Five economists answer the question, “What is the most useful idea in economics?”
- Opportunity cost
- Decisions are best made incrementally
- Comparative advantage
- Causal inference
- Lump of labor fallacy
- Incentives
- Unintended consequences
- Institutions matter
- Failures occur in both markets and governments
I think the best answer is "Economic Reasoning". Economic reasoning subsumes many of the other answers.
No comments:
Post a Comment