Words of Wisdom:

"There is plenty of time to sleep, when were dead." - Affluxlove?

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  • Date Submitted: 04/26/2016 04:21 AM
  • Flesch-Kincaid Score: 42.4 
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My view on Economics
    Economics, as one of the youngest sciences known to man, is the theory of all human behavior. “it is not a theory of everything, but simply a theory of the consequences of choice” (Callahan, 2002, p.26). Economics affects all aspects of human’s life. However, not everyone understands how economics works. It is important for us to think like economists. This essay will discuss the implications and the applications of economics with reference to make decisions and evaluate issues.
      Even if a person has been well trained in economics, he cannot explain all kinds of economic phenomena by using economic theories. Life changes, economy change. If economics is the process by studying and summarizing objective laws and inherent logic of economy, then the activities of economic development are always the result of surprising people. It seems that the results of economic activities are produced by people’s rational behavior which includes pursuing profits and personal utility-maximizing process. Keynes (1936) has demonstrated that economic theory does not provide a complete set of ready-to-run conclusions, it is not a dogma, but a method, a psychic organ, a way of thinking to provides correct conclusions for individuals who possess it.   Economics is a study about choice problems or resources allocation. Due to the scarcity of resources, each person need to make a choice. According to Mankiw (1998), in most societies, resources are allocated not by an all-powerful dictator but through the combined actions of millions of households and firms. Economics, therefore, teaches people how to think and how to regulate our own economic behavior by using rules. However, economists analysis inherent logic of economy and summarize objective laws of economy, which aims to get the better ways to guide people’s economic behavior. Consequently, individuals, societies and governments are able to make more rational choices. For instance, After the onset of the...

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