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Thomson Learning™ chapter1 WHAT ECONOMICS IS ABOUT Setting the Scene Jackie and Stephanie share an apartment about a mile from the University of Virginia. Both are juniors at the university; Jackie is a history major and Stephanie is an economics major. The following events occurred one day not too long ago. 7:15 A.M. both books. As she leaves the book- sure whether she wants it enough or Jackie’s alarm clock buzzes. She store, she glances over at a blue not. reaches over to the small table next jacket with the University of to her bed and turns it off. As she Virginia emblem on it. She knows 9:00 P.M. pulls the covers back up, Jackie that her brother, who is a junior in Stephanie has been studying for the thinks about her 8:30 American high school, would like to have a past three hours for tomorrow’s History class. Should she go to class UVa jacket. Stephanie tells herself midterm exam in her International today or sleep a little longer? She that she might buy the jacket for Economics course. She says to her- worked late last night and really has- him for his birthday, next month. self, I don’t think more studying will n’t had enough sleep. Besides, she’s do that much good. So she quits fairly sure her professor will be dis- 1:27 P.M. studying and turns on the television cussing a subject she already knows Jackie, who did skip her 8:30 to watch a rerun of one of her well. Maybe it would be okay to American History class, is in her favorite movies, Sleepless in Seattle. miss class today. European history professor’s office talking to him about obtaining a 11:37 A.M. master’s degree in history. Getting a Stephanie is in the campus book- master’s degree is something that store browsing through two eco- mildly interests her, but she’s not nomics books. She ends up buying How would an economist look at these events? Later in the chapter, discussions based on the following questions will help you analyze the scene the way an economist would. • Is Jackie more likely to miss some classes than she is to • Does whether or not Jackie will go on to get a master’s miss other classes? WhatThomson determines which classes Jackie degree Learning™have anything to do with economics? will attend and which classes she won’t attend? • Stephanie stopped studying at 9:00 P.M.Would she have • What does a basic economic fact have to do with Stephanie been better off if she had studied 30 more minutes? buying two books at her campus bookstore? What Economics Is About Chapter 1 1 DEFINITIONS OF ECONOMICS Although economics has been defined in various ways in its more than 200 year history, some definitions of economics are familiar to almost all economists. We identify three of these definitions in this section, and then give the definition of economics that we use in this text. The economist Alfred Marshall (1824–1924) was Professor of Political Economy at the University of Cambridge (in England) from 1885 to 1908. Marshall’s major work, Principles of Economics (first published in 1890), was the most influential economics trea- tise of its time and has been called the “Bible of British Economics.” In the first few lines of the book, Marshall wrote, “Political economy or economics is a study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of well being.” He then said that economics is “on the one side a study of wealth; and on the other, and more important side, a part of the study of man.” In short, according to Marshall, economics is the study of mankind in the ordinary business of life; it is the study of wealth and of man. Lionel Robbins (1898–1984), who taught economics at both Oxford University and the London School of Economics, put forth one of the most widely cited definitions of economics. In his book The Nature and Significance of Economic Science, Robbins wrote, “Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses.” Milton Friedman (b. 1912), the 1976 winner of the Nobel Prize in Economics, pro- posed a similar definition of economics in his work Price Theory. Friedman wrote, “Economics is the science of how a particular society solves its economic problems.” He then said, “an economic problem exists whenever scarce means are used to satisfy alterna- tive ends.” Ask a noneconomist what economics is and he or she will probably answer that it has something to do with business and wealth. So Marshall’s definition of economics accords most closely with the noneconomist’s concept of economics. The Robbins and Friedman definitions both stress the relationship between ends and means. This relationship natu- rally leads to a discussion of scarcity. Scarcity Scarcity is the condition in which our wants are greater than the limited resources The condition in which our wants are available to satisfy them. Our wants are infinite; our resources are finite. That’s scarcity. To greater than the limited resources available to satisfy those wants. define scarcity in terms of ends and means, we can say that our ends are infinite and the means available to satisfy those ends are finite. Many economists say that if scarcity didn’t exist, neither would economics. In other words, if our wants weren’t greater than the limited resources available to satisfy them, there would be no field of study called economics. This is similar to saying that if matter and motion didn’t exist, neither would physics, or that if living things didn’t exist, neither Economics Thomsonwould biology. For this reason, we defineLearning™ economics in this text as the science of scarcity. The science of scarcity; the science of More completely, economics is the science of how individuals and societies deal with the fact how individuals and societies deal with the fact that wants are greater than the that wants (or ends) are greater than the limited resources (or means) available to satisfy those limited resources available to satisfy wants. those wants. ECONOMIC CATEGORIES Economics is sometimes broken down into different categories, according to the type of questions economists ask. Four common economic categories are positive economics, nor- mative economics, microeconomics, and macroeconomics. 2 Part 1 Economics: The Science of Scarcity Positive and Normative Economics Positive economics attempts to determine what is. Normative economics addresses what Positive Economics should be. Essentially, positive economics deals with cause-effect relationships that can be The study of “what is” in economic matters. tested. Normative economics deals with value judgments and opinions that cannot be tested. Normative Economics The study of “what should be” in Many topics in economics can be discussed within both a positive framework and a economic matters. normative framework. Consider a proposed cut in federal income taxes. An economist practicing positive economics would want to know the effect of a cut in income taxes. For example, she may want to know how a tax cut will affect the unemployment rate, eco- nomic growth, inflation, and so on. An economist practicing normative economics would address issues that directly or indirectly relate to whether the federal income tax should be cut. For example, she may say that federal income taxes should be cut because the income tax burden on many taxpayers is currently high. This book mainly deals with positive economics. For the most part, we discuss the economic world as it is, not the way someone might think it should be. As you read, you should keep two points in mind. First, although we have taken pains to keep our discus- sion within the boundaries of positive economics, at times we may operate perilously close to the normative border. If, here and there, we drop a value judgment into the discussion, recognize it for what it is. You should not accept as true something that we simply state as an opinion. Second, keep in mind that no matter what your normative objectives are, positive economics can shed some light on how they might be accomplished. For example, sup- pose you believe that absolute poverty should be eliminated and the unemployment rate should be lowered. No doubt you have ideas as to how these goals can be accomplished. But will your ideas work? For example, will a greater redistribution of income eliminate absolute poverty? Will lowering taxes lower the unemployment rate? There is no guaran- tee that the means you think will bring about certain ends will do so. This is where sound positive economics can help. It helps us see what is. As someone once said, It is not enough to want to do good, it is important also to know how to do good. Microeconomics and Macroeconomics It has been said that the tools of microeconomics are microscopes, and the tools of macro- economics are telescopes. Macroeconomics stands back from the trees in order to see the forest. Microeconomics gets up close and examines the tree itself, its bark, its limbs, and the soil in which it grows. Microeconomics is the branch of economics that deals with Microeconomics human behavior and choices as they relate to relatively small units—an individual, a firm, The branch of economics that deals with human behavior and choices as an industry, a single market.
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