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The underlying theme of the book, as Landsburg states on the first page, is that "[m]ost of economics can be summarized in four words: People respond to incentives." With this apparently innocuous observation, Landsburg discusses some unexpected effects of various policies such as automobile safety legislation and environmental policies.
[17] The Peabody Journal of Education called Economics in One Lesson "[o]ne of the best books published on practical everyday economic." [18] Nobel Prize laureate Milton Friedman stated: "Hazlitt's explanation of how a price system works is a true classic: timeless, correct, painlessly instructive."
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
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(The Center Square) – Although consumer sentiment, as measured by the University of Michigan Surveys of Consumers, remains much lower than it was before the pandemic, it is finally on an upward ...
The book showed how operationally meaningful theorems can be described with a small number of analogous methods, thus providing "a general theory of economic theories." It moved mathematics out of the appendices (as in John R. Hicks's Value and Capital ) and helped change how standard economic analysis across subjects could be done with the ...
Basic Economics is a non-fiction book by American economist Thomas Sowell published by Basic Books in 2000. The original subtitle was A Citizen's Guide to the Economy , but from the third edition in 2007 on it was subtitled A Common Sense Guide to the Economy .
Goldman Sachs Economic Research estimates that long-term tariffs on imports from Canada and Mexico could raise core inflation – measured by the PCE – by 0.7% and reduce economic growth by 0.4%.