Table of Contents

 

Introduction

1      Ethics, Economy, and Entrepreneurship     

2      Why Ethics?

3      Why Economy?  

4      Why Entrepreneurship?  

 

Part 1: Key Concepts

5      Trade    

6      Resources          

7      Cost      

8      Institutions        

9      Value

 

Part 2: Progress      

10    Adam Smith on Progress  

11    Transaction Cost and Progress      

12    Commerce and Progress  

13    Production Possibilities Frontier

14    What Seems Like Progress           

 

Part 3: Understanding Trade

15    Conditions for Trade       

16    Comparative Advantage  

17    Division of Labor

18    Buyers  

19    Sellers

20    A Market: Supply and Demand     

21    A Market Responds: Price and Quantity     

22    Economic Surplus           

23    Price Signals and Spontaneous Order

24    Price Controls    

25    Economic Science: Putting Theory to the Test

26    Progress and Wealth Creation

 

Part 4: Trust, Agency, and Bystanders

27    Principal-Agent Framework

28    Cost to Bystanders          

29    Competitors are not Bystanders   

30    The Logic of the Commons           

31    Environmental Tragedies

32    Property            

33    Parcels  

34    Communal Property        

35    Trust     

36    Benefits for Bystanders   

37    Market Power    

38    Monopoly Power            

39    Monopsony Power         

40    International Trade and Trade Protection  

41    What Should Not Be for Sale        

 

Part 5: Management of a Commercial Society

42    Financial Institutions       

43    Fractional Reserve Banking          

44    Measuring Economies     

45    Gross Domestic Product

46    Unemployment Rate       

47    Measuring the Price Level            

48    Fiscal Policy       

49    Monetary Policy

50    Public Choice     

51    Corruption         

 

Part 6: Personal and Business Finance

52    Accounting Basics           

53    Compound Growth         

54    Saving, Borrowing, and Investing  

55    Marketing Fundamentals

56    Insurance          

57    Break-Even Analysis        

58    Budgeting          

59    Financial Management    

 

Part 7: Innovation and Entrepreneurship       

60    Knowledge Discovery      

61    It Takes More than Ideas

62    What Innovation Looks Like         

63    Entry, Exit, and the Role of Profit

64    Creative Destruction

65    Entrepreneurs as Resource Integrators

66    Entrepreneurship as a Process

67    Markets Don’t Exist

68    Competitive Advantage - The Dynamics of Remaining Viable

69    The Big Errors    

70    The Entrepreneur and Self-assessment