate. Hate for patriotism, hate for the Constitution, hate for our troops, hate