Economics professors typically cover the “economic way of thinking” in the first chapter of a principles of economics course. After covering 8-10 of the most important guideposts and principles of ...

The theory that what is true for the individual is not necessarily true for everyone together, and what is true for everyone together does not necessarily hold for the individual.

The Super Bowl on Sunday presented a useful illustration of an economic term called the “fallacy of composition.” If you were at the University of Phoenix Stadium and stood up to watch the action ...