Economics And The Human Body

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Economics And The Human Body

Economics is like the human body, an automatic regulatory mechanism and a further decision taken by the brain.

All similes for economic life should be resisted, but this is better than most.

There are aspects of economic life which are still self-regulating, although they are diminishing in relation to the whole. And there are aspects which require guidance. It's the issues in this guidance - who is favoured and who isn't - that the citizen and voter must understand.

We economists protect ourselves from outsiders by resort to a language of our own. People in all professions do it to some extent. Physicians have their own language, as do lawyers and psychiatrists and burglars, we?re told. All like to see themselves as a priestly class with a knowledge that isn't available to the everyday citizen.

And some people, maybe many, are deterred by the feeling that current economic explanations are at odds with everyday reality. They hear an economist say, in describing how prices are set, that he assumes pure competition - the competition of many small firms in the market. And in the real world they see only a few vast enterprises supplying the gasoline, automobiles, chemicals, pharmaceuticals, electricity, telephone services or what have you. So they say to hell with it - economics isn't our world.


Learn More About Inflation And Unemployment in 2015

A Working Understanding Of Economics

To have a working understanding of economics is to understand the largest part of life. We pass our years, most of us, contemplating the relationship between the money we earn and the money we need, our thoughts suspended, as it were, between the two. Economics is about what we earn and what we can get for it. So an understanding of economics is an understanding of life's principal preoccupation.

There is another thing it can do for you. The newspaper headlines of 2015, when they escape from sex and the Middle East, are largely concerned with the economic decisions of governments. If people... see: A Working Understanding Of Economics


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