“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.
After his 20-year old son overdosed on drugs, Mike Stollings decided to post a photo of his body at the funeral home on Facebook out of grief and guilt. The...Read More
Associate Professor of Economics, North Carolina State Univ.
My friend Lennie Jarratt was featured on Fox News Chicago last night. The subject was the $85 billion dollar deficit
As John Podhoretz wrote last week, “Something weird happens when presidencies go wrong â€” presidents become incompetent at doing the things they were always able to do in their sleep, and their aides follow suit.”
And that was before President Obama’s was dogged by unforced errors on this holiday weekend