Learning items
Explore shared ideas across books.
Economics
ConceptWealth versus spending
Spending is a flow over time; wealth is a stock of assets, generally net of liabilities.
ConceptReplacement versus addition
Restoring a lost asset and adding a new asset have different baselines.
ConceptBroken-window fallacy
Repair spending alone does not establish that destruction increased wealth.
ConceptOpportunity cost
The opportunity cost of a choice is the value of its next-best forgone alternative.
All items includes definitions still awaiting topic classification.