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6. Four Sources of Income Growth Sources Better Economic Organization [shift from craft in mass production] (more), 6. Four Sources of Income Growth Sources Capital Formation [new equipment more productive workers] (more), 6. Four Sources of Income Growth Sources Improvement in Worker Skills [skilled workers more productive] (more), 6. Four Sources of Income Growth Sources Technological Advancement [increased output per worker w/time] (more), 4. Transaction Costs are Obstacles to Trade [reducing promotes economic progress] (more) Facilitators of Lower Cost Specialist & Middlemen [reduce transaction costs] (more), 9. Invisible Hand [market prices bring selfinterest & society into harmony] (more) Adam Smith's Theory Wealth of Nations, 2. No Free Lunch [coined by Friedman] (more) Recognizes Alternative or Opportunity Costs [choices between scarce resources] (more), 2. No Free Lunch [coined by Friedman] (more) Recognizes Law of Scarcity [limited resources unlimited wants] (more), 1. Incentives Matter [influence behavior] (more) Factors Self Interests [apply to public/private sectors] (more), 1. Incentives Matter [influence behavior] (more) Factors Market Prices [coordinates buyer/seller actions] (more), 1. Incentives Matter [influence behavior] (more) Factors Patents [creates monopoly incentive] (more), 2. No Free Lunch [coined by Friedman] (more) by Formaini "Schumpeter in His Own Words" [creative destruction] (more), 2. No Free Lunch [coined by Friedman] (more) by Formaini "Hayek Social Theorist of the Century" [Socialism will fail] (more), 2. No Free Lunch [coined by Friedman] (more) by Formaini "Milton Friedman�Economist as Public Intellectual" [disproved Keynes Consumption Function] (more), 2. No Free Lunch [coined by Friedman] (more) by Formaini "Ludwig von Mises" [Consumer is King] (more), 4. Transaction Costs are Obstacles to Trade [reducing promotes economic progress] (more) Coase "The Nature of Firms and Their Costs" [firms exists to reduce transaction costs] (more), 10. Ignoring Secondary Effects and Long-term Consequences [most common source of economic error] (more) Long-term Consequences of Tarriffs & Quotas [reshuffle jobs] (more), 10. Ignoring Secondary Effects and Long-term Consequences [most common source of economic error] (more) Long-term Consequences of Gov't Spending [reshuffle jobs] (more), 10. Ignoring Secondary Effects and Long-term Consequences [most common source of economic error] (more) Long-term Consequences of Rent Controls [cause shortages lower quality] (more), "Milton Friedman�Economist as Public Intellectual" [disproved Keynes Consumption Function] (more) ???? Occam's Razor (more), 2. No Free Lunch [coined by Friedman] (more) Curves Production Possibilities Curve, 2. No Free Lunch [coined by Friedman] (more) Curves Phillips Curves [nflation & unemployment] (more), 1. Incentives Matter [influence behavior] (more) Formaini "James M Buchanan - Creation of Public Choice Theory" [rules limiting rent-seeking] (more), Text Book 10 Key Elements of Economics 7. Income is Compensation for Helping Others (more), Text Book 10 Key Elements of Economics 2. No Free Lunch [coined by Friedman] (more), Text Book 10 Key Elements of Economics 8. Profits Direct Businesses Toward Activities that Increase Wealth (more)., Text Book 10 Key Elements of Economics 9. Invisible Hand [market prices bring selfinterest & society into harmony] (more), Text Book 10 Key Elements of Economics 5. Increases in Real Income are Dependent Upon Increases in Real Output (more), Text Book 10 Key Elements of Economics 6. Four Sources of Income Growth, Text Book 10 Key Elements of Economics 10. Ignoring Secondary Effects and Long-term Consequences [most common source of economic error] (more), Text Book 10 Key Elements of Economics 1. Incentives Matter [influence behavior] (more), Text Book 