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Economics is for the People

By Collin Li

When an economic debate descends into something along the lines of “the economy exists in order to benefit the people – not the other way around,” you should reply:

But what is an economy other than many millions of people interacting daily?

Let’s not understate the reach and application of economics – it infects every facet of society.

(By definition in economics, individuals in a marketplace trade according to their “utility” – a term used to capture the personal values of each individual, thus allowing the individuals to maximise their well-being in the marketplace.)

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