Econ 101

A note to those who are fond of using the term "Econ 101" in a pejorative sense: You only get to do this if you've actually taken an intermediate or advanced economics course and learned something from it that refutes the specific Econ-101 argument being made. That is all.

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Brandon's Law

Is that like Godwin's Law,Murphy's law or the Peter Principle?

Dave

Well, those are descriptive

Well, those are descriptive principles, and mine is proscriptive, so they're not really in the same category. Maybe this: The probability that a person has actually taken Econ 101 is inversely proportional to the frequency with which he uses the term "Econ 101" in a pejorative sense.

curious, example, please

What principle taught in econ 201 would contradict a 101 concept?

I don't know. I took some

I don't know. I took some 200- and 300-level economics courses and didn't run into anything that amounted to an outright rejection of concepts taught in the introductory courses, but maybe there's something in 400- or graduate-level courses. I doubt there's anything that broadly contradicts Econ 101 principles; if they were known to be flat-out wrong, they probably wouldn't be taught. But it may be that there are some specific cases where a more complex analysis yields different policy recommendations than an Econ-101 analysis.

I can pick the brains of a real econ person?

Some things amaze me. Money inflation numbers seem meaningless for most people. Also cost of living numbers. What the working class needs to know is the work hours necessary to pay for basics especially in times when many people are taking net pay cuts. This information is not published.

Also, seems to me that there are two parallel economies: one for working people who borrow money and one for people who live off long term investments and loan money. The government and the business pages mostly report on the economy of the lenders.

Also boggles my mind that people think there should be a direct relationship between the commodities market and the retail price of gasoline - and that oil pumped in the US belongs to Americans.

1) Divide the CPI by the

1) Divide the CPI by the U.S. bureau of labor statistics median wage. There ya go.

2) The rich are actually generally net borrower, they own real estate, stocks (of companies using debt), and leverage it by borrowing.

3) Demand for oil is generally tied with demand for commodities. When you build airplanes you need steel but also fuel, etc. Commodity prices also reflect the increase in the supply of money.

Right, this is like how it's

Right, this is like how it's completely unreasonable for anyone to accuse the Emperor's New Clothes of being widely-held delusions unless they have advanced degrees in textiles, tailoring, and small business ownership.

Oh, wait.