Marketing

The author’s ideas of what is “economics”
According to the essay, to be an emerging subject, economics is too young to be understood well, as a result, it is hard to determine a certain definition. Later on, an idea of spontaneous order came up which means everything in the society is ordered by some specific things - physical laws or specific person with specific objective. The author states some economists’ ideas, first one is Adam Smith, known as the father of modern economics, popularized the theory that human beings are ordered by an invisible hand without any consciously plan. Government should not restrict or interfere the market as they could control and manage well by themselves and could achieve the best benefits. Now the problem for economics is to explain how the order comes about. Secondly, Karl Marx’s view is that there is no economic truth that could settle all people’s problems. Thirdly, the author quotes here from Human Action indicate that Economics is a theory that covers all human action. Next the author indicates British philosopher Michael Oakeshott’s idea about human action of judge things. People would face different problems in their daily life; they make choice in order to get what they want. Carl Menger’s main insights are the subjective nature of things and this value is decided by human beings.
At the end of the essay, author indicates his conclusion, Economics is defined as a study of decision making, and it is a kind of wisdom of choice. Choosing determines human’s life, they come across problems, they decide, they fight, and finally they get what they want. The aim of economics is to research all the facts during the process.

Why we should study Economics
The author states 2 benefits of studying economics. One is help us think deeply when making proper choice. Economics covers all the human actions; we come across various problems and do choices that we think could bring us benefits. People always feel difficult to make choice....