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Thinking Like an Economist: A Guide to Rational Thinking by Randall Bartlett
2020, book #28: “In a world of scarcity, there is no free lunch, there is always going to be an opportunity cost to be paid.” — Randall Bartlett
Finished on May 1, 2020
This subject matter is always particularly interesting to me. Data is enjoyable and I love looking at the facts and figures. When we talk about economics, there are often widespread impacts throughout multiple levels of society that most people cannot understand or identify. I thought that it would be valuable to gain a better understanding of the rationality behind many of the ways that the world is structured and set up as it presently exists.
Incentives drive everything. It’s interesting to see how people are driven by different things. As for the second item here, people think that they can obtain things for no cost — there is always a cost, even if it’s not tangible. Oftentimes, we cannot see the ripples or the outcomes that be undesired — yet they happen. We are not able to control every aspect of anything; there are always uncontrollable parts of the situations that we are within.
