You can look up “meme” if you need to or want to. I won’t clutter your life with an explanation here.
I recently learned of the Two Things meme, again courtesy of WordPress’s tags tools. It appears to have been most developed by Glenn Whitman, at California State University – Northridge (also here).
Two Things about economics:
- One: Incentives matter.
- Two: There’s no such thing as a free lunch.
Neither of the two things in economics will do a whit for a student on the Texas Assessment of Knowledge and Skills (TAKS). For TAKS, basic economics isn’t as important as the political end of the scale. For TAKS, Texas kids need to know what the Texas Education Agency thinks important about economics, which is:
1. Economic systems are classified as:
- Traditional or subsistence agriculture;
- Command or Demand (usually totalitarian government)
- Free market or free enterprise (usually a democracy)
- Mixed system
2. Countries with free enterprise economic systems have the highest per capita income, GNP, educational levels, and lowest infant mortality rates.
No kidding. The second point is very interesting to me, considering that Cuba has the highest literacy rate and lowest infant mortality rate in the Americas. Clearly these are not hard and fast rules — the exceptions should be very interesting.