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Table Of Contents

Thinking Like an Economist
Is Economics a Science?
The Scope and Boundaries of Economic Science
Why Study Economics?
How We Develop Economic Principles
Purposeful Action versus Mindless Behavior
The Social versus the Natural Sciences
How We Develop Basic Economics
Economic Concepts Implied By Action
Introduction
Individuals Have Preferences
Preferences Are Subjective
Different Individuals’ Preferences Can’t Be Combined
“Robinson Crusoe” Economics
Crusoe Creates Goods With His Mind Powers
Consumer Goods versus Producer Goods
Goods Are Valued Unit by Unit
The Institution of Private Property
Society Requires Rules
Capitalism: This Is Private Property
The Market Economy and Free Enterprise
• Why people trade with each other
Direct Exchange and Barter Prices
Why Do People Trade With Each Other?
Direct Exchange / Barter
How Prices Are Formed in Barter
• The limitations of direct exchange
Indirect Exchange and the Appearance of Money
The Limitations of Direct Exchange
The Advantages of Indirect Exchange
The Advantages of Money
Why Specialization Makes Labor More Productive
Entrepreneurship & Competition
Competition Protects Customers
Competition Protects Workers
Income, Saving, and Investment
Investment Increases Future Income
How Saving and Investment Increase An Economy’s Future Output
Supply and Demand
Supply and Demand: The Purpose
Demand: Its Defnition and Its Law
Supply: Its Defnition and Its Law
Using Supply and Demand to Explain the Market Price
Using Supply and Demand to Understand Price Changes
Interest: It’s About Time
Common Credit Transactions
The Pros and Cons of Debt
Proft and Loss Guide Entrepreneurs
Interest Versus Proft
The Social Function of Proft and Loss Accounting
The Limits of Proft and Loss Accounting
The Stock Market
Why Issue Stock? (Debt versus Equity)
The Social Function of Stock Speculation
• The general case for free trade
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Lessons for the Young Economist Murphy

Lessons for the Young Economist Murphy

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Published by brmadragon

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Published by: brmadragon on Oct 06, 2011
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01/21/2013

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