Tuesday, August 08, 2006 3:48 PM
PARK CHEOLSUNG
What is economics? ... Answered by one of our own graduates
Economics is not exclusively about money. Economics is a kind of paradigm - a type of looking-glass which allows us to gain a certain unique understanding of the world around us. Economics is about how agents (usually humans) react to incentives and how they decide on the most "appropriate" actions. Economics is about how we decide what to eat, where to go, what movie to watch, or more succintly, how to live.
- Jose Miguel M. Abito (ECONews, July 2006)