10 Key Elements of Economics 3. Voluntary Exchange Promotes Wealth [through mutual gain] (more), Text Book 10 Key Elements of Economics 4. Transaction Costs are Obstacles to Trade [reducing promotes economic progress] (more), "James M Buchanan - Creation of Public Choice Theory" [rules limiting rent-seeking] (more) ???? Opposed Pigou's View of Technocrat not self-interested, 2. No Free Lunch [coined by Friedman] (more) Factors Surrounding Costs Rent Seeking Behavior [doesn't reflect desires of consumers] (more), 2. No Free Lunch [coined by Friedman] (more) Factors Surrounding Costs Costs Balance Desires [most valued goods produced] (more), 2. No Free Lunch [coined by Friedman] (more) Factors Surrounding Costs Gov't Only Shifts Costs [by making it free] (more), 2. No Free Lunch [coined by Friedman] (more) Factors Surrounding Costs Technology Lowers Costs [w/time techncial advances] (more), "Schumpeter in His Own Words" [creative destruction] (more) more Innovation and the Business Cycle [out w/old in w/new] (more), "Schumpeter in His Own Words" [creative destruction] (more) more Credit and Capital [Capitalism's engine] (more), "Schumpeter in His Own Words" [creative destruction] (more) more Employment, Unemployment [displaced by innovation] (more), "Schumpeter in His Own Words" [creative destruction] (more) more Capitalism�s Greatest Enemy [the Intellectual] (more), "Schumpeter in His Own Words" [creative destruction] (more) more Living Standards of the Masses [Capitalism improves this] (more), "Schumpeter in His Own Words" [creative destruction] (more) more The Firm, Innovation and Profit [mutate or die] (more), "Schumpeter in His Own Words" [creative destruction] (more) more Economic Growth [economies evolve] (more), 5. Increases in Real Income are Dependent Upon Increases in Real Output (more) Realitites Falacies [min. wage legislation] (more), 5. Increases in Real Income are Dependent Upon Increases in Real Output (more) Realitites Truths (more), 3. Voluntary Exchange Promotes Wealth [through mutual gain] (more) Why Increases Wealth Permits Gains from [Division of Labor, Large-scale Poduction] (more), 3. Voluntary Exchange Promotes Wealth [through mutual gain] (more) Why Increases Wealth Trade Channels Goods & Services [to those who value most] (more), 3. Voluntary Exchange Promotes Wealth [through mutual gain] (more) Why Increases Wealth Permits Gains from [Specializing] (more), 4. Transaction Costs are Obstacles to Trade [reducing promotes economic progress] (more) Obstacles Physical [oceans, mountains] (more), 4. Transaction Costs are Obstacles to Trade [reducing promotes economic progress] (more) Obstacles Man-Made or Institutional [taxes, licensing, tarriffs] (more), Alternative or Opportunity Costs [choices between scarce resources] (more) Most overlooked cost Lost Alternaives, 9. Invisible Hand [market prices bring selfinterest & society into harmony] (more) Planning Authority Centralized Authority [a natural tendency] (more), 9. Invisible Hand [market prices bring selfinterest & society into harmony] (more) Planning Authority Market Prices Dictate [market price provides harmony] (more), Law of Scarcity [limited resources unlimited wants] (more) Innovation Overcomes Actions of Entrepreneurs, Permits Gains from [Division of Labor, Large-scale Poduction] (more) Formaini "Adam Smith - Capitalism's Prophet" [individual self interest max good of society] (more), Permits Gains from [Specializing] (more) Ricardo Law of Comparative Advantage [export advantageous products] (more), Permits Gains from [Specializing] (more) Ricardo "Theory of Free International Trade" [Law of Diminishing Returns] (more), Permits Gains from [Specializing] (more) Ricardo Ricardian Equivalence [gov't financing] (more), 9. Invisible Hand [market prices bring selfinterest & society into harmony] (more) Formaini "Ludwig von Mises" [consumer is king]