- The Big Picture - http://www.ritholtz.com/blog -
StandUp Economist: 10 Principles of Macro-Economics
Posted By Barry Ritholtz On February 28, 2007 @ 5:42 pm In Digital Media,Economy | Comments Disabled
Mankiw’s 10 principles of economics, translated for the uninitiated. Presented at the AAAS humor session, February 16, 2007.
Transcript and additional details can be found here .
#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.
#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.
via Stand Up Economist 
Article printed from The Big Picture: http://www.ritholtz.com/blog
URL to article: http://www.ritholtz.com/blog/2007/02/standup-economist-10-principles-of-macro-economics/
URLs in this post:
 found here: http://www.improb.com/airchives/paperair/volume9/v9i2/mankiw.html
 Stand Up Economist: http://www.standupeconomist.com/
Copyright © 2008 The Big Picture. All rights reserved.