“In this world nothing is certain but death and taxes.” . . . Benjamin Franklin 0 20 40 60 80 100 1789 Taxes paid in Ben Franklin’s time accounted for 5 percent of the average American’s income
What Are We Doing in this Chapter? We expand our basic consumer choice framework to include the possibility that consumers can sell something to generate income. Again, in terms of theoretical framework, nothing is new
The question of growth is nothing new but new disguise for an age-old issue, one which has always intrigued and preoccupied economics: the present versus the future. -James Tobin If you have ever spoken with your grandparents about what their lives were like when they were young, most likely you learned an important lesson over about economics: material standards of have improved substantially over form time for most families in most countries
The true language of computers is a stream of 1s and 0s—bits. Everything in the computer, be it numbers or text or program, spreadsheet or database or 3-D rendering, is nothing but an array of bits. The meaning of the bits is in the “eye of the beholder”; it is determined entirely by context. Bits are not a useful medium for human consumption. Instead, we insist that what we read be formatted spatially and presented
What Are We Doing in this Chapter? We expand our basic consumer choice framework to include the possibility that consumers can sell something to generate income. Again, in terms of theoretical framework, nothing is new
What Do We Do in This Chapter? We conduct comparative statics analysis of ordinary demand functions the study of how ordinary demands*(p,,P2,y) and x2*(p1,p2,y) change as prices1,P2 and income y change. Theoretically, nothing new
Culture means an entire way of life of a society, or of a people. Different cultures have their own patterns of life. It's rather than instinctive behavior. The diversity of culture shows different attitude to ideas of what is beautiful and ways to treat dead bod ies. But it has nothing to do with right or wrong, for it is simply that different people do the some things in different ways
