Wednesday, June 01, 2016

The Economic Way of Thinking


  • Economizing is a mode of experiencing the world.
  • It is the world seen in terms of scarce means that may be employed to achieve one's chosen ends.
  • Every one of us economizes; the subject of economics is us, and to an extent we know the subject already!
  • The scientific study of economics is the attempt to make our implicit knowledge of economizing explicit and conceptually precise.
  • To achieve the above, economists have developed concepts such as scarcity, opportunity cost, exchange, demand, supply, profit and loss.

No comments:

Post a Comment

An orgy

“The advancement of science and the rationality of politics are interwoven in a social process that, in the perspective of a more distant f...