Philosophy in Learning Economics

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“True individual; freedom cannot exist without economic security and independence. People who are hungry and out of a job are the stuff of which dictatorships are made.” -Franklin D. Roosevelt

Economics assume that people have wants and needs, and then study how societies are organized to supply them, trying to establish whether one method is better than another. Economics studies human welfare in terms of the production, distribution, and consumption of goods and services. While there is a considerable body of ancient and medieval thought on economic questions, the discipline of political economy only took shape in the early modern period. As for my mentor have said, we have learned economics from time to time, not knowing it is what it was, we are just not aware of it.

Economics therefore is a call for my mind and only thought. For the economist, who were more likely to assimilate concepts and methods from physics and biology than from sociology or psychology, take topics that have traditionally been in other social sciences, such as voting, crime, marriage, and the family, and model them in terms of utility maximization. The differences between economics from other social sciences is that it study of human society and social interaction as a whole, it takes the broad approach to helping us understand the different societies in which we live, other social sciences dig deeper into specific areas of our social surroundings. Economics predicts whether we can afford something or not, whether the benefits of some project will outweigh the costs. It measures both the costs and the benefits in pesos, pounds sterling, euros, dollars, or whatever kind of money you like. Its predictions are very important. They decide what we can afford and what we can afford, and we can do the things it says we can afford. What's perhaps worse is that we must do the things we can't afford not to do.

I learn that every individual neither intends to promote the public interest...
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