According to the online Merriam-Webster Dictionary, the definition of economics is "a social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services". Although this seems to be the technical and global understanding of what economics is, Charles Wheelan (along with the help of economists he studied under) introduced an interesting and alternative way of describing what economics is. On page 6, Wheelan quotes a Nobel Prize winning economist that once said, "'economy is the art of making the most of life.'" Not only is this quote striking enough, he goes on to explain economics by saying, "Economics is the study of how do that".
To truly ponder what those two simple statements were relaying to the reader was what I immediately had to do. Not only did this seem like a much simpler way to explain economics, but it also drew me into economics because I want to be a person to make the most out of life! What person wouldn't?Therefore, this passage enticed my mind with the curiosity to seek and attain the goal of making the most of my life using the principles proposed by economics.
However, as I read further down the page I came to realize that I may have fallen into the enticement of economics too soon. Wheelan states, "Economics starts with one very important assumption: Individuals act to make themselves as well off as possible" (pg. 6). This second passage drew me in as well due to the fact that yes, humans always seek survival and once survival is assured, they seek luxuries. When I was thinking about making the most of my life prior to reading this second passage, I was thinking about pure luxuries and not even considering the necessities that most people have to consider on the daily. At the end of the day however, everyone tends to act in their best interest while making the most of the life they live. I guess it's these tendencies that make up the study of economics itself.
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