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Important Lessons from Macroeconomics

Important Lessons from Macroeconomics. Lesson 1: Markets Raise Living Standards. Exchange based on low cost pushes out Production-Consumption Possibilities For all incomes, political divisions, ethnicities, … . Lesson 2: Markets Promote Individual Choice & Values.

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Important Lessons from Macroeconomics

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  1. Important Lessons from Macroeconomics

  2. Lesson 1: Markets Raise Living Standards • Exchange based on low cost pushes out Production-Consumption Possibilities • For all incomes, political divisions, ethnicities, …

  3. Lesson 2: Markets Promote Individual Choice & Values • How do you prefer to spend your money? • Food: Bananas, carrots, berries, hamburgers, … • Music: Pop, metal, classical, jazz, alternative, … • Leisure: Books, music, movies, theater, Disney, …

  4. Lesson 3: Markets Gain Through Changes – “Creative Destruction”

  5. Lesson 4: Markets Promote the Unlimited Resource -- Human Creativity

  6. Lesson 5: Prices Are Critical to Markets • Signals to Consumers/Producers • Incentives to Consumers/Producers • Cash or Vouchers better way to help low income

  7. Lesson 6: Markets Are Not Perfect Panics, Bubbles, Fraud, Greed, Job Losses… Other “systems” share these problems

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