Suchergebnisse

This textbook is not an open textbook. Affordable Learning Georgia has a special agreement with the University of North Georgia Press to make this text free to download for a limited time. Remixes and mass redistribution are not allowed in this agreement. Author's Description: "Principles of Macroeconomic Literacy emphasizes basic economic concepts such as value and cost in developing macroeconomic ideas. Besides the economics of Adam Smith, Freidrich Hayek, and Milton Friedman, the text applies the work of James Buchanan in discussing how ideal policies will never be ideally applied by self-interested politicians with limited knowledge. The text integrates Frederic Bastiat's (1950) essay, That Which is Seen and That Which is Not Seen, in discussing issues such as technology, trade, government guaranteed loans, and Keynesian fiscal policy. Students learn concepts involving credit markets, economic planning, and money through short fictional stories in which characters interact in an attempt to make themselves better off. Where many texts put the student in the position of an imagined macroeconomic policy dictator, Principles of Macroeconomic Literacy attempts to make macroeconomics comprehensible to students who live every day in the macroeconomy." Accessible files with optical character recognition (OCR) and auto-tagging provided by the Center for Inclusive Design and Innovation. ; https://oer.galileo.usg.edu/business-textbooks/1005/thumbnail.jpg

Professors in intermediate and advanced microeconomic theory courses often propose a proof that indifference curves cannot intersect that relies on the transitivity and monotonicity of preferences. In the interest of stimulating thought on the topic, we derive an elementary proof that indifference curves cannot intersect which relies on fewer assumptions than the traditional proof. We conclude that transitivity is essential in constructing a theory of rational choice; but transitivity is not essential in showing that indifference curves cannot intersect.