First Principles 5 >> 1 COMMON GROUND chapter: HE ANNUAL MEE

First Principles 5 >> 1 COMMON GROUND chapter: HE ANNUAL MEETING OF THE AMERICAN Economic Association draws thousands of economists, young and old, famous and obscure. There are booksellers, business meetings, and quite a few job interviews. But mainly the economists gather to talk and listen. During the busiest times, 60 or more presentations may be taking place simultaneously, on questions that range from the future of the stock market to who does the cooking in two-earner families. Document Preview: First Principles 5 >> 1 COMMON GROUND chapter: HE ANNUAL MEETING OF THE AMERICAN Economic Association draws thousands of economists, young and old, famous and obscure. There are booksellers, business meetings, and quite a few job interviews. But mainly the economists gather to talk and listen. During the busiest times, 60 or more presentations may be taking place simultaneously, on questions that range from the future of the stock market to who does the cooking in two-earner families. What do these people have in common? An expert on the stock market probably knows very little about the economics of housework, and vice versa. Yet an economist who wanders into the wrong seminar and ends up listening to presentations on some unfamiliar topic is nonetheless likely to hear much that is familiar. The reason is that all economic analysis is based on a set of common principles that apply to many different issues. Some of these principles involve individual choicefor economics is, first of all, about the choices that individuals make. Do you choose to work over the summer or take a backpacking trip? Do you buy a new CD or go to a movie? These decisions involve making a choice from among a limited number of alternativeslimited because no one can have everything that he or she wants. Every question in economics at its most basic level involves individuals making choices. But to understand how an economy works, you need to understand more than how individuals make choices. None of us are Robinson Crusoe, alone on an islandwe must make decisions in an environment that is shaped by the decisions of others. Indeed, in a modern economy even the simplest decisions you makesay, what to have for breakfastare shaped by the decisions of thousands of other people, from the banana grower in Costa Rica who decided to grow the fruit you eat to the farmer in Iowa who provided the corn in your cornflakes. And because each of us in a market economy depends on so many othersand they, in Attachments: Economics-uni.pdf; First Principles 5 >> 1 COMMON GROUND chapter: HE ANNUAL MEETING OF THE AMERICAN Economic Association draws thousands of economists, young and old, famous and obscure. There are booksellers, business meetings, and quite a few job interviews. But mainly the economists gather to talk and listen. During the busiest times, 60 or more presentations may be taking place simultaneously, on questions that range from the future of the stock market to who does the cooking in two-earner families. Document Preview: First Principles 5 >> 1 COMMON GROUND chapter: HE ANNUAL MEETING OF THE AMERICAN Economic Association draws thousands of economists, young and old, famous and obscure. There are booksellers, business meetings, and quite a few job interviews. But mainly the economists gather to talk and listen. During the busiest times, 60 or more presentations may be taking place simultaneously, on questions that range from the future of the stock market to who does the cooking in two-earner families. What do these people have in common? An expert on the stock market probably knows very little about the economics of housework, and vice versa. Yet an economist who wanders into the wrong seminar and ends up listening to presentations on some unfamiliar topic is nonetheless likely to hear much that is familiar. The reason is that all economic analysis is based on a set of common principles that apply to many different issues. Some of these principles involve individual choicefor economics is, first of all, about the choices that individuals make. Do you choose to work over the summer or take a backpacking trip? Do you buy a new CD or go to a movie? These decisions involve making a choice from among a limited number of alternativeslimited because no one can have everything that he or she wants. Every question in economics at its most basic level involves individuals making choices. But to understand how an economy works, you need to understand more than how individuals make choices. None of us are Robinson Crusoe, alone on an islandwe must make decisions in an environment that is shaped by the decisions of others. Indeed, in a modern economy even the simplest decisions you makesay, what to have for breakfastare shaped by the decisions of thousands of other people, from the banana grower in Costa Rica who decided to grow the fruit you eat to the farmer in Iowa who provided the corn in your cornflakes. And because each of us in a market economy depends on so many othersand they, in Attachments: Economics-uni.pdf

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