Intro to Econ

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7 Terms

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LOUC

Law of Unintended Consequences

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Law of Unintended Consequences (LOUC)

  • solving a problem and the solution causes other problems

  • have to make sure the cure isn’t worse than the disease

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Government

  • operates based off our expectations

  • most efficient = benevolent (nice) dictator

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what do we expect from government

a) transparency - what are you spending money on

b) equitable/fair-equality

c) systematic - system we all follow/rules and procedures

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why is gov slow, opaque, and expensive

because we expect:

  1. transparency - what are you spending money on

  2. equitable/fair-equality

  3. systematic - system we all follow/rules and procedures

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statistics

very easy to manipulate

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ask yourself these questions when presented with statistics

  1. who is giving me these stats?

  2. $ funding; who/under (who’s funding this research) [what?]

  3. why now?