What is economics anyway?

Recently, some questions that are popular among most economists are as follows:

– What is the main reason we experienced the worst recession in 2008?
– Why are some countries richer than others dramatically?
– What is the culprit of the income or wealth inequality within a country?
– How do the robots, full automation, and artificial intelligence change the workforce? How about the change of the structure of the population?

However, the interest of economists is not limited only to these kinds of topics. Most people think that economists think all about the money but economics is a broader subject that we can take advantage of by studying it.

There are a few different aspect to describe what economics is. First of all, some economics textbooks say that it is the study about scarcity. Others define that it is the study of how we allocate resources efficiently. Sometimes, we think that economics is simply the study of the decision-making process. It seems that a subtle nuance difference among them but fundamentally they covers the similar situation with different perspectives.

We have always located the situation to make a choice in our daily lives and try to do our best every time. The reason comes from the fact that our wants are unlimited but our resources are limited to the contrary. Everybody cannot live forever, only have 24 hours per day, and has a limited amount of income. In this perspective, all the former description of economics share some similarities or connections even though each one sounds far different from others.


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