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The authors discuss the connections between the ethical, economic, and entrepreneurial dimensions of a life well-lived.
List of contents
Ethics, Economy, and Entrepreneurship
Why Ethics?
Why Economy?
Why Entrepreneurship?
Part 1: Key Concept
Trade
Resources
Cost
Institutions
Value
Part 2: Progress
Adam Smith on Progress
Transaction Cost and Progress
Commerce and Progress
Production Possibilities Frontier
What Seems Like Progress
Part 3: Understanding Trade
Conditions for Trade
Comparative Advantage
Division of Labor
Buyers
Sellers
A Market: Supply and Demand
A Market Responds: Price and Quantity
Economic Surplus
Price Signals and Spontaneous Order
Price Controls
Economic Science: Putting Theory to the Test
Progress and Wealth Creation
Part 4: Trust, Agency, and Bystanders
Principal-Agent Framework
Cost to Bystanders
Competitors are not Bystanders
The Logic of the Commons
Environmental Tragedies
Property
Parcels
Communal Property
Trust
Benefits for Bystanders
Market Power
Monopoly Power
Monopsony Power
International Trade and Trade Protection
What Should Not be for Sale
Part 5: Management of a Commercial Society
Financial Institutions
Fractional Reserve Banking
Measuring Economies
Gross Domestic Product (GDP)
Unemployment Rate
Measuring the Price Level
Fiscal Policy
Monetary Policy
Public Choice
Corruption
Part 6: Personal and Business Finance
Accounting Basics
Compound Growth
Saving, Borrowing, and Investing
Marketing Fundamentals
Insurance
Break-Even Analysis
Budgeting
Financial Management
Part 7: Innovation and Entrepreneurship
Knowledge Discovery
It Takes More than Ideas
What Innovation Looks Like
Entry, Exit, and the Role of Profit
Creative Destruction
Entrepreneurs as Resource Integrators
Entrepreneurship as a Process
Markets Don't Exist
Competitive Advantage - The Dynamics of Remaining Viable
The Big Errors
The Entrepreneur and Self-Assessment
About the author
Cathleen Johnson is an experimental economist. She is currently teaching in the Philosophy, Politics, Economics and Law program at the University of Arizona. Her professional work has evolved into three main areas: research in behavioral aspects of investment and social norms, implementation of large research projects and research teams, and teaching economics through the use of laboratory experiments.
