Economics

The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design. -F.A. Hayek

Economics is the feeble attempt by individuals to understand the millions. It tries to find patterns in human behavior through their choices. Most often but not always these choices are observed as exchanges in the market place. Economics makes thousands of unrealistic assumptions and uses the average of everything. In order to assign value to everything and make things quantifiable economists use money. Although it is imperfect, money seems to be the best proxy for value economists have. The study has proven time and time again that the limits of human comprehension can't grasp humanity. However the valuable contribution that economics makes is in the process of economic analysis. Economics uses a positive approach when looking for patterns and correlations. The process is highly logical and moves very slowly in order to maintain a clear path when working through very large bodies of information. The study is still very young and it continues to develop in depth, clarity and complexity with every decade. I like to imagine the growth of the study as similar to that of early medicine. When doctors first began to learn about the human body they made all kinds of outrageous mistakes and assumptions. Slowly people began to realize what was good and bad medicine. Lobotomy is no longer common procedure as it was during the early years of medicine for good reason. I think that the same thing will happen with economics. Large industrial societies which are the main subject of study for economists are a new development in the history of man. It will take hundreds of years to develop a sensible understanding of the great human forces that now dominate our lives.

Subterfuge: an artifice or expedient used to evade a rule, escape a consequence, hide something, etc.


Lassitude: weariness of body or mind from strain, oppressive climate,etc.; lack of energy; listlessness; languor.