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Economics

154 bytes added, 05:02, February 8, 2016
 
[[Image:NYSE-floor.jpg|right|thumb|Face-to-face trading on the [[New York Stock Exchange]]'s trading floor.]]
'''Economics''' is the study of opportunity. More specifically, economics is the study of the opportunities made possible by the transfer of [[goods ]] and services. 'Because of its primary application to government policy, it is understandable why the subject was originally known as political economy, which was its name from the time of [[Adam Smith]] to the last quarter of the nineteenth century, when the change to "economics" took place.' [http://www.capitalism.net/Capitalism/Economics%20and%20Capitalism.htm]
Economics attempts "to explain the way in which individuals interact with one another, to use their limited resources to satisfy their alternative ends." [http://www.pbs.org/wgbh/commandingheights/shared/minitext/int_miltonfriedman.html#10]
It is a social [[science]], concerned with how people produce, distribute, and consume.
George Reisman, Professor of Economics at [[Pepperdine University]], wrote
* Economics, as the science which studies the production of [[wealth ]] under a system of division of labor, is actually the science which studies the production of wealth under [[capitalism]]. [http://www.capitalism.net/Capitalism/Economics%20and%20Capitalism.htm] 
C. Lowell Harriss, a professor of economics at Columbia, describes economics as the study of the allocation of scarce goods and services. In market economies, this is determined by [[supply and demand]].<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]
* The actual basis of "alienation" resides within the psychological makeup of those who experience the problem. Ignorance of economics reinforces feelings of [[alienation]] and allows the alleged deficiencies of the economic system to serve as a convenient rationalization for the existence of the problem [ibid]
* [[Prepper]]s and [[survivalist]]s study economics to aid in being prepared for any potential [[depression]], [[recession]] or [[economic crash]].
== Issues in economics ==
==Quotes==
 
"Economics is haunted by more fallacies than any other study known to man. This is no accident. The inherent difficulties of the subject would be great enough in any case, but they are multiplied a thousandfold by a factor that is insignificant in, say, physics, mathematics or [[medicine]] – the special pleading of selfish interests." - [[Henry Hazlitt]], ''Economics In One Lesson''<ref>http://www.fee.org/library/detail/economics-in-one-lesson-pdf-doc-audio#axzz2KvMNXzEn</ref>
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