James d. Gwartney

Russian
Svetlana Voziyan is an English to Russian/Ukrainian translator and reviewer, certified via The
ProZ.com Certified PRO Network as a qualified translator. She also holds a Master's degree in
Automation Engineering.
Kateryna Melnychenko is an English to Russian/Ukrainian translator with 10+ years of
experience. She has an M.A. in Translation.
Aleksandr Martynenko is an English to Russian translator.
Zoryana Dorak is an English to Ukrainian/Russian translator (and proofreader) with 15+
years of experience. She has an M.A. in Translation and Political Science.
Ukrainian

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Nataliia Gorina is a certified linguist, and a translator of English into Ukrainian and Russian.
She has an M.A. in English.
Victoria Batarchuk is an English to Ukrainian translator, and is an ATA voting member. She
has an M.A. in Applied Mathematics.
Oleksandr Ivanov is an ATA-Certified Translator from English into Ukrainian.
Zoryana Dorak is an English to Ukrainian/Russian translator (and proofreader) with 15+
years of experience. She has an M.A. in Translation and Political Science.
Uzbek
Shukhrat Musinov has a Ph.D. in Economics from the University of Tennessee at Knoxville.
Okila Elboeva has a Ph.D. in Economics from the University of Tennessee at Knoxville.

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Document Outline

• Preface
• Part 1: Twelve Key Elements of Economics
  • Element 1.1: Incentives Matter
  • Element 1.2: There Is No Such Thing as a Free Lunch
  • Element 1.3: Decisions Are Made at the Margins
  • Element 1.4: Benefits of Trade
  • Element 1.5: Transaction Costs Matter
  • Element 1.6: Prices Create Balance
  • Element 1.7: Profits Are a Guide to Productivity
  • Element 1.8: Incomes Come From Usefulness
  • Element 1.9: Value Creates Income and Wealth
  • Element 1.10: There Are Multiple Sources of Progress
  • Element 1.11: The Usefulness of the “Invisible Hand”
  • Element 1.12: Unintended Consequences Create Problems
• Part 2: Seven Major Sources of Economic Progress
  • Element 2.1: The Legal System
  • Element 2.2: Competitive Markets
  • Element 2.3: Sensible and Limited Regulation
  • Element 2.4: Efficient Capital Markets
  • Element 2.5: Monetary Stability
  • ">Element 2.6: Prudent Fiscal Policy
  • ">Element 2.7: Free Trade
  • ">Part 2 Final Thoughts
• ">Part 3: Ten Key Elements of Economic Thinking About Government
  • ">Element 3.1: Protect Rights and Produce Limited Goods and Services
  • ">Element 3.2: Regulate Monopolies
  • ">Element 3.3: Mitigate Market Failures
  • ">Element 3.4: Understand Political Pressures
  • ">Element 3.5: Adopt Rules to Limit the Influence of Special Interests
  • ">Element 3.6: Avoid Excessive Spending and Deficits
  • ">Element 3.7: Avoid Subsidies Not Based on Economic Logic
  • ">Element 3.8: Watch out for Inefficiencies Even From Useful Subsidies
  • ">Element 3.9: Central Planning Has Never Worked
  • ">Element 3.10: Competition and External Anchors Are Key
  • ">Part 3 Final Thoughts
• ">Part 4: Twelve Key Elements of Practical Personal Finance
  • ">Element 4.1: Discover Your Comparative Advantage
  • ">Element 4.2: Increase Your Value to Others
  • ">Element 4.3: Budget Your Spending and Saving
  • ">Element 4.4: Finance Wisely
  • ">Element 4.5: Two Ways to Get More out of Your Money
  • ">Element 4.6: Plan for the Unexpected
  • ">Element 4.7: The Power of Compound Interest
  • ">Element 4.8: Diversify Your Assets
  • ">Element 4.9: Realize No One Can Consistently “Beat the Market”
  • ">Element 4.10: Match the Length of Your Investments to the Timing of Your Needs
  • ">Element 4.11: Reduce Your Risks
  • ">Element 4.12: Use Insurance to Protect Yourself
  • ">Part 4 Final Thoughts
• ">Concluding Thoughts and Acknowledgments
• ">Footnotes
• ">Readings Featured in the Elements
  • ">The Power of Incentives
  • ">The Road Not Taken
  • ">Opportunities and Costs
  • ">Markets and Marginalism
  • ">Specialization and Wealth
  • ">Sacrificing Lives for Profits
  • ">I, Pencil, My Family Tree
  • ">Creating Jobs vs. Creating Wealth
  • ">What Is Seen and What is Not Seen
  • ">Gross Domestic Product—What is it and how is it measured?
  • ">Private Property and Opportunity Costs
  • ">Running Out of Agricultural Land
  • ">Censoring Pleas for Help
  • ">Markets and Freedom
  • ">Unfair Competition with the Sun
  • ">Not Yours to Give
  • ">Politics and Foreign Trade
  • ">Energy Production versus Conservation
  • ">Social Cooperation and the Marketplace
  • ">A Case for Constitutional Reform in Ukraine
• ">Suggested Additional Readings
• ">Glossary
• ">About the Authors
• ">Academic Advisory Committee
• ">Subject Matter Experts
• ">Translation Teams