Just stumbled across Yoram Bauman, the Stand Up Economist, who is obviously a chap who believes in the power of economic thinking as he has a Ph.d. in Economics.
His ten principles of economic theory are quite fascinating in fact.
He bases his principles on Greg
Mankiw’s, a professor of economics at Harvard University,who states that economics is based upon:
#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.
Yoram translates these into:
#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.
If you want to find out how the first list can translate into the second, it’s well worth a viewing: