“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.
Associate Professor of Economics, North Carolina State Univ.
Just passing along the latest example of rank hypocrisy from the Democrats. The SEC will not have to disclose their
By: Terresa Monroe-Hamilton NoisyRoom.net Sergey Ponomarev for The New York Times Madness, mayhem and commies… Need I say more? Oh,
I know, I know, you’re saying “how could that possibly happen after two years of far left Keynesian economic policies?”