Social Studies skills: Difference between revisions

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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
* Pareto Principle
*
* public goods
* public goods
* regulatory capture
* regulatory capture