Economics of Freedom
Just what is Economics?
Concept: Economics
One Line Def:
The science of human choices under conditions of scarcity and alternative uses of materials.
Myths and Misconceptions:
Dry and dusty study of boring facts about trade and production.
The Reality:
Economics is about choices. How people choose to use resources that have alternative uses in a world where there are limits to their resources compared to their desires. To make the best choices possible, people need information. That information comes in the form of real prices. Real prices can only be developed in real markets, markets that accurately reflect peoples' real wants under the current conditions of supply and demand. Anything that distorts or hides those prices causes people to make bad decisions based on incorrect information.
