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Economics — minds that choose, meeting scarcity
economics
The social rung: minds that choose, meeting scarcity. Scarcity and choice (incentives), the time value of money (compound interest, present value), markets and prices (supply, demand, elasticity), and aggregates (GDP, inflation). Four pillars rest on the mind (agents who choose), statistics (measurement), and the instruments (the finance arithmetic). The arithmetic is cited from the economics stick (stick_economics_the_finance_arithmetic_verified_and_sealed); no new stick (tools/seed_economics.py).
source
Narrow Highway — economics · stick_economics_the_finance_arithmetic_verified_and_sealed
card id
card_floor_economics
address
WIT.codex.EXP/economics-minds-that-choose-meeting-scarcity/REF.WITNESSED@narrow-highway
adjoining cards
- has part → Scarcity and choice — incentives — a pillar of economics (Scarcity and choice)
- has part → The time value of money — compound interest — a pillar of economics (The time value of money)
- has part → Markets and prices — supply, demand, elasticity — a pillar of economics (Markets and prices)
- has part → Aggregates — GDP, inflation, growth — a pillar of economics (Aggregates)
- part of → The Floor of Discovery — one floor, and by its design the fear of God — the social world of choice on the one map
- connects at → Nash equilibrium — a fixed point — the payoffs are incentives - strategic economics
- connects at → The prisoner's dilemma — the price of rationality — dominant strategies and incentives - the dilemma is an economics of trust
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