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Veronique de Rugy explains that opportunity cost of a good or service is what you have to give up, or forego, to get it. This lesson introduces the concepts of marginal analysis, diminishing returns, and subjective value that serve as the cornerstones of modern economics. Thinking at the margin is the first step towards thinking like an economist.
Veronique de Rugy is a senior research fellow at the Mercatus Center at George Mason University. De Rugy writes regular columns for Reason magazine and the Washington Examiner, and she blogs about economics at National Review Online’s the Corner. Previously, she has been a resident fellow at the American Enterprise Institute, a policy analyst at the Cato Institute, and a research fellow at the Atlas Economic Research Foundation. Before moving to the United States, she oversaw academic programs in France for the Institute for Humane Studies Europe. She received her M.A. in economics from the Paris Dauphine University and her Ph.D. in economics from the Pantheon-Sorbonne University.
Sponsored by the Allied Educational Foundation