Economic Reasoning Propositions

We often get the question, “what will we learn at Economics for Leaders?”

At Economics for Leaders, we teach Economics in the context of 5 Economic Reasoning Propositions, or “ERPs.” Morning discussions, activities, and interactive sessions introduce participants to the economic way of thinking.

ECONOMIC REASONING PROPOSITION #1:

People choose, and individual choices are the source of social outcomes.

ECONOMIC REASONING PROPOSITION #2:

Choices impose costs; people receive benefits and incur costs when they make decisions.

ECONOMIC REASONING PROPOSITION #3:

People respond to incentives in predictable ways.

ECONOMIC REASONING PROPOSITION #4:

Institutions are the “rules of the game” that influence choices.

ECONOMIC REASONING PROPOSITION #5:

Understanding based on knowledge and evidence imparts value to opinions.

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These ERPs are reinforced throughout the week by our outstanding instructors who foster critical thinking of these difficult social problems and spark discussions by examining current  national and international issues.  In addition, hands-on simulations are used extensively to demonstrate reliability of these concepts.

Other topics taught throughout the week include

Economic Growth and Scarcity

Opportunity Cost

Open Markets

Markets in Action

Labor Markets

Incentives, Innovation and the Role of Institutions

Property Rights

Government

Money & Inflation

International Markets