Status Updates From Basic Economics: A Common S...

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Starting Chapter 3 "Price Controls"

Marx deserves better critics

Starting Chapter 2 "The Role of Prices"

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Interesting that this book is not only abstract economic theory but actually learning practically and concretely about the world. E.g., why cost of providing electricity is more expensive during peak periods answer: its because they have to use backup and standby generators

Audio Book - Hoopla

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Played/heard: 7h57m.
Chapter 9 begins: 20h09m remaining.

Look I've been waiting for the library to finally get this so Milgrom will have to wait

self interest is good, due to self-interest, people work better in the work place for promotions, businesses improve their product for the sake of the consumer and etc

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Chapter 5

pricing mechanism so based

Teaching this with some students at Wildwood Learning Center online.

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Almost a fourth through!

I’ve been reading this for like three years—I’m committing to FINALLY finishing this by the end of March

Left on chap 12
Sowells exploration of price capping is so interesting. He brings up many reasons why letting prices control themselves is best for everyone especially the lower economic classes. His discussion about the relationship between minimum wage and unemployment is also amazing. So many things I had never considered before. Like how as minimum wage increases, employee met in lower economic classes decreases.

Started reading the whole text whereas I listened to it before

A banger

I didn’t expect to like economics this much

Chapter 3: Price Controls. Price controls sound fair—but history shows the real cost. Ceilings spark shortages, hoarding, and black markets; floors create wasted surpluses and inflated prices. From 16th-century Antwerp to modern Zimbabwe, interfering with prices misallocates resources, hurts the vulnerable, and fuels political favoritism.

Excellent! Must read for anyone who wants to understand how Economics impacts their daily lives.

ITS getting better, remainds me of the austrians

Dry empirical questions are seldom as exciting as political crusades or ringing moral pronouncements.

But empirical questions are questions that must be asked if we are truly interested in the wellbeing of others, rather than in excitement or a sense of moral superiority for ourselves.

“None of this is rocket science, but it does require stopping to think.”

“Much confusion comes from judging economic policies by the goals they proclaim rather than the incentives they create.”

“In a world of positive-sum transactions, it is understandable why rent control laws lead to housing shortages, and minimum wage laws increase unemployment.”

And yet to this day politicians get voted in by promising to do exactly this!

Privileges which harm others must be distinguished from achievements which benefit others and advance society as a whole.