MANKIW HEADLINE KNOEDLER/UNDERWOOD HEADLINE

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1. People face trade-offs. 1. Economics is about social provisioning, not merely choices and scarcity.
2. The cost of something is what you give up to get it 2. Both scarcity and wants are socially defined and created.
3. Rational people think at the margin 3. Economics systems are human creations; no particular economic system is “natural.”
4. People respond to incentives 4. Ecological literacy (economy←→ecology interface, unity between biophysical first principles and economic sustainability) is essential to understanding the economic process.
5. Trade can make everyone better off 5. Valuation is a social process.
6. Markets are usually a good way to organize economic activity 6. The government defines the economy; laissez-faire capitalism is an oxymoron.
7. Governments can sometimes improve market outcomes 7. The history of economic thought is critical to the study of “basic principles” of economics.
8. A country’s standard of living depends on its ability to produce goods and services 8. Economic theory (“logical economics”) and real world economics are often very different things.
9. Prices rise when the government prints too much money 9. Race, gender, and class shape economic processes, outcomes and policies in the real world economy.
10. Society faces a short-run trade-off between inflation and unemployment 10. There are many types of economists who do not agree on many things. This reflects the fact that economics is not “value free” and ideology shapes our analyses and conclusion as economists.