Learn more about economics with this collection
Identifying the skills needed for the future
Developing a growth mindset
Creating a culture of continuous learning
Economic values are subjective
The average price of a good or service is not based on the amount of labor or the cost of the resources required to produce it. It's a function of supply and demand value changes depending on individuals desires and preferences and it's based on the availability of whatever it is that they want relative to how many other people happen to want the same thing at the same time
For eg- if you are thirsty and have a bottle of water, you are very less likely to give it to me or maybe charge a lot of money. On the other hand, you might have 100 bottles and may just give them to me for free.
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MORE IDEAS ON THIS
The Setting
It's year 10,191, and human beings have spread out and colonized planets throughout the universe. On the planet Caladan, Duke Leto of the House of Atreides is preparing to leave for his new position as the governor of Arrakis, a desert planet with valuable resources of
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The government
Contradictorily, spice(the most expensive thing in the universe) is only found on Arrakis.
Still, much of the Arraken population is materially poorer than a lot of people alive on earth today.
The reason is the political system in Dune: Imperial Feudalism which
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Adoption of Mercantilist Economic Policy
It means the state should play a dominant role in the economy, in particular by controlling commercial activity Everything the citizens of Arakis produce belongs to the Emperor and It decides what to do with it and who profits from it.
The government directly s...
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The Plot
Leto's main plan is to enlist the Fremen, the tough natives of the Arrakeen desert, as soldiers and advisers but he's betrayed by one of his own soon after arrival, and Paul and his mother, are left to fend for themselves.
Eventually, Paul and Jessica come into contact with...
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Economic freedom to enrich lives
As a result of the policy, the people of Arrakis have no purchasing power with which to flood their entire planet with water food, and other resources they could have easily acquired in exchange for their magical
spice.
In a world where individual rights are universally respec...
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Nothing is more useful than water: but it will scarcely purchase anything.
A diamond on the contrary has scarcely any
use-value but a very great quantity of
other goods may frequently be had in
ADAM SMITH, DIAMOND WATER PARADOX
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Model of internal logic in storytelling
On the Atreides home planet of Caledon water is everywhere there are vast oceans rivers and rainstorms so the people living there can consume a lot at virtually no cost.
On Arrakis, although water is extremely scarce, it's expensive. Even wet towels from the palace are sold to Fremens with...
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Be a Sponge
One of the main reasons for fatigue among adults is that they are chronically dehydrated.
Whenever you feel thirsty and have a dry mouth, it's a sign that you're already dehydrated.
You can easily remember yourself to drink by setting a silent hourly alarm on your phone and by...
The First Labor Day
The first Labor Day was celebrated on Tuesday, September 5, 1882, in line with the plans of the Central Labor Union.
The Central Labor Union then urged other unions and trade organizations to hold a similar workingmens' holiday on the same date. By 1885, industrial centers nationwide obse...
Economic rationality
We usually think about rationality as being sensible or reasonable. For economists, rationality means when you make a choice, you will choose the thing you like best. Economic rationality accepts that people will act in a relatively predictable way.
Economists use thi...
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