Mankiw’s Principles & Yoram’s Translations

Mankiw’s Principles
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.

Yoram’s Translations

1. Choices are bad.
2. Choices are really bad.
3. People are stupid.
4. People aren’t that stupid.
5. Trade can make everyone worse off.
6. Governments are stupid.
7. Governments aren’t that stupid.
8. Blah blah blah.
9. Blah blah blah.
10. Blah blah blah.

Annals of Improbable Research