09 September 2008

Social sciences core principles

This actually comes from the National Council on Economic Education; however, has -- as we say -- universal applicability:
  • People Choose
  • Choices involve costs. All choices. It may be time, it may be pain, it may be money; doesn't matter: it's a cost.
    • Subset: the opposite of cost is benefit, a/k/a 'negative cost'
  • Incentives matter.
  • Society influences choices and incentives
  • Voluntary trade creates wealth. Wealth does not have to be money.
  • The consequences of choosing are in the future. Would some pow'r ....

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