The best way to reach an understanding of the principles of economics, or politics, or anything else which involves the interaction of people, is to start by taking all the other people out of the picture.
All clear thinking about these problems begins with the idea of one man or woman in nature. Or, to put it another way, imagine yourself in the shoes of Robinson Crusoe.
Starting from such a situation makes it far easier to see the fundamental and irrefutable principles of economics. Here they are:
. There ain't no such thing as a free lunch!
. No one can consume more than he or she has produced.
. Nobody gets any if there ain't none.
. Don't eat the seed corn.
. After food, shelter, and clothing, the most important economic good is TIME!
. All productive work begins between the ears.
With more than one person (it makes no difference if it's six or six billion) in the picture, here are the fundamental and irrefutable principles of politics:
. Everyone has the right to life and liberty.
. You have a right to pursue happiness - there's no guarantee that you'll catch it.
. The payment for successful effort is ownership.
. Both parties must benefit or no voluntary exchange will take place.
. There is no such thing as the "right" to anything produced by another person's effort.
That's all there is to it. Just as the highest mathematics are built on the fact that 2 + 2 = 4, economics, politics, and finance, are built on these principles.
Willam Buckler
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