22 Jun 2014
by Jim Rose
in applied price theory
Tags: David R. Henderson
- TANSTAAFL: There ain’t no such thing as a free lunch.
- Incentives matter; incentives affect behaviour.
- Economic thinking is thinking on the margin.
- The only way to create wealth is to move resources from a lower-valued to a higher-valued use. Corollary: Both sides gain from exchange.
- Information is valuable and costly, and most information that’s valuable is inherently decentralized.
- Every action has unintended consequences; you can never do only one thing.
- The value of a good or a service is subjective.
- Creating jobs is not the same as creating wealth.
- The only way to increase a nation’s real income is to increase its real output.
- Competition is a hardy weed, not a delicate flower.
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