How Economists Think

  1. About
    1. Economics is most criticized discipline, most boring.
      1. “Economists talk In other people’s sleep”
      2. Isn’t it just commonsense? I mean, its not like we don’t have recessions?
      3. If a biologist cant predict evolution then why must an economist predict recessions
    2. If you don’t know economics you’re not part of the conversation.
      1. Or you wont know truth from fiction.
      2. Most people don’t know anything about economics,
      3. And that’s why so many falsehoods are spoken as truths
  2. What is economics?
    1. 3 questions
      1. What should be produced?
      2. How should it be produced?
      3. Who gets to consume what’s produced?
    2. Whenever
      1. Any economic system must answer the above questions
      2. Capitalism- the answers lies in free individuals making a choice
      3. Communism- government plans and executes their vision
    3. Macro economics studies society, while micro economics studies the individual
  3. What economists believe
    1. Economics is not about forecasting the future
    2. But about examining tradeoffs
    3. Using statistical people
    4. And believing self interest is an effective way of organizing a society.
    5. They are just in their blame as well as congrats,
    6. Looking at all costs associated, with a hard head and a soft heart.
    7. When tallying costs add up
      1. Time
      2. What I gave up both monetary and implicit
  4. A master economist understands symbols and speaks in sentences.
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