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Week 1
In the first chapter of a typical economics book, the author says that economics is ‘the science of scarcity’.
She’s lying. Economics isn’t a science, although it wants to be one very, very badly. Instead, let’s call economics ‘a not-too-great theory of scarcity’.
That said, economists know a lot of good things that make for interesting reading. A lot of things you think naturally are just plain wrong, and economists can show it. Economics can also make your life a lot simpler and more interesting. And, finally, for better or worth, important people think that economics is important. Even if you think it’s not, even if you think economics is plain wrong, it’s easier to argue with politicians if you can speak their language.
This week, please read Chapters 1 and 2 of Krugman-Wells. That will get you started thinking about what economics is, and how economists work. These two chapters will also give us lots to think about–because Krugman and Wells don’t always believe what they say.