https://archive.freecapitalists.org:443/forums/27.aspxEverything else.enCommunityServer 2008.5 SP2 (Build: 40407.4157)https://archive.freecapitalists.org:443/forums/thread/395713.aspxWed, 02 Feb 2011 23:25:08 GMT944abf2b-d1be-4bf2-990d-438cb0e377e9:395713Stephen Adkins0https://archive.freecapitalists.org:443/forums/thread/395713.aspxhttps://archive.freecapitalists.org:443/forums/commentrss.aspx?SectionID=27&PostID=395713<p> Thanks!</p><div style="clear:both;"></div>https://archive.freecapitalists.org:443/forums/thread/395640.aspxWed, 02 Feb 2011 19:48:12 GMT944abf2b-d1be-4bf2-990d-438cb0e377e9:395640EmperorNero0https://archive.freecapitalists.org:443/forums/thread/395640.aspxhttps://archive.freecapitalists.org:443/forums/commentrss.aspx?SectionID=27&PostID=395640<p> That&#39;s really funny. <img alt="yes" src="http://mises.org/ckeditor/plugins/smiley/images/thumbs_up.gif" title="yes" /></p><div style="clear:both;"></div>https://archive.freecapitalists.org:443/forums/thread/395633.aspxWed, 02 Feb 2011 19:23:02 GMT944abf2b-d1be-4bf2-990d-438cb0e377e9:395633Stephen Adkins0https://archive.freecapitalists.org:443/forums/thread/395633.aspxhttps://archive.freecapitalists.org:443/forums/commentrss.aspx?SectionID=27&PostID=395633<p> I took a macro class last semester, and this was an extra credit assignment. Some background - I had spent the entire semester trying to not be &quot;that guy&quot;, and derail the class by picking fights with my Keynesian professor (I did pretty well, I&#39;d say). But I couldn&#39;t resist the opportunity to submit some private jabs. Oh and in case it wasn&#39;t obvious, his explanation for the meltdown was an increase in savings from emerging economies in Asia.</p> <hr /> <hr /> <p> <cite>Scarcity is the</cite></p> <p> <cite>primary problem with which</cite></p> <p> <cite>economics deals.</cite></p> <p> &nbsp;</p> <p> <cite>In a world without</cite></p> <p> <cite>scarcity, economics</cite></p> <p> <cite>would be meaningless.</cite></p> <p> &nbsp;</p> <p> <cite>Labor, capital,</cite></p> <p> <cite>and land: these three make up the</cite></p> <p> <cite>production factors.</cite></p> <p> &nbsp;</p> <p> <cite>Robinson Crusoe</cite></p> <p> <cite>helps us understand basic</cite></p> <p> <cite>principles. Agree?</cite></p> <p> <cite>&nbsp;&nbsp;</cite></p> <p> <cite>We engage in trade,</cite></p> <p> <cite>Comparative advantage!</cite></p> <p> <cite>Wealth is created.</cite></p> <p> &nbsp;</p> <p> <cite>Diamond, not water?</cite></p> <p> <cite>It seems like a paradox.</cite></p> <p> <cite>Nope &ndash; at the margin.</cite></p> <p> &nbsp;</p> <p> <cite>Marg&rsquo;nal util&rsquo;ty</cite></p> <p> <cite>explains rational action&hellip;</cite></p> <p> <cite>A revolution!</cite></p> <p> &nbsp;</p> <p> <cite>Invisible Hand,</cite></p> <p> <cite>move us, through self-interest,</cite></p> <p> <cite>to efficient outcomes.</cite></p> <p> &nbsp;</p> <p> <cite>Minimum wages</cite></p> <p> <cite>and other price fixing schemes</cite></p> <p> <cite>hamper the market.</cite></p> <p> &nbsp;</p> <p> <cite>Sans property rights</cite></p> <p> <cite>incentives will be lacking:</cite></p> <p> <cite>dead economy.</cite></p> <p> &nbsp;</p> <p> <cite>A broken window</cite></p> <p> <cite>cannot confer a net gain</cite></p> <p> <cite>on society.</cite></p> <p> &nbsp;</p> <p> <cite>Certain theories</cite></p> <p> <cite>imply a cause/effect link</cite></p> <p> <cite>of boom with bust; hmmm.</cite></p> <p> &nbsp;</p> <p> <cite>Interest is theft?</cite></p> <p> <cite>Bah! You forget time pref&rsquo;rence</cite></p> <p> <cite>implied by action.</cite></p> <p> &nbsp;</p> <p> &nbsp;</p> <p> <cite>Ceteris pari-</cite></p> <p> <cite>bus, the powerful concept,</cite></p> <p> <cite>holds all else constant.</cite></p> <p> &nbsp;</p> <p> <cite>Prices not formed by</cite></p> <p> <cite>costs of production; rather</cite></p> <p> <cite>subjective values.</cite></p> <p> &nbsp;</p> <p> <cite>Giant money pool,</cite></p> <p> <cite>whether Asians spend or save,</cite></p> <p> <cite>must first be printed. J</cite></p> <p> &nbsp;</p> <p> <cite>Market int&rsquo;rest rate,</cite></p> <p> <cite>a signal to coord&rsquo;nate</cite></p> <p> <cite>action over time.</cite></p> <p> &nbsp;</p> <p> <cite>Candlemakers would</cite></p> <p> <cite>like protection from the sun,</cite></p> <p> <cite>Bastiat lampoons.</cite></p> <p> &nbsp;</p> <p> <cite>The margin between</cite></p> <p> <cite>price and contribution of</cite></p> <p> <cite>factors is int&rsquo;rest.</cite></p> <p> &nbsp;</p> <p> <cite>The supply curve is</cite></p> <p> <cite>upward sloping; if it were</cite></p> <p> <cite>otherwise&hellip;absurd.</cite></p><div style="clear:both;"></div>