Comments on: The Top Three Economic Concepts

By: William d'Inger

William d'Inger — Fri, 17 Aug 2007 21:05:22 +0000

Basically I agree, but there is one broad economic concept that the public seems to miss. It's not that I remember it from my business classes, it's more like something that has slowly seeped into my mind over my many decades since graduation.

Economic systems are similar to ice in that if you try to bend a rod of ice quickly, it will shatter. On the other hand, as glaciers show, ice can bend and flow around almost any obstacle when given sufficient time.

The quick-fix public (and especially the politicians who pander to that crowd) tend to do more harm than necessary. I think the bend but don't break concept needs to be driven home to those who want to change the world before sundown.

Hopefully, this isn't too far off subject.

By: Steve Verdon

Steve Verdon — Fri, 17 Aug 2007 20:06:27 +0000

YAJ,

Nice, I'll change it.

By: yetanotherjohn

yetanotherjohn — Fri, 17 Aug 2007 19:50:53 +0000

How about for 3:

Markets are generally efficient at allocating resources, but can be distorted by unaccounted for externalities or government regulation

And by the way, I don't think there is any magic in limiting it to 3 items. Now top ten lists, that's different.