kirisutogomen: (Default)
Three years ago, I posted a list of Truths. I reproduce the list here for your convenience.
  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
Now, hit play.

Ignorance

Oct. 30th, 2004 01:09 pm
kirisutogomen: (iti)
Another list. This time, a list of more specific things that are true. These are more opinion than Truth, but they're all correct. Even more people deny one or more of these than the Truths in my previous entry, but the overwhelming majority of economists across the political spectrum agree on these opinions.


  1. Rent control reduces the quantity and quality of housing available

  2. Tariffs and import quaotas usually reduce general economic welfare

  3. Flexible and floating exchange rates offer an effective international monetary arrangement

  4. Fiscal policy has a significant stimulative impact on a less than fully employed economy

  5. If the federal budget is to be balanced, it should be done over the business cycle rather than yearly

  6. Cash payments increase the welfare of recipients to a greater degree than do transfers-in-kind of equal cash value

  7. A large federal budget deficit has an adverse effect on the economy

  8. A minimum wage increases unemployment among young and unskilled workers

  9. The government should restructure the welfare system along the lines of a "negative income tax"

  10. Effluent taxes and marketable pollution permits represent a better approach to pollution control than imposition of pollution ceilings.

Truth

Oct. 30th, 2004 12:57 pm
kirisutogomen: (san)
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