The Joy of Economics:  Making Sense out of Life

Robert J. Stonebraker, Winthrop University

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Contents
Section I-A: Scarcity and Choice
Section I-B: How do we Choose
Section I-C: Efficiency and Competition
Section II-A: Love and Marriage
Section II-B: Sickness and Death
Section II-C: Crime
Section II-D: Higher Education
Section II-E: Religion
Section II-F: Shopping
Section II-G: Happiness
Section III-A: GDP
Section III-B: Unemployment and Inflation
Section III-C: Deficits and Debt
 

     Section I-A: Scarcity and Choice

 

         "Please sir," said Oliver, "may I have some more?"
                                                                                 .... Charles Dickens 

 

          Oliver Twist shocked his fellow orphans when he asked for more, but we echo his simple request every day.  Alas, we often cannot have it.  Life is beset with scarcity and unfulfilled wishes often haunt us to the end.

          Scarcity forces us to choose, but what choices are best?  Every choice to pursue one goal is a choice to sacrifice another.  And how should we pursue our goals?  Should we go it alone, or should we cooperate with others?  And which others?  Should we stick to our family and friends or should we extend a cooperative hand to our neighbors across the street?  Across the state?  Across the country? Across the world?

          If disappointment is our fate, we at least should learn to disappoint ourselves efficiently.

 

 

I-A.   Scarcity and Choice
         1.   Costs and benefits
               The Joy of Economics
               What to Produce
         2.  Comparative advantage and trade
               How to Produce
               International Trade


Permission to reproduce or copy all or parts of this material for non-profit use is granted on the condition that the author and source are credited.  Suggestions and comments are welcomed.

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Last modified 07/02/05