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Social Studies skills: Difference between revisions
→Other useful Economics and "Political Economy/-ics" terms and concepts
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=== Pareto Principle === | |||
* also known as the "80/20 rule" or "law of the vital few" | |||
* = the idea that 80% of consequences come from 20% of causes | |||
* the early Italian economist Vilfredo Pareto observed that | |||
** in Italy 80% of the land was owned by 20% of the population | |||
* other observers have found that many natural and human systems follow this distribution pattern<br /> | |||
=== Other useful Economics and "Political Economy/-ics" terms and concepts === | === Other useful Economics and "Political Economy/-ics" terms and concepts === | ||
* 80/20 rule | * 80/20 rule (see the "Pareto Principle" above) | ||
* diminishing returns | * diminishing returns | ||
* emergent order | * emergent order | ||
* Broken window fallacy (also "Glazier's fallacy) | * Broken window fallacy (also "Glazier's fallacy) | ||
** see Frederic Bastiat's ""Ce qu'on voit et ce qu'on ne voit pas" ("That Which We See and That Which We Do Not See"): https://en.wikipedia.org/wiki/Parable_of_the_broken_window | ** see Frederic Bastiat's ""Ce qu'on voit et ce qu'on ne voit pas" ("That Which We See and That Which We Do Not See"): https://en.wikipedia.org/wiki/Parable_of_the_broken_window | ||
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* Inflation/ deflation | * Inflation/ deflation | ||
* Labor supply / flexibility of labor supply | * Labor supply / flexibility of labor supply | ||
* | * | ||
* public goods | * public goods | ||
* regulatory capture | * regulatory capture | ||