Series: Principles of Economics and Software Development

 

The series began with an introduction of the ten principles of economics as presented by N. Gregory Mankiw of Harvard University, which are:

  1. People face tradeoffs
  2. The cost of something is what you give up to get it
  3. Rational people think at the margin
  4. People respond to incentives
  5. Trade can make everyone better off
  6. Markets are usually a good way to organize economic activity
  7. Governments can sometimes improve market outcomes
  8. A country’s standard of living depends on its ability to produce goods and services
  9. Prices rise when the government prints too much money
  10. Society faces a short-run tradeoff between inflation and unemployment
 Posted by at 8:05 pm

  3 Responses to “Series: Principles of Economics and Software Development”

  1. […] It’s Monday, and that means I take another crack at an economic principle and apply it to software development and IT. (Here is a link to the series so far.) […]

  2. […] post is the fourth in the principles of economics in software development series. We are pausing for a time on the third of Greg Mankiw’s principles, which says […]

  3. […] post is the fourth in the principles of economics in software development series. We are pausing for a time on the third of Greg Mankiw’s principles, which says […]

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