In Our Darkest Times…..

In our darkest times, we need to take warmth and light from the little things. The warmth of a smile, the light in one’s eyes. There are times in life when one faces the deep and dark. A blackness that would cower even the bravest and best. And all we have to fight the darkness … Continue reading

The First Philosophy of Economics: Scarcity

  ~ The Garden of Earthly Delights by Bosch Scarcity is a fundamental fact of life (Frank, Bernanke, Gan, & Kang, 2009). The study of economics is relevant as a consequence of scarcity. Every economist strives to overcome the problem of scarcity. The fight against scarcity is, of course, a losing battle. The world will always … Continue reading

The First Philosophy of Economics: Self-Interest

  ~ Metamorphosis of Narcissus by Salvador Dali ~ “Every individual endeavours to employ his capital so that its produce may be of greatest value. He generally neither intends to promote the public interest, nor knows how much he is promoting it. He intends only his own security, only his own gain. And he is … Continue reading

The Philosophy of Economics: Why do we study Economics?

~ Louis Pasteur in His Laboratory by Albert Edelfelt ~ “What we do need – is the ability to understand the various knowledge’s. What is each one about? What is it trying to do? What are its central concerns and theories? What major new insights has it produced? What are its important areas of ignorance, … Continue reading

The Philosophy of Economics: What is Economics – Deconstructing a Discipline

  ~ Work by Ford Madox Brown ~ Defining economics is becoming increasingly difficult. The scope of the discipline of economic studies seems to be ever expanding into new uncharted territories. Currently, economic principles are used in many diverse ways. For example, economic models and theories are sometimes used in criminology to predict criminal behaviour! … Continue reading