To understand economics it is necessary only to grasp the two points – incentives matter, there are always opportunity costs. Grasp just those and you’ll be doing better than most people who actually work as economists.
An implication – a result really – of that second is that jobs are a cost, not a benefit. Human labour is a scarce resource – that’s why we’ve got to pay for it. There’s not enough of it to go around to do everything that we’d like to do with human labour.…See More