Principles of Economics¶
Mankiw, N. G. (2014). Principles of Economics.
Cited by¶
1 citation across 1 artifact.
Each citation links to the sentence it supports in the citing article.
Primes¶
- Diminishing Incremental Gains
- Failure mode: marginal gains are compared to zero ("still yielding something, so continue") rather than to opportunity cost, producing over-investment in weakly productive activities, the very textbook error Mankiw (2014) anchors his treatment of rational choice on—rational decision-makers compare marginal benefit to marginal opportunity cost, not to zero.
This sourceTen Principles ('people face trade-offs'; 'the cost of something is what you give up to get it') anchor the rule that rational agents compare marginal benefit to marginal opportunity cost, not to zero.
- Failure mode: marginal gains are compared to zero ("still yielding something, so continue") rather than to opportunity cost, producing over-investment in weakly productive activities, the very textbook error Mankiw (2014) anchors his treatment of rational choice on—rational decision-makers compare marginal benefit to marginal opportunity cost, not to zero.
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Registry ID ref:cd13fb513b6d · see in the full table