Palmer's Principle of Economics

Palmer’s Principle of Economics emphasizes that individuals and societies make choices based on weighing costs and benefits. It highlights that resources are limited, so we must prioritize how we use them to maximize our well-being. The principle encourages careful decision-making by analyzing trade-offs, understanding opportunity costs—the value of the next best alternative forgone—and considering how incentives influence our choices. Overall, it reflects the idea that economic decisions involve careful consideration of what we gain versus what we give up, guiding more efficient and rational use of resources.