THE LAWS OF ECONOMICS
LAW OF AMBITION:
Everything you do is an attempt to improve your condition. As long as there is discontent and the capability to improve, you will try to do so.
LAW OF MINIMUM EFFORT:
You always try to get what you want with the least effort. In other words, we humans are basically lazy.
LAW OF MAXIMIZATION:
You always try to get the most for your time, money, effort or other resources. In other words, we humans are basically greedy.
LAW OF TIME PREFERENCE:
You always prefer earlier rather than later in the satisfaction of any desire. In other words, we humans want instant gratification.
LAW OF VANITY:
You place a high value on your appearance, opinions, choices, relationships and how you're treated by others. We humans are egotistical, self-centered and vain.
LAW OF IGNORANCE:
There is a degree of uncertainty in everything you do. We never know for sure how things will turn out.
LAW OF EXPEDIENCE:
People always try to get what they want as fast and easily as possible without regard to secondary consequences. It's called "the path of least resistance".
LAW OF DUALITY:
There are two reasons given for doing anything --- the one that sounds good, and the real reason.
LAW OF SECONDARY CONSEQUENCES:
Everything you do has a direct consequence followed by a secondary consequence. Considering secondary consequences is the hallmark of wisdom.
LAW OF UNINTENDED CONSEQUENCES:
The results of many actions are often worse than if nothing had been done at all.
LAW OF CHOICE:
Every human action is a choice --- one based on your dominant values at the moment. Even taking no action is a choice.
LAW OF THE EXCLUDED ALTERNATIVE:
Every choice implies rejection of all other choices. It also tells what you truly believe in at the moment.
LAW OF SUBJECTIVE VALUE:
The values of goods or services are personal --- what someone is willing to pay. The buyer ultimately determines the price.
LAW OF MARGINALITY:
Price is determined by what customers at the margin --- those who can buy or not buy or even buy elsewhere --- are willing to pay.
LAW OF ECONOMIC SUBSTITUTION:
When prices increase, customers seek substitutes that offer similar satisfaction at lower prices.
Everything you do is an attempt to improve your condition. As long as there is discontent and the capability to improve, you will try to do so.
LAW OF MINIMUM EFFORT:
You always try to get what you want with the least effort. In other words, we humans are basically lazy.
LAW OF MAXIMIZATION:
You always try to get the most for your time, money, effort or other resources. In other words, we humans are basically greedy.
LAW OF TIME PREFERENCE:
You always prefer earlier rather than later in the satisfaction of any desire. In other words, we humans want instant gratification.
LAW OF VANITY:
You place a high value on your appearance, opinions, choices, relationships and how you're treated by others. We humans are egotistical, self-centered and vain.
LAW OF IGNORANCE:
There is a degree of uncertainty in everything you do. We never know for sure how things will turn out.
LAW OF EXPEDIENCE:
People always try to get what they want as fast and easily as possible without regard to secondary consequences. It's called "the path of least resistance".
LAW OF DUALITY:
There are two reasons given for doing anything --- the one that sounds good, and the real reason.
LAW OF SECONDARY CONSEQUENCES:
Everything you do has a direct consequence followed by a secondary consequence. Considering secondary consequences is the hallmark of wisdom.
LAW OF UNINTENDED CONSEQUENCES:
The results of many actions are often worse than if nothing had been done at all.
LAW OF CHOICE:
Every human action is a choice --- one based on your dominant values at the moment. Even taking no action is a choice.
LAW OF THE EXCLUDED ALTERNATIVE:
Every choice implies rejection of all other choices. It also tells what you truly believe in at the moment.
LAW OF SUBJECTIVE VALUE:
The values of goods or services are personal --- what someone is willing to pay. The buyer ultimately determines the price.
LAW OF MARGINALITY:
Price is determined by what customers at the margin --- those who can buy or not buy or even buy elsewhere --- are willing to pay.
LAW OF ECONOMIC SUBSTITUTION:
When prices increase, customers seek substitutes that offer similar satisfaction at lower prices.