* Elasticity of supply and demand; the losses associated with taxation
* Prevalence of externalities
* Power of monopolies
* Rationality of people
* Government inefficiency vs. marketplace power
* Distribution of income

Sourced from http://gregmankiw.blogspot.com/2007/12/how-do...

I encourage everyone to see the original post for details.

Peter R. Orszag, the Director of the Congressional Budget Office (CBO), has recently begun blogging. On the 6th, he summarized the results of a CBO study of the economic effects of "unauthorized" immigration [PDF]. I have not read the study as of yet to determine exactly what that means and how things where measured [1], but the overall findings is that it is slightly positive economically[2], although a hardship on on local and state government budgets[3]. » read more »

I recently subscribed to professor of economics at Harvard University's, Greg Mankiw, blog at http://gregmankiw.blogspot.com/ and he linked to a presentation available at http://shockingeconomics.com/. The presentation lists the comparisons of oil-rich countries' economies to that of the United States and offers an argument that America's devotion to freedom has caused it to be an economic powerhouse. Because of TuscanyCircle's (TC) focus on the concepts of freedom and how it is currently eroding, this should be of interest.