This chapter brought up a myriad of economic questions and answers. The author again followed the pattern of giving tangible ideas that were easy to follow and provided enough depth to get the main idea across with the proper economic vernacular. One of the chapters focuses was towards the thought of economics was selfish, or self-seeking because of the fact that "individuals seek to maximized their own utility" the author goes on with useful examples. The author uses counter examples that refute this claim which changed my way of thinking. I now see that economics isn't about selfishness, but being well off enough to do what you please with your "utility". Whether it be donating your income to charity, getting vaccinations for yourself, or paying taxes. Another small sub point that brought up something about the most scarce resource, which was time. The potential resource that time could be is limitless. It could be more income, volunteering, or play time. All of the above is possible with time. The authors example of the film class he and his brother signed up for comes to mind. He has a much lower paying job, but instead of money he has free time to do fun things like a film class or spending time with his family. The thing I took out of it was that I have a desirable and limited resource and I need to choose wisely what to do with it, if I want to think economically.
Tuesday, January 28, 2014
Chapter 1 - Selfish Economics and Film class
Response to question 7:
This chapter brought up a myriad of economic questions and answers. The author again followed the pattern of giving tangible ideas that were easy to follow and provided enough depth to get the main idea across with the proper economic vernacular. One of the chapters focuses was towards the thought of economics was selfish, or self-seeking because of the fact that "individuals seek to maximized their own utility" the author goes on with useful examples. The author uses counter examples that refute this claim which changed my way of thinking. I now see that economics isn't about selfishness, but being well off enough to do what you please with your "utility". Whether it be donating your income to charity, getting vaccinations for yourself, or paying taxes. Another small sub point that brought up something about the most scarce resource, which was time. The potential resource that time could be is limitless. It could be more income, volunteering, or play time. All of the above is possible with time. The authors example of the film class he and his brother signed up for comes to mind. He has a much lower paying job, but instead of money he has free time to do fun things like a film class or spending time with his family. The thing I took out of it was that I have a desirable and limited resource and I need to choose wisely what to do with it, if I want to think economically.
This chapter brought up a myriad of economic questions and answers. The author again followed the pattern of giving tangible ideas that were easy to follow and provided enough depth to get the main idea across with the proper economic vernacular. One of the chapters focuses was towards the thought of economics was selfish, or self-seeking because of the fact that "individuals seek to maximized their own utility" the author goes on with useful examples. The author uses counter examples that refute this claim which changed my way of thinking. I now see that economics isn't about selfishness, but being well off enough to do what you please with your "utility". Whether it be donating your income to charity, getting vaccinations for yourself, or paying taxes. Another small sub point that brought up something about the most scarce resource, which was time. The potential resource that time could be is limitless. It could be more income, volunteering, or play time. All of the above is possible with time. The authors example of the film class he and his brother signed up for comes to mind. He has a much lower paying job, but instead of money he has free time to do fun things like a film class or spending time with his family. The thing I took out of it was that I have a desirable and limited resource and I need to choose wisely what to do with it, if I want to think economically.
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