Today, boys and girls, we are going to have a lesson in Economic Theory. Even if you haven’t studied Keynes, Hayek or Economic Theory for Idiotsand you are generally clueless about how the economy works, do not feel discouraged. These are the exact qualifications needed to write a book on Economic Theory and/or win a Nobel Prize in Economics.

Before you race out and buy your white tie and tails for the Nobel Prize ceremony, we ought to, perhaps, cover some of the basics of Economic Theory so you have some thoughts to string together for your acceptance speech. We will begin with budget estimates. Think of a number between 1 and 10. Don’t laugh; this is serious. Now multiply this number by one trillion and you have just calculated the USA National Debt, China’s monthly surplus or the number of hits on Britney Spears website. As you can see you will get a handle on this Economic Theory business in no time at all.

Full Article: How to Win a Nobel Prize in Economic Theory