Economics is most criticized discipline, most boring.
- “Economists talk In other people’s sleep”
- Isn’t it just commonsense? I mean, its not like we don’t have recessions?
- If a biologist cant predict evolution then why must an economist predict recessions
If you don’t know economics you’re not part of the conversation.
- Or you wont know truth from fiction.
- Most people don’t know anything about economics,
- And that’s why so many falsehoods are spoken as truths
What is economics?
- What should be produced?
- How should it be produced?
- Who gets to consume what’s produced?
- Any economic system must answer the above questions
- Capitalism- the answers lies in free individuals making a choice
- Communism- government plans and executes their vision
- Macro economics studies society, while micro economics studies the individual
What economists believe
- Economics is not about forecasting the future
- But about examining tradeoffs
- Using statistical people
- And believing self interest is an effective way of organizing a society.
- They are just in their blame as well as congrats,
- Looking at all costs associated, with a hard head and a soft heart.
When tallying costs add up
- What I gave up both monetary and implicit
- A master economist understands symbols and speaks in sentences.