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Inflation down, unemployment down... What will Labour do now? watch

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    (Original post by Quady)
    Apart from the majority of the globe not entering recession?
    Granted not every country entered a recession, but a huge amount did, notably pretty much all of the EU. It was hardly a phenomenon restricted to Labour's jurisdiction.
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    (Original post by Phobia27)
    Unemployment is still going up in Yorkshire :sad:
    That's because this sham of the Government is aiming maximum local council cuts to the North whilst increasing the budgets in the South.

    Even though Sheffield is vile
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    (Original post by AskMeAnything)
    Politics, but you don't need to understand intricacies to get a broad view on things.
    You need in Economics, as its principles are very counterintuitive. Examples: Comparative advantage as the reason for trade, J-curve effect, changes in prices do not change demand or supply, profit maximisation when MR = MC, to name a few.
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    (Original post by AskMeAnything)
    Economics is the study of money - Politics is of how the money affects the people.

    I hope nobody has said that before. Better trademark it quickly.
    Hardly. Economics is the study of choice.
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    (Original post by speedbird)
    Hardly. Economics is the study of choice.
    Name me one single part of Economics that doesn't deal with money..... Meanwhile, choice. I choose whether to drink my water right now. Yes, it may have economic impacts on my household's water supply, but that's extremely pedantic, as you could argue that it has just as much effect on my biology.
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    (Original post by AskMeAnything)
    Name me one single part of Economics that doesn't deal with money..... Meanwhile, choice. I choose whether to drink my water right now. Yes, it may have economic impacts on my household's water supply, but that's extremely pedantic, as you could argue that it has just as much effect on my biology.
    The study of a barter economy, for example, doesn't use money and is well within the jurisdiction of economics, and indeed is studied, looking at when currency fails to function (Zimbabwe under hyperinflation) and a barter economy emerges, or looking at primitive economies before the invention of money. That's all economics.

    Economics is the study of allocation of scarce resources to try and meet infinite wants - or as one person put it more succinctly, scarcity.
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    (Original post by AskMeAnything)
    Name me one single part of Economics that doesn't deal with money..... Meanwhile, choice. I choose whether to drink my water right now. Yes, it may have economic impacts on my household's water supply, but that's extremely pedantic, as you could argue that it has just as much effect on my biology.
    Game theory, employment, production, comparative advantage, utility maximisation, incentives and disincentives, externalities ... to name a few.

    Economics is the study of choice given a situation of scarcity. It appears on the first page of every introduction to economics.
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    (Original post by jesusandtequila)
    The study of a barter economy, for example, doesn't use money and is well within the jurisdiction of economics, and indeed is studied, looking at when currency fails to function (Zimbabwe under hyperinflation) and a barter economy emerges, or looking at primitive economies before the invention of money. That's all economics.

    Economics is the study of allocation of scarce resources to try and meet infinite wants - or as one person put it more succinctly, scarcity.
    I found scarcity much better than 'choice', very woolly definition. You could argue that trading goods as a currency is just currency - money, but it would be a little pointless.
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    (Original post by speedbird)
    Game theory, employment, production, comparative advantage, utility maximisation, incentives and disincentives, externalities ... to name a few.

    Economics is the study of choice given a situation of scarcity. It appears on the first page of every introduction to economics.
    Game theory - technically maths, employment is definitely a matter of money, production also, comparative advantage is about trade (money), incentives (involving money) disincentives (also), and googling externalities led to a diagram with money at the top of the tree. I'll stop arguing, however, as I believe your definition is correct - I just really hate not having the final word.
 
 
 
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