What are the basic economic concepts that every economist should know?

[Free Trade is managed by the invisible hand.]

just wondering....

[phk]

Heh

I suppose with the 3 main topics (Micro, Macro, Metric's) that form the core of more advanced study in Economics.

Micro:Consumer Theory (Utility Theory), Producer Theory (Perfect Competition), Industrial Organization (Monopoly, Oligopoly, Monopolistic Competition), Asymmetric Information, Moral Hazard, Game Theory, Public Welfare, General Equilibrium, Externalities/Public Goods.

Macro: IS-LM, AS-AD, National Accounting, Banking, Trade, Exchange Rates, Monetary/Fiscal policy, Productivity, Growth, Unemployment, Inflation, Real Business Cycle Theory.

Econometrics: Statistics, Probability, Linear Regressions, Non-Linear Regressions, Instrumental Variables, Time Series Analysis, Multiple Regression

Other topics: Future Value, Present Value, Net Present Value

Once you learn these, you'll be set to study Labor Economics, Behavioral Economics, Financial Economics, etc.

[k-onmmunist]

Free trade = Good.

[Queen Mum Inks.LWC]

I've only taken macro so far, and from the major points we've talked about so far, I'd say

Production, Economic Growth, Trade, Supply & Demand, GDP, Employment/Unemployment, Inflation... that's all we've covered so far.

[phk]

I've only taken macro so far, and from the major points we've talked about so far, I'd say

Production, Economic Growth, Trade, Supply & Demand, GDP, Employment/Unemployment, Inflation... that's all we've covered so far.

It also depends on what level he's talking about.

I just assumed BA/BS Economics. But if its Ph.D... ugh.

[Queen Mum Inks.LWC]

I've only taken macro so far, and from the major points we've talked about so far, I'd say

Production, Economic Growth, Trade, Supply & Demand, GDP, Employment/Unemployment, Inflation... that's all we've covered so far.

It also depends on what level he's talking about.

I just assumed BA/BS Economics. But if its Ph.D... ugh.

Right - I was just thinking through the major points that we've covered so far.  I'll probably be taking micro next semester (still trying to figure out what exactly I want to pick up as a minor).

[pbrower2a]

It's also necessary to know alternative systems of economics, including feudalism, fascism, Marxist economics in their various forms, Nazi/fascist economics (even if completely disgusting), welfare-state economics, criminal economics (corruption, cronyism, black-market activities), and libertarian economics. Maybe Islamic economics, as Islam has much to say of economic relationships.



Books to read:

1. The Wealth of Nations, Adam Smith

2. Capital, Karl Marx

3. The General Theory... , John Maynard Keynes

4. The Road to Serfdom, Friedrich Hayek

 

[phk]

It's also necessary to know alternative systems of economics, including feudalism, fascism, Marxist economics in their various forms, Nazi/fascist economics (even if completely disgusting), welfare-state economics, and libertarian economics. Maybe Islamic economics, as Islam has much to say of economic relationships.



Books to read:

1. The Wealth of Nations, Adam Smith

2. Capital, Karl Marx

3. The General Theory... , John Maynard Keynes

4. The Road to Serfdom, Friedrich Hayek

 

A lot of those are kind of archaic.

[Southern Senator North Carolina Yankee]

It's also necessary to know alternative systems of economics, including feudalism, fascism, Marxist economics in their various forms, Nazi/fascist economics (even if completely disgusting), welfare-state economics, criminal economics (corruption, cronyism, black-market activities), and libertarian economics. Maybe Islamic economics, as Islam has much to say of economic relationships.



Books to read:

1. The Wealth of Nations, Adam Smith

2. Capital, Karl Marx

3. The General Theory... , John Maynard Keynes

4. The Road to Serfdom, Friedrich Hayek

 

I am reading one of those right now.