๐ฐ Economics
Adam Smith, David Ricardo, Alfred Marshall (public domain) · Wikipedia (CC BY-SA 4.0).
Classical economics translated into runnable code and diagrams. Smith wrote for merchants, Ricardo for Parliament, Marshall for Cambridge students. These pages translate to Python and Scheme.
| Chapter | |||
|---|---|---|---|
| 1. | Division of Labor | Specialization multiplies output: one worker makes one pin, ten workers make 4,800 | ๐ฐ |
| 2. | Supply and Demand | Demand slopes down, supply slopes up, price settles where they cross | ๐ฐ |
| 3. | Comparative Advantage | Both countries gain from trade even when one is better at everything | ๐ฐ |
| 4. | Diminishing Returns | Each additional unit of input yields less additional output | ๐ฐ |
| 5. | Elasticity | How much quantity responds to a price change, and why it matters for revenue | ๐ฐ |
| 6. | Marginal Utility | Each additional unit is worth less than the last | ๐ฐ |
| 7. | Opportunity Cost | The cost of any choice is the best alternative you gave up | ๐ฐ |
| 8. | Market Equilibrium | Surplus drives price down, shortage drives price up, until the market clears | ๐ฐ |
๐บ Video lectures: MIT 14.01 Microeconomics ยท Yale ECON 252: Financial Markets (Shiller)
Neighbors
- ๐ฒ Game Theory — oligopoly, mechanism design, and auctions are applied game theory
- ๐ฐ Probability — expected utility and uncertainty
- ๐ Statistics — empirical methods in economics use the same tools
- ๐ท Auction Theory — the economics of market design