StandUp Economist: 10 Principles of Macro-Economics

Wednesday, February 28, 2007 | 05:42 PM

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.

Print version:

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.

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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.

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via Stand Up Economist

Wednesday, February 28, 2007 | 05:42 PM | Permalink | Comments (9) | TrackBack (2)
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» People Are Stupid and Other Principles Of Macro-Economics from DealBreaker.com
The "stand-up economist" translates Harvard professor N. Gregory Mankiw’s introductory economics textbook "The Principles of Economics" into more useful, shorter and funnier restatements. (And, yes, we do realize that the words useful, shorter and fun... [Read More]

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Tracked on Mar 2, 2007 7:36:45 AM

Comments

It's the first thing I've ever seen you blog that I've disagreed with entirely.

I don't generally agree with Mankiw, but all 10 of those are essentially the foundation stones of economics as a science.

Posted by: Eclectic | Feb 28, 2007 6:41:50 PM

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