Feb 5 2007
Ten Key Ideas
By Russell Roberts
"To get the most out of life, to think like an economist, you have to be know what you're giving up in order to get something else." One of the challenges of being an economist is explaining what you do for a living. People understand that one of the things a professor of economics does is teach economics. But what ...
Basic Concepts
By Donald J. Boudreaux
When asked by mathematician Stanislaw Ulam whether he could name an idea in economics that was both universally true and not obvious, economist Paul Samuelson’s example was the principle of comparative advantage. That principle was derived by David Ricardo in his 1817 book, Principles of Political Economy and Taxatio...