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A friend of mine teaches high school economics. The first and most important rule of economics that he teaches his students is "People are greedy". This rule is the first and most important one because it influences all of the other rules and behaviors that people talk about in economics. When I heard Alan Greenspan say to Congress that he made a mistake when he thought that the markets would regulate themselves because it was in their best interest, I thought immediately, "But the first rule of economics is People are Greedy!" I guess my friend Bob the economics teacher knew more than Alan Greenspan.
