Economics in one sentence

From Economics in One Lesson:

… the whole of economics can be reduced to a single lesson, and that lesson can be reduced to a single sentence. The art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups.

Related post:

One thing to remember in economics

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3 comments on “Economics in one sentence
  1. To paraphrase: “The art of economics consists in…” things that no one cares about any more.

  2. John says:

    From the same book: ‎”Today is already the tomorrow which the bad economists yesterday urged us to ignore.”

  3. You were pointing it out because of its meaningless vagueness, I hope. And for the lack of connection to the way econ’s actually done. Reminds me of the “mission” and “values” of the last corporation I worked for.

    You can tell it’s meaningless because it makes just as much sense if you substitute “computer programming” or even “running a restaurant”.

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