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Economic Principals

In: Business and Management

Submitted By AthishP
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AN INTRODUCTION TO ECONOMICS IN 5,000 WORDS
Authors Note.

Many years ago when I was doing research as a Visiting Associate Member at St. Antony’s College, Oxford, I shared a house with several grad students from various different disciplines who were studying for their D.Phil. I was struck by the number who asked me what economics was about and would I please write an elementary book some day, so that an intelligent and welleducated person could learn about it. I never forgot. This article is a simple introduction to the discipline, or at least as simple as I can make it. Economics courses tend to contain a lot of mathematics or a lot of diagrams, or both. This article uses neither. It might be useful to you if you are similarly intellectually curious; or if you are just starting a course in economics and looking for an easy overview; or perhaps are contemplating studying the subject and wondering what the heck you might be getting into. If the article interests you and you would like to learn more, please check out the link at the end. This takes you to a free book of economics notes that sticks to using diagrams (lots!), with only the tiniest bit of algebra in one small section. The notes explain this article in more detail. Not counting these notes, I have written 5 books, the latest of which is Going to University: the Secrets of Success, Exposure Publishing, UK, 2007. This is designed to help sixth formers (grades 11-12) and assist you to adjust quickly and easily to university life. Economics is a subject notoriously difficult to define clearly for outsiders: a formal definition might be that it is a social science that deals with the production, consumption and distribution of goods and services; in simpler terms it deals with how people produce and work, in order to survive in this world. Mainstream economics covers things such as how prices are...

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