ECONOMY OF INDIAN
Economics is about making choices. we make all kinds of choices every day. how much should I spend on gas? what’s the best route to work? where we should go for dinner? which job or career should I go for? what are the pros and cons of finishing college versus taking a job or inventing the next, best internet startup? which roommate should take care of washing the dishes? can I get that dog as a pet? should I get married, have children, and if so, when? which politicians should I vote for when they all claim they can improve the economy or make my life batter? what is the ” better economy” anyway? what if my life personal or religious principles conflict with what people tell me is in my best economic interest?
many people hare the word “economics” and think it is all about money. Economics is not just about money. it is about weighing different choices or alternatives. some of those important choices involve money, but most do not. most of your daily, monthly, or life choices have nothing to do with money, yet they are still the subject of economics. for example, your decision about whether it should be you or your roommate who should be the one to clean up or do the dishes, whether you should spend an hour a week volunteering for a worthy charity or send them a little money via your cell phone, or whether you should take a job so you can help support your siblings or parents or save for your future are all economic decisions in many cases money is merely a helpful tool or just a veil, standing in for a partial way to evaluate some of the goals your really care about and how you make choices about those goals.
you might also think economics is all about
“recognizing” or being efficient-not making foolish or wasteful choices about how you spend or budget your time and money. that is certainly part of what economics is about. However, that’s just the tip of the iceberg. we all know that we can save money or time by being more efficient in our planning. A trip to the supermarket can be coordinated with a trip to take your child to school or to deposit a check at the bank across the street to save on gas. but we sometimes don’t choose the most efficient option. why not? Economics is also about plumbing the depths of the way we sometimes don’t make what seem like the most economizing or economical choices.
is economics a science (like physics), or is it social science, or even art? what is a difference, and what do we know about what we can’t or don’t know for know? can economics problems be solved by better government, more expert, bigger computers, more engineering, batter education, less government, more dispersed knowledge, more markets? how can you make informed choices?
you’ve probably heard that economists disagree about a lot of things. actually what economists disagree about is politics or public policy, not economics. exploring the interface between politics and economics is part of the fun.