Economists and Other Mists
He wrote the book The Wealth of Nations and is considered the "founding father" of economics.
Who is Adam Smith?
The amount of good or service available
What is supply?
It's definition is, the study of the use of scarce resources which have alternative uses
What is economics?
If everyone suddenly wants some good, the price of that good tends to go...
What is up?
This country is Thomas Sowell's favorite country for examples to illustrate what happens in command economies
What is the Soviet Union?
Claimed that putting tariffs on Portuguese oranges was liking punishing them for having more sunshine.
Who is Frederic Bastiat?
When prices go up, demand generally goes...
What is down?
This word literally means "Household law"
What is economics?
Prices are like ____________, telling us that some good or is abundant or rare, wanted by all, or by few.
What are messengers?
What is opportunity cost?
He defines liberalism as emphasizing non-coercion among citizens and freedom for individuals to pursue their own ethical and philosophical questions.
This is how responsive supply or demand are to changes in price
What is elasticity?
According to the Hobbesian theory, a thief in the light is better than...
What are ...many in the night?
When laws are passed about this, landlords are immediately harmed, a few get great deals, and in the long run, the whole city is harmed.
What is rent control?
Burdensome government regulations
What is red tape?
He claims that the principles of economics are fairly certain, generally agreed upon by economists, and not too complex, but few people understand them.
Who is Thomas Sowell?
Hoarding often follows as a consequence of this.
What is a price cap/ceiling/keeping prices artificially low?
What are high taxes?
This is the general reason prices in poor neighborhoods are higher than in wealthier ones.
What is higher cost of business?
According to this argument, it's sad for a shopkeeper when his window is broken, but it's good for the economy as a whole.
What is the broken window argument?
These Soviet economists documented the problems that arose in the Soviet economy due to central control of it. Name at least one.
Who are Nicolai Shmelev and Vladimir Popov?
Adam Smith, talking about the coordination of the whole market when each individual seeks his own interest, famously compared it to this thing
What is the Invisible Hand?
In a free market, these things link buyers and sellers, consumers and producers, making both parties happy.
What are incentives?
This emperor put price controls on all sorts of basic goods in the Roman Empire. He soon faced, riots, insurgencies, and ceased to be emperor in 4 years
Who is Diocletian?
The amount of time it took to get through the legal hurdles to start a business in the Democratic Republic of Congo when Mr. White was your age and lived there.
What is about a year?