Economic Principles
från Michael Covels hemsida;
Mankiw?s Ten Principles of Economics, Translated
February 28, 2007
"The cornerstone of Harvard professor N. Gregory Mankiw?s introductory economics textbook, Principles of Economics, is a synthesis of economic thought into Ten Principles of Economics."
What are those and what do they really mean? Read.
Mankiw?s Principles:
#1. People face tradeoffs.
#2. The cost of something is what you give up to get it.
#3. Rational people think at the margin.
#4. People respond to incentives.
#5. Trade can make everyone better off.
#6. Markets are usually a good way to organize economic activity.
#7. Governments can sometimes improve market outcomes.
#8. A country?s standard of living depends on its ability to produce goods and services.
#9. Prices rise when the government prints too much money.
#10. Society faces a short-run tradeoff between inflation and unemployment.
Yoram?s Translations
#1. Choices are bad.
#2. Choices are really bad.
#3. People are stupid.
#4. People aren?t that stupid.
#5. Trade can make everyone worse off.
#6. Governments are stupid.
#7. Governments aren?t that stupid.
#8. Blah blah blah.
#9. Blah blah blah.
#10. Blah blah blah.