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The Ten Commandments Of Microeconomics…

July 5th, 2009 · 5 Comments
Econ 101 · Just For Fun

You may remember that earlier I gave you a humorous version of Greg Mankiw’s 10 Principles of Economics, courtesy of The Stand-Up Economist. I don’t know about you, but I consider those ten principles to be decent rules to live by. Also, as a random sidenote, I used to teach in the Holden Chapel at Harvard, so obviously there were lots of jokes about me giving economics sermons. (Just wait until I start my own cult, it’s gonna be great. L. Ron Hubbard’s got nothing on me in the nerd department.) As such, I give you the ten commandments of microeconomics:

The Ten Commandments of Microeconomics:
1. Thou shalt not idolize a social planner
2. Thou shalt not take private property in vain
3. Thou shalt honor the opportunity cost
4. Thou shalt honor the unintended consequences
5. Thou shalt not use price controls to alter market outcomes
6. Thou shalt not use taxes or subsidies to alter international trade
7. Thou shalt not ignore the power of incentives
8. Thou shalt not bear false witness against the goodness of greed
9. Thou shalt not covet fairness without honoring efficiency
10. Thou shalt not always covet government solutions to externalities

(Hat tip to Pavel Yakovlev.) I figured this was nice and appropriate for a Sunday morning. Just don’t go idolizing a golden widget or something, ok?

Tags: Econ 101 · Just For Fun

5 responses so far ↓

  • 1 Nathan // Jul 5, 2009 at 12:31 pm

    Big thumbs up here babe. In fact my eyes are rolling into the back of my head as I’m lmao.

  • 2 Andrew // Jul 5, 2009 at 12:54 pm

    As a social planner, I’m a little miffed. I enjoy being idolized. Maybe in my next life…

  • 3 SteveO // Jul 5, 2009 at 2:52 pm

    Only one nit-pick:
    there are no externalities.

  • 4 PeterM // Jul 6, 2009 at 10:14 pm

    Thou shalt never construct models in order to achieve one’s desired outcome

  • 5 Larry // Jul 9, 2009 at 2:28 pm

    Classic I love it! I’m going to print a version of this and put it up on my wall HAHA! 😉

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