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What is Economics?

Economics is the study of how things can be accomplished effectively. As such economics can only ever be concerned with the minor details of a discussion or plan. For, without a purpose, what is "economic" has no meaning. Clearly, what is economic to do if I wish to consume as many resources as possible in the shortest amount of time will differ from what is economic to do if I wish to preserve the ecosystems for future generations.

If economics is a science, then it is concerned only with observation, and the analysis of observation, and cannot by definition provide any grounds to choose one purpose over another. However, we take this up more closely in the chapter on the failure of institutionalism, as this function of the institutions of economics to provide pretext for otherwise unjustifiable policies of other institutions is better understood in the context of whole of the institutional project.

Bu as for the "science of economics" itself viewed as an objective discipline, we must note that once a purpose is decided upon, the major things needing to done are usually extremely obvious. The discipline of economics is only helpful in a limited number of obtuse circumstances, especially in a decentralized system of communities. And since the major components of a sustainable life style are far from being put into place, I will leave those organizational questions that do not flow naturally from common knowledge and sound reasoning to a later date.

We can however dispel certain absurd or incomplete notions that have led many, associating themselves with economics, into confusion.


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