Economics In One Page

via SimoleonSense:

Henry Hazlitt gave us a masterful summary of sound principles in Economics in One Lesson. Could these concepts be reduced to a page?

1. Self-interest....

2. Economic growth....

3. Trade....

4. Competition:....

5. Cooperation:.....

6. Division of labor and comparative advantage.....

7. Dispersion of knowledge:....

8. Profit and loss:....

9. Opportunity cost.....

10. Price theory.....

11. Causality....

12. Uncertainty....

13. Labor economics.....

14. Government controls....

15. Money....

16. Public finance.....
_Source

Mark Skousen provides a short synopsis for each numbered point above -- worth reading his post in its entirety. The basic principles of sound economics are easily learned and relatively simple. Of course if you want to juggle massive and ever expanding economic bubbles, you will need the idiocy of a Krugman or Keynes to guide you -- all the way to the bust.

Bonus: Peter Schiff predicts depression
Marc Faber predicts massive inflation
Jim Rogers predicts massive upswing in commodities prices -- including oil

H/T SimoleonSense