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A few economic facts you should know…

Wednesday, February 22, 2017 11:29
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The national and global economies are far too complex for any human being or group of human beings to comprehend.

Prices and wages are not set arbitrarily; they are defined by supply and demand.

Voluntary trade that crosses political borders is every bit as mutually advantageous than is voluntary trade that doesn’t.

All goods and services have costs that someone must pay; there is no such thing as a free lunch.

Profits result from serving the demands of consumers, not from extraction from workers.

Economics is trade offs. You cannot get something without giving something up. Gain without pain is fictional.

A trade deficit that is accompanied by a balance of payments is a symptom of wealth.

If you subsidize something, you get more it it. If you tax something, you get less of it.

An aggregation of wealth says nothing about individual wealth.

A strong dollar is not necessarily good and a weak dollar is not necessarily bad. It depends on policy goals.

To end economic busts, end economic booms.

It is impossible for all of us to live off the wealth of the rest of us.


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