December 03, 2015
There are ten vital foundational lessons that should be taught in any introductory course on economics, says Don Boudreaux, a professor of economics at George Mason University. The first three lessons on his list are,
(1) [T]he world is full of both desirable and undesirable unintended consequences – consequences that are largely invisible but that even a course in ‘mere’ principles of economics gives us great vision that enables us to “see,” (2) intentions are not results; (3) our world is unavoidably one of trade-offs and not “solutions,” …
While these lessons can be easily understood in theory, applying them to the real world can often be surprisingly difficult.
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