- #31
nitsuj
- 1,387
- 98
DrClapeyron said:
lol, well in that case, supply / demand includes "trade offs".
Suggest me some economic concepts to learn
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Discussion Overview
The discussion revolves around suggestions for important economic concepts to learn, with participants sharing their knowledge and perspectives on various economic theories, models, and key figures. The scope includes foundational concepts in microeconomics and macroeconomics, as well as critiques of different economic schools of thought.
Discussion Character
- Exploratory
- Debate/contested
- Technical explanation
- Conceptual clarification
Main Points Raised
- One participant lists a comprehensive array of economic concepts, including factors of production, supply and demand, elasticity, marginal costs, and various economic models such as the Keynesian and Marxian frameworks.
- Another participant suggests focusing on different organizational models, such as cooperatives versus corporations.
- Some participants recommend reading foundational texts, including works by Adam Smith and Hayek, while others express skepticism about the value of these readings without a strong mathematical background.
- A participant introduces the concept of negative externalities as an important topic to consider.
- There is a discussion about the role of mathematics in economics, with differing opinions on its necessity and relevance to understanding economic theories.
- Some participants express strong opinions about the Austrian school of economics, particularly regarding the economic calculation problem, with contrasting views on its validity and importance.
- Additional concepts mentioned include monopoly, oligopoly, moral hazard, and value theories from Adam Smith and Carl Menger.
Areas of Agreement / Disagreement
Participants exhibit a mix of agreement and disagreement, particularly regarding the importance of certain economic texts and the role of mathematics in economics. There is no consensus on the validity of the Austrian school or the economic calculation problem, with some participants firmly rejecting its conclusions while others defend it.
Contextual Notes
Participants express varying levels of familiarity with economic concepts and models, leading to discussions that highlight differing interpretations and understandings of foundational economic theories. Some contributions reflect personal experiences and practical applications of economics in business contexts.