An old joke - but it still works!

After a busy day of trout fishing, two guys are in their pup tent about to get well-deserved sleep when they hear a bear hovering outside their tent. One of them starts to put on his tennis shoes. His friend asks: "What are you doing? You can't out run the bear." and his "friend" says: "I don't have to out run the bear, all I have to do is out run you."



(Click on the photo to see it.)

The Ten Pillars of Economic Wisdom

David Henderson tells us that there are 'Ten Pillars of Economic Wisdom'.

1. TANSTAAFL: There ain't no such thing as a free lunch.
2. Incentives matter; incentives affect behavior.
3. Economic thinking is thinking on the margin.
4. The only way to create wealth is to move resources from a lower-valued to a higher-valued use. Corollary: Both sides gain from exchange.
5. Information is valuable and costly, and most information that's valuable is inherently decentralized.
6. Every action has unintended consequences; you can never do only one thing.
7. The value of a good or a service is subjective.
8. Creating jobs is not the same as creating wealth.
9. The only way to increase a nation's real income is to increase its real output.
10. Competition is a hardy weed, not a delicate flower

David Henderson is Associate Professor of Economics at the Graduate School of Business and Public Policy, Naval Postgraduate School in Monterey, California.

Jerry