Some Basic Economic Priciples
- There is no free lunch
- The cost of an action is the alternative that is sacrificed
- The relevant costs and benefits are the marginal ones
- People respond to incentives
- Policies always have unintended consequences
The Art of Economics
- Consists of looking not merely at the immediate but at the longer effects
of any act or policy; it consists in tracing the consequences of that policy
not merely for one group but for all groups.
