Economic activity involves forgoing current consumption to increase ou — Economics (textbook)

"If it doesn’t make good sense, it isnt good economics."

"I don’t care who writes a nation’s laws—or crafts its advanced treaties—if I can write its economics textbooks."

"If we think about the definitions, we find two key ideas that run through all of economics: that goods are scarce and that society must use its resources efficiently. Indeed, the concerns of economics will not go away because of the fact of scarcity and the desire for efficiency."

"Teaching Econ 101 students theory after theory after theory leaves them with the impression that they could have just been fed a line of bull. And in fact, theyre right -- they could have. Instead, teach them to be skeptical, look at the evidence, and think for themselves."

"Governments have three main economic functions in a market economy:1. Governments increase efficiency by promoting competition, curbing externalities like pollution, and providing public goods. 2. Governments promote equity by using tax and expenditure programs to redistribute income toward particular groups. 3. Governments foster macroeconomic stability and growth—reducing unemployment and inflation while encouraging economic growth—through fiscal and monetary policy."

"History — at least economic history — has taught the world certain basic economic principles that have been learned and tested the hard way."