IntroductionHere we learn the absolute fundamentals of Economics. The main questions that our subject is trying to answer, e.g what, how and for whom. We also learn our first model, and the key ideas behind this IB course.
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The Two Minute Challenge |
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Alfred Marshall'Economics is a study of men as they live and move and think in the ordinary business of life. But it concerns itself chiefly with those motives which affects, most powerfully and most steadily man's conduct in the business part of his life.'
Robert Heilbroner'[Economics] is not merely a discussion of the figures, forecasts, and government pronouncements that are the stuff of the daily economic news. Neither is it the supply and demand diagrams and equations familiar to every economics student. At its core, economics is an explanation system whose purpose is to enlighten us as to the workings, and therefore to the problems and prospects, of that complex social entity we call the economy.'
Lionel Robbins'Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.'
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John Maynard Keynes'The study of economics does not seem to require any specialized gifts of an unusually high order. Is it not, intellectually regarded, a very easy subject compared with the higher branches of philosophy of pure science? An easy subject, at which very few excel! The paradox finds its explanation, perhaps, in that the master-economist most possess a rare combination of gifts. He must be a mathematician, historian, statesman, philosopher – in some degree. He must understand symbols and speak in words. He must contemplate the particular in terms of the general, and touch abstract and concrete in the same flight of thought. He must study the present in the light of the past and for the purposes of the future. No part of man’s nature or is institutions must lie entirely outside his regard. He must be purposeful and disinterested in a simultaneous mood; as aloof and incorruptible as an artist, vet sometimes as near the earth as a politician.'
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