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Free Lunch: Easily Digestible Economics by David Smith

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2Starters

Many books on economics begin by saying something like: ‘Economics is about the allocation of scarce resources between competing demands.’ Or, according to a very good and widely used textbook: ‘Economics is the study of how society decides what, how and for whom to produce.’ These are splendid definitions and undoubtedly correct as far as they go but they suffer from two important drawbacks. The first is that it is not until you have studied quite a lot of economics that you really understand what they mean. The second is that they are, for me, just too limited. Economics dominates and shapes our daily lives, even when we are not aware of it. It is all encompassing. This does not mean that we exist only as economic men and women, or ...

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