31 May 2009

What is Economics?

Lynne Kiesling answers that question here, but here's my answer:
Economics is about incentives and behavior and how they interact.
What's yours?

2 comments:

Eric said...

This same description fits

1. Sports coaching
2. Military dictatorships
3. Management practices
4. Psychology
5. Growing novel forms of bacteria
6. Biology
7. Politics

etc.

Could you be specific and distinguish economics clearly from things that are not economics?

David Zetland said...

That's why people say that economists are imperialists. With the exception of bacteria (which do not have "choice"), all of these areas can be viewed through an economic lens.

If anything, I'd add that economists are good at analyzing tradeoffs...