What's your favorite economic principle?

I’ll offer my top four:

1. Price-elasticity of Demand — And, specifically, inelasticity in this context. For me, this has been a very useful tool in determining which goods and services naturally belong in which L7 Enterprise Schema (http://level-7.org/Solutions/Enterprise/) — and which of those can reside within the Universal Social Backbone — in my Level 7 proposals.

2. Externality — The vast expanse of hidden costs that *should *inform any economic policy, strategy, tactic, etc.

3. Animal Spirits — Keynes revivification of this concept should be a potent reminder of the nonrational impulses that actually drive and shape nearly all economic activity and trends.

4. Pareto Efficiency — The starting point that led me to develop L7 Egalitarian Efficiency (http://level-7.org/Philosophy/Egal-Effic/).

My 2 cents.

From https://www.quora.com/Whats-your-favorite-economic-principle/answer/T-Collins-Logan


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