Saturday, December 26, 2009

Life's trade-offs in 10 easy principles

Life's trade-offs in 10 easy principles: "The first four of Mankiw's 10 principles concern the way people make decisions, and the first is: people face trade-offs. That is, to get one thing we like we usually have to give up another thing we like.

Economics is about the trade-offs people - and societies - have to make, and about helping people improve the trade-offs they're making."