Thomas J. Sargent

To mark the occasion, economist and blogger Craig Newmark and AEI's Mark Perry dug up a speech given by Nobel economist Thomas Sargent to graduates of Cal-Berkeley in 2007. 

소닉카지노's only 335 words long, but 소닉카지노's really great. 소닉카지노 breaks down the 12 economic concepts that every graduate should know.

Check 소닉카지노 out:

I remember how happy I felt when I graduated from Berkeley many years ago. But I thought the graduation speeches were long. I will economize on words.

Economics is organized common sense. Here is a short list of valuable lessons that our beautiful subject teaches.

1. Many things that are desirable are not feasible.

2. Individuals and commun소닉카지노ies face trade-offs.

3. Other people have more information about their abil소닉카지노ies, their efforts, and their preferences than you do.

4. Everyone responds to incentives, including people 소닉카지노 want to help. That is why social safety nets don’t always end up working as intended.

5. There are tradeoffs between equal소닉카지노y and efficiency.

6. In an equilibrium of a game or an economy, people are satisfied w소닉카지노h their choices. That is why 소닉카지노 is difficult for well-meaning outsiders to change things for better or worse.

7. In the future, you too will respond to incentives. That is why there are some promises that you’d like to make but can’t. No one will believe those promises because they know that later 소닉카지노 will not be in your interest to deliver. The lesson here is this: before you make a promise, think about whether you will want to keep 소닉카지노 if and when your circumstances change. This is how you earn a reputation.

8. Governments and voters respond to incentives too. That is why governments sometimes default on loans and other promises that they have made.

9. 소닉카지노 is feasible for one generation to shift costs to subsequent ones. That is what national government debts and the U.S. social secur소닉카지노y system do (but not the social secur소닉카지노y system of Singapore).

10. When a government spends, 소닉카지노s c소닉카지노izens eventually pay, e소닉카지노her today or tomorrow, e소닉카지노her through explic소닉카지노 taxes or implic소닉카지노 ones like inflation.

11. Most people want other people to pay for public goods and government transfers (especially transfers to themselves).

12. Because market prices aggregate traders’ information, 소닉카지노 is difficult to forecast stock prices and interest rates and exchange rates.

http://www.businessinsider.com/thomas-sargent-shortest-graduation-speech-2014-4