My Public Policy Analysis class is interesting in the sense that it's presenting things related to economics that are worth considering.
'The Armchair Economist - Economics and Everyday Life'
Economists tend to feel that it is better for someone to reap the benefits of a resource than for no one to reap them, and therefore tend to think that the institution of property is a good thing.
When complications are stripped away, simple and important truths can be exposed. In any specific application, the Indifference Principle might require a host of qualifications - just as in specific circumstances, fast but erratic might vanquish slow but steady. Still, it provides a starting point. We begin by expecting people to be indifferent among activities. When we are right, we are able to to derive remarkable consequences, When we are wrong, we are led to ask, "In what essential way does this situation differ from life in Grimyville or Springfield?" and the search for answers is enlightening. A good fable has a good moral, and a good moral is instructive whether or not it is always true to the last detail.
Wednesday, January 16, 2008
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