Great. So the best selling textbook, economics textbook in the country is by Andrea Griemanncue based on these 10 principles of economics and here they are. I'm not going to read them for you. Just take my word for it that you need a PhD in economics to understand these. Fortunately I have one and I have taken it upon myself to translate these principles for the uninitiated. Let's begin by separating them into the first seven principles which are micro-economics and the last three which are macroeconomics. The difference of course being that micro-oconomists or people who are wrong about specific things and macro-oconomists are wrong about things in general. The macro-economics principles all have the exact same translation namely blah blah blah blah. As proof I should only remind you that macro-oconomists have successfully predicted nine out of the last five recessions. And as further proof we can now go up one font size. As Einstein said everything should be as simple as possible if not simpler. Okay down back to micro-economics the first one people face trade-offs. Translation choices are bad. Right so this is a simple syllogism. Trade-offs are bad. Every time you have a choice you have a trade-off. There are four choices are bad. If you don't understand that look at principle two the cost of something is what you give up to get it. Translation choices are really bad. Let me just give you a simple example of this. Let's say someone offers you a Snickers bar. You value the dollar. Right so you're acting on profit in this case is the Snickers bar minus the cost of what you give up to get it which is nothing. You're acting on profit as a dollar. Now somebody offers you a choice between a Snickers bar which you value the dollar and some M&Ms which you value at 70 cents. Now your economic profit is the dollar minus the 70 cents only 30 cents. You begin to see why choices are bad. The worst possible situation in fact would be someone offering your choice between a Snickers bar and an identical Snickers bar. Now people who are not trading in economics might think that that's no different from being offered one Snickers bar but that sort of sloppy thinking will never get you a tender track position. Great let's simplify this. So choices are bad really bad if you don't understand why choices are bad you're probably stupid. Next principle rational people think of the margin translation people are stupid. Now it is immediately obvious to the most casual observer of the least intelligence that people do not think of the margin. Nobody goes to a grocery store and says I'm going to buy an orange. I'm going to buy another orange. I'm going to buy another orange. But people don't think of the margin and if this bank you says rational people do think of the margin we are led to a most unhappy conclusion. People are not rational. People in other words are stupid. But don't fear for the fate of humanity yet take a look at the next principle. People respond to incentives. Now the dictionary says that incentives are now that means something that influences to action. So a man he was saying here is that people are motivated by motives or that they are influenced to action by things that influence the action. Now you may think this is a bit like saying that topologies are toxic. People would have to be pretty stupid to be unmotivated by motives or the influence they in and she might think that influence the action. But remember principle three people are stupid. Hence the name for principle four to convince us that people aren't that stupid. Right so simplifying again let's move on to free trade our favorite topic. Principle five, trade can make everyone better off translation, trade can make everyone worse off. I have a proof that will blow your mind of this fact. Here we go. Compare the following two statements. One is trade can make everyone better off. The other is trade will make everyone better off. If you had to choose between those it's no contest right? Claim number two is better. But mancute uses claim number one and there's only one explanation. Claim number two has to be wrong. In other words trade can make some people worse off and it's just the hops give them a jump from there to trade in the everyone worse off. Some people apparently that like this deconstructed proof or destructed proof they wanted a constructive proof so I added this footnote there the details. Now notice the final two here. Governments are stupid. Governments aren't that stupid. Follow immediately from principle five in its translation. Trade can make everyone better off what the hack to any government for. But if trade can make everyone worse off we better have a government around to stop people from trading. Here are the principle of the economics translated and there's my website standupeconomists.com thank you for your time.