Monday, March 3, 2008

Economic Perspectives

This module introduces the economic perspectives and provides examples of how economists think about a few issues. It also highlights the most important ideas in macroeconomics. The remainder of this blog is devoted to justifying and explaining these concepts.

Economics is an important field of study because it provides different perspectives that may be beneficial

Economists have a different perspective on social issues than many other people, including some leaders of business and government. This lack of understanding of economic principles leads to the implementation of many social policies that are poor choices. This module provides a few examples of the different way economists view issues and then outlines important concepts to remember in order to understand macroeconomic policies.

To introduce the alternative perspectives of economists, consider four things: tradeoffs, costs, incentives, and trade.

The Economic Perspective on Tradeoffs
The Economic Perspective on Costs
The Economic Perspective on Incentives
The Economic Perspective on Trade

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