1Liner
: The study of choice, scarcity, Social reactions to policies, and unseen consequences.
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| Since our time is limited, and creating/distributing goods/services takes time, everything is finite and has some scarcity. Economics is looking at that value, scarcity and demand -- and how individuals or society reacts with policies. And what the consequences of those policies are. |
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Economics isn't just about theoretical impacts to money, though many get caught up in that. It's about social engineering or understanding. You can't argue a policy change (or any change) intelligently if you don't think about the consequences of your actions -- and not just to the people you care about, but all people and the system as a whole. How will people react, how can the solution be gamed, sure you helped a few -- but what happened to the rest (and does the help outweigh the costs). Micro-economics is looking at one system, Macro-economics is looking at how that system impacts all the others.
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