Monday, April 11, 2011

CHAPTER 8: Having already explained spontaneous order let's turn to that other non-intuitive concept in economics which is COMPARATIVE ADVANTAGE.  Then I will try to explain in simple non-graphical terms the economist's all purpose tool, SUPPLY AND DEMAND.  But before we study those concepts let me remind you that economics is a controversial subject.  No one expressed the nature of those controverses better than Murray Rothbard.  Let's see what he has to say on this subject.  Since this material is book length I suggest you start by reading only the Inroduction.  Then come back and read more later if the spirit moves you.

Review Questions: Why is economics more controversial than say physics or chemistry?

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