ECON 101 Lecture Notes - Lecture 4: Cass Sunstein, Greg Mankiw, Richard Thaler
19 Nov 2017
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Greg mankiw , served on council of economics. 2. the cost of something is what you give up to get it. 3. rational people think at the margin. Predictably irrational (book on behavioral economics and rationality) Usually a good way to organize economic activity. 5. trade can make everyone better off. 7. government can sometimes improve market outcome. 8. a country"s standard of living depends on its ability to produce goods and services. 9. assuming full employment, prices rise when the government prints too much money. 10. assuming full employment, society faces a short term trade-off between inflation and unemployment. Finance, real estate, economic law, economic development, and more. It is up to the individual to get their own healthcare. 20 people you are concerned about for health care. 20 people -> 1 very sick -> ,000/year. 19 people -> 4 somewhat sick -> ,000/year. Wealthy people end up supporting people with less means.
