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Social Studies skills: Difference between revisions
→Other useful Economics and "Political Economy/-ics" terms and concepts
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** controversial in the 2000s regarding energy use | ** controversial in the 2000s regarding energy use | ||
*** see New Yorker article on subject Dec/ 2010 >> to confirm | *** see New Yorker article on subject Dec/ 2010 >> to confirm | ||
=== Milton Friedman's "Four ways to spend money" === | === Milton Friedman's "Four ways to spend money" === | ||
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</div> | </div> | ||
=== Other useful Economics and "Political Economy/-ics" terms and concepts === | |||
* 80/20 rule | |||
* diminishing returns | |||
* emergent order | |||
* | |||
* 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 | |||
* client politics | |||
* | |||
* externalities | |||
* Inflation/ deflation | |||
* Labor supply / flexibility of labor supply | |||
* Pareto Principle | |||
* public goods | |||
* regulatory capture | |||
* rent seeking | |||
** using government rules or law in order to reduce competition | |||
** see Frederic Bastiat's "Economic Sophisms" for a satire on candlestick makers who petitioned the government to ban the sun as an unfair competitor' | |||
***https://en.wikipedia.org/wiki/Fr%C3%A9d%C3%A9ric_Bastiat#Economic_Sophisms_and_the_candlemakers'_petition | |||
* regression to the mean (return to the mean) | |||
* risk mitigation | |||
* scarcity v. surplus | |||
* sunk cost / "sunk cost fallacy" | |||
* Third-party payer effect | |||
** when a third-party pays for goods or services, quality goes down and prices go up | |||
** see Milton Friedman's "Four ways to spend money" | |||
* top-down v. bottom-up | |||
* trickle-down theory | |||
** the idea that economic benefits conferred or made available to the top of society will "trickle down" to the rest of society | |||
** has been attributed to "Reaganomics" | |||
*** but only by its critics, not its proponents | |||
*** in other words, "trickle down" theory is an economic criticism and not a proposition | |||
** "trickle down" theory originated in William Jennings Bryan's 1896 "Cross of God Speech" | |||
click EXPAND for quotation from Bryan's Cross of Gold speech that expressed "trickle down theory" | |||
<div class="mw-collapsible mw-collapsed"> | |||
<pre> | |||
There are two ideas of government. There are those who believe that if you will only legislate to make the well-to-do prosperous, their prosperity will leak through on those below. The Democratic idea, however, has been that if you legislate to make the masses prosperous, their prosperity will find its way up through every class which rests upon them.</pre></div> | |||
* [[Tragedy of the Commons]] | |||
* zero sum transaction | |||
** both sides of transaction receive equal benefit | |||
*** i.e., the buyer and the seller gain equal value | |||
*** thus the "sum" of the transaction is "zero" | |||
== Logic == | == Logic == | ||