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The dismal science as Thomas Carlyle put it.
Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people.
The three problems of economic organization:
There ain't no such thing as a free lunch.
Productivity isn't everything, but in the long run it is almost everything. A country's ability to improve its living standards over time depends almost entirely on its ability to raise its output per worker. (Paul Krugman http://web.mit.edu/krugman/www/ or new http://www.wws.princeton.edu/~pkrugman/)Steven Landsburg wrote: Most of economics can be summarized in four words: "People respond to incentives." The rest is commentary. Look at the economists, that started it, including their schools e.g. Cambridge, Vienna and Chicago, or look at some more recent economic history, or of course check some links or look at some book recommendations.
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Last modified: April 01, 2002