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COMMODITIES: Commodities fall into two categories: goods, which are tangible, and services, which are not. An easy way to remember this distinction: these days, goods are Chinese and services are American; they make textiles; we make lawyers.
CONSUMPTION AND PRODUCTION: Consumption is what happens when you actually use commodities; production is what happens when you make them.
EXTERNALITIES: Effects or consequences felt outside the closed world of production and consumption, things like pollution. Economists keep their own world tidy by labeling these messes “externalities” then banishing them.
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281 reads
MORE IDEAS ON THIS
Last time we looked, the M1 was around $1.2 trillion; the M2, $6 trillion; and the M3, $8.8 trillion. The Fed, by daily manipulation, can alter these numbers. If the Fed releases less money into the economy, interest rates rise, corporate America borrows and produces less, workers are laid off, a...
23
138 reads
When the Fed tightens, interest rates rise and the economy slows down. When the Fed eases, interest rates fall and the economy picks up. Or so it used to be. The balancing act is so difficult, and the Fed so mistrusted, that its actions often have a perverse effect. So much for simplicity. Many s...
22
118 reads
Government, in fact, soon became the biggest investor in econometrics models, spending millions to equip various agencies to come up with their own, usually conflicting, forecasts-this, despite the fact that the resulting predictions tended, throughout the Seventies, to have about the same record...
22
165 reads
The first economist, this Adam Smith was an actual person, not some contemporary telejournalist’s pseudonym. His historic book, an Inquiry into the Nature and Causes of the Wealth of Nations (1776), propounded the idea that competition acted as the “invisible hand,” serving to regulate the marke...
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476 reads
CURATED FROM
These are some insights regarding economics extracted from this book. Further more about other topics is yet to come.
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