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.)