What is Economics?

Economics: A Science of Means

“Economics is sometimes thought of as a very dry and dismal subject dealing with dusty tomes of statistics about material goods and services. Economics is not a dry subject. It is not a dismal subject. It is not about statistics. It is about the human life. It is about the ideas that motivate human beings. It is about how men act from birth until death. It is about the most important and interesting drama of all – human action.

“The main objective of economics is to substitute consistently correct ideas and actions for the contradictory ideas and actions inherent in popular fallacies…

“We all want things that are not necessarily essential, but we always choose those actions which we think will best improve the situation from our viewpoint. This means that the ideas that men hold determine their choice of actions. This means that the most important thing in the world is ideas.”

– Percy L. Greaves, Jr., Understanding the Dollar Crisis

The Art of Economics

“The art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups.”

– Henry Hazlitt, Economics in One Lesson

Economics and Liberty: Two Sides of the Same Coin

Economic freedom (property rights) and political freedom (human rights) are indivisible. They are merely two sides of the same coin – for you cannot have one without the other.