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By Robert J. Pindyck & Daniel L. Rubinfeld

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But this would be a rash conclusion based on the fallacy of composition: the notion that what is true for the individual would also be true for society as a whole. Fallacy of Composition It is true that, in society, some people can occasionally resort to the principle of beg, borrow, or steal in order to get by. But in no way can a society as a whole—each and every one of us—resort to the principle of beg, borrow, or steal at all times, without anyone engaging in production. That is, it should be self-evident that, unless some people do the work that yields useful goods and services, it is impossible for anyone else to do any begging, borrowing, or stealing!

Self-interest as the Invisible Hand At the core of the Liberal outlook was the premise that self-interest, not altruism or selfsacrifice, was man's primary motivation. ) When selfinterest is appropriately harnessed to a system of (a) production for the market and (b) exchange on a peaceful, voluntary basis, the result would redound not only to the benefit of the individual but also society as a whole. Irony of ironies: the Liberal took the traditional animus against self-interest and stood it on its head.

Yet a fundamental understanding of the nature of money beyond the familiar aspect eludes the ken of all but the specialist. How much does the average person know about the "quantity theory"—the relation between money and prices?

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Economics Microeconomics by Robert J. Pindyck & Daniel L. Rubinfeld


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