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Why we should study economic institutions
C. Lowell Harriss, a professor of economics at Columbia, said that economics is the study of the allocation of scarce goods and services.<ref> [http://www.nytimes.com/2008/07/13/business/13every.html?em&ex=1216440000&en=a9a6d3e97f11545f&ei=5087%0A Lessons in Love, by Way of Economics]</ref>
C. Lowell Harriss, a professor of economics at Columbia, said that economics is the study of the allocation of scarce goods and services.<ref> [http://www.nytimes.com/2008/07/13/business/13every.html?em&ex=1216440000&en=a9a6d3e97f11545f&ei=5087%0A Lessons in Love, by Way of Economics]</ref>
==Why we should study it==
* Feelings pertaining to the alleged chaos of economic activity rest on ignorance of the knowledge economics provides of the benevolent role of such institutions as the [[division of labor]], [[private ownership]] of the [[means of production]], [[exchange and money]], [[economic competition]], and the [[price system]]. [http://www.capitalism.net/Capitalism/Economics%20and%20Capitalism.htm]
== Issues in economics ==
== Issues in economics ==