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Economics is also special in that it is concerned exclusively with the future rather than the past.  For example, the price a good is sold for does not depend on how much it cost in the past, but how much someone will pay for it now or in the future.  This is a difficult aspect of economics for students to accept, as other subjects (e.g., history) are primarily about the past rather than the future.

Economics is also special in that it is concerned exclusively with the future rather than the past.  For example, the price a good is sold for does not depend on how much it cost in the past, but how much someone will pay for it now or in the future.  This is a difficult aspect of economics for students to accept, as other subjects (e.g., history) are primarily about the past rather than the future.

Economics provides insights about the true nature of "time".  The present is what is most valuable, the future less so, and that past even less still.  Economics does place significant value on the future, but cautions against overvaluing it.  Economics also takes into consideration risk, as in the famous aphorism, "a bird in the hand is worth two in the bush." The two birds in the bush may fly away before you can put your hands on them.  Again, these insights go far beyond "money".

Economics provides insights about the true nature of "time".  The present is what is most valuable, the future less so, and that past even less still.  For each person, the value of the future compared to the present is a function of his or her age.  It makes for a young person to plan mostly for the future; it makes less sense for an old person to.  When eternity is taken into consideration, it makes the most sense to plan especially for that.

Perhaps above all, economics ...

 

But above all, economics ...

==More Definitions==

==More Definitions==