The Basics



Ten Key Ideas

These are the fundamental principles of economics that get used over and over again, captured in a series of essays for someone with no background in economics.

  1. Incentives Matter
  2. Understanding Costs
  3. How Markets Work
  4. How Prices Emerge
  5. Comparative Advantage
  6. The Division of Labor
  7. The Extended Order of Cooperation
  8. Externalities (coming soon)
  9. How Politicians Behave
  10. What Politicians Can and Cannot Do

A Little Theory

Want to go to the next level? These are notes my students and I use when teaching microeconomics or price theory or principles (pdf files):

  1. Supply and Demand and common mistakes students make when using them
  2. Applications of Supply & Demand
  3. The Theory of the Consumer
  4. Consumer Surplus, Producer Surplus and Efficiency
  5. The Theory of the Firm
  6. How Markets Use Knowledge

Visual Essays

These are essays I've written using data and charts to look at fundamental economic questions.

  1. Does the Trade Deficit Destroy American Jobs
  2. Half Full: A Fairly Cheery View of the American Standard of Living