Thursday, July 3, 2014

Economics

I only took one economics course in college, so my economic understanding is very basic. Something I always thought was strange was the terminology used in my text book. The author would present a case for something and almost always followed up with “On the other hand, ..."  I had been out of school many years before I understood this terminology was basic to understanding economics. My layman definition of economics is the management of scarce resources to achieve desirable results for all interested parties.


Nothing is free. The major implication of this, in my mind, is that everything is a trade off. For every coal miner there is an environmentalist. Somehow for group success there must be compromise. The result is that everything is political. 

The political implication of this is when you vote for someone who gives you free stuff to buy your votes, someone is is paying your tab and you can expect them to be angry, maybe even to the point of retaliation. Incidentally, voting for someone because they give you free stuff is a form of prostitution.

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