However, Econ 101 is only a rough guide to how to do well in business.
For we are therefore stating that both Frederic Bastiat and Joan Robinson did not understand Econ 101.
Remember back to your old Econ 101 days, it all comes down to supply and demand.
My formal economic training consisted of sleeping through Econ 101 and 20 years of hard knocks on Wall Street.
Let's go back to Econ 101: When you constrict the supply of an item and have constant or increasing demand, price must increase.
Remember the law of diminishing marginal utility in Econ 101?
Things are always more complex than simple Econ 101.
FORBES: How Econ 101 Can Help You Make Decisions In The Real World
Stewart then cites Gregory Mankiw, chair of economics at Harvard, author of a popular Econ 101 text, and a frequent op ed writer for the Times, that tax flight is not a myth.
FORBES: Sorry New York Times, Tax Flight of the Rich Is Not a Myth
Plopped in the middle of these very funny but shrewd travelogues is a chapter subtitled "Taking Econ 101 for Kicks" that should forever bury the pompous pretensions of a lot of what passes for economics.
My knowledge of macroeconomics is limited to what I learned during Econ 101 at NYU and the lessons that were covered in the material I was required to read in order to complete the demanding CFA program.
And Adam, the phrase "moral hazard" has gone from a, you know, a question on the Econ 101 test to something that's in the leading paragraph of every other story on the front page of the newspaper.
If governments simply impose more taxation without providing a healthy environment for business growth, then, the taxation will reduce output (because, as taught in Keynesian Econ 101, the multiplier on government spending is lower than that in the private sector).
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