Economic Thinking 101

by w3woody

Introduction to Basic Economics

So many of my friends, acquaintances and the folks I run into on the street don’t seem to know the first things about economics, why economics is interesting or important to understand, or the consequences of certain policies on economic behavior.

Heck, most don’t know what “economics” is, other than it involves money and some voodoo graphs or something.

But it really boils down to describing the behavior of a group of people in the face of the things they want, and the things they have to do to get what they want. And that doesn’t necessarily restrict itself to things like “food”, “shelter”, “toys” or whatnot; it can even be used to help shape one’s thinking about intangible things we want and what we have to do to get them: I want to be loved, I want sex, I want to be happy, and to get them I have to change to be more lovable, I have to seek a partner, I have to do things to make myself happy.

It’s why I believe the S-D curve is far more important to politics than politicians, even when dealing with Market Failures where there is a genuine need for government intervention.