The Armchair Economist
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The Armchair Economist: Economics and Everyday Life is a 1993 economics book written by noted professor of economics Steven Landsburg. The underlying theme of the book, as Landsburg states on the first page, is that "[m]ost of economics can be summarized in four words: People respond to incentives." With this apparently innocuous observation, Landsburg discusses some unexpected effects of various policies such as automobile safety legislation and environmental policies. The rest of the book includes expositions on a wide range of topics, including budget deficit, unemployment, economic growth, and cost-benefit analysis.
Chapter 4 covers the “Indifference Principle.”
Chapter 9 covers the Coase Theorem of professor Ronald Coase.
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