9. Economics in One Lesson (chs. 21-22)

By | November 29, 2016

What are profits? They’re not so evil after all. They actually make the economy work. Plus, inflation. Inflation is evil.

Download a pdf of the book
Absolutely free: Economics in One Lesson

Download Dr. Scott’s notes
Notes: Chapters 21-22

Or get a hard copy:

  • Dave Letterman

    I’m still confused about group A through D. I guess what I don’t understand is the price and income relationship.

    “Incomes of group B will advance later, when prices have already increased somewhat; but group B will be better off in terms of good”, why does the incomes will advance later? I thought group B’s income already advanced because they got already got $ from group A. Also why would group B will be better off when the price increase somewhat? Better off from what exactly? They are the one who increase the price of their own goods, why are they even affected by the price that they themselves increase, it’s not like they are buying their own products.

    “Meanwhile… the groups that have still had no advance whatever in their money income will find themselves compelled to pay higher prices for the things they buy” But that’s assuming these groups absolutely have to buy from group B who already raised the price; can’t these groups just buy goods from someone else besides group B?

  • Dave Letterman

    Also do you have public email? I was hoping to get your help on part of this book