analytics Economics
Economic analysis and principles
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"In the economic sphere, an act, a habit, an institution, a law produces not only one effect, but a series of effects. Of these effects, the first alone is immediate; it appears simultaneously with its cause; it is seen. The other effects unfold only subsequently; they are not seen. Between a bad and a good economist, this is the whole difference: one confines himself to the visible effect; the other takes into account both the effect that can be seen and those effects that must be foreseen."
menu_book That Which Is Seen, and That Which Is Not Seen
View Full QuoteView Full Quote"There are four ways in which you can spend money. You can spend your own money on yourself. When you do that, why then you really watch out what you're doing, and you try to get the most for your money. Then you can spend your own money on somebody else. For example, I buy a birthday present for someone. Well, then I'm not so careful about the content of the present, but I'm very careful about the cost. Then, I can spend somebody else's money on myself. And if I spend somebody else's money on myself, then I'm sure going to have a good lunch! Finally, I can spend somebody else's money on somebody else. And if I spend somebody else's money on somebody else, I'm not concerned about how much it is, and I'm not concerned about what I get. And that's government."
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Basic Economics: A Common Sense Guide to the Economy
event 2000
Comprehensive introduction to economic principles written for the general public, explaining how markets work and the effects of various economic p...
Read MoreKnowledge and Decisions
event 1980
Analysis of how knowledge is used in economic decision-making, examining the role of prices, incentives, and institutions in coordinating dispersed...
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psychology Concepts
Four Ways to Spend Money
Milton Friedman's framework describing four ways money can be spent, each with different incentives for economy and care about results: (1) Spendin...
Learn MoreThe Pareto Principle
The Pareto Principle, also known as the 80/20 rule, states that for many outcomes, roughly 80% of consequences come from 20% of the causes. This co...
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