Summary of James R. Otteson's Seven Deadly Economic Sins

Everest Media

Description

Please note: This is a companion version & not the original book.
Sample Book Insights:
#1 While it is true that markets are competitive, and that some firms will succeed and others will fail, this does not have to be a negative thing. Because markets are positive-sum, not zero-sum, the wealth they create is positive-sum as well.
#2 There are two main ways to get something from someone: by taking it forcibly from them, or by defrauding them and promising to pay them in the future but not doing so. These are examples of zero-sum exchanges.
#3 Until about 1800, the average person’s per-capita wealth was extremely low, between $1 and $3 per day. But there is another way to get what you want from another person: make an offer of exchange that the other party is free to accept or decline. If both parties benefit from the exchange, it is a positive-sum exchange.
#4 The morally superior way to deal with others is to engage in cooperative exchanges instead of extractive ones. This was a great leap forward in human morality, and it has become clear that the only properly moral way to deal with others is to treat them as equals in dignity and agency.

Sujets

• Général
• Economics

Informations

• Publié par: Everest Media LLC
• Date de parution: 13 mars 2022
• Nombre de lectures: 0
• EAN13: 9781669353935
• Langue: English
• Poids de l'ouvrage: 1 Mo

Extrait

Insights on James R. Otteson's Seven Deadly Economic Sins
Contents Insights from Chapter 1
Insights from C