{"id":11805,"date":"2015-09-04T07:54:13","date_gmt":"2015-09-04T12:54:13","guid":{"rendered":"http:\/\/olduvai.ca\/?p=11805"},"modified":"2015-09-04T07:54:13","modified_gmt":"2015-09-04T12:54:13","slug":"yes-you-do-understand-economics","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=11805","title":{"rendered":"Yes, You Do Understand Economics"},"content":{"rendered":"

Yes, You Do Understand Economics<\/a><\/strong><\/h3>\n

The following conversation between my good friend Michael McKay and a friend of his illustrates that we all understand and use economic principles every day. In fact we could \u00a0not function without understanding these basic economic principles.\u00a0Pat Barron<\/em><\/p>\n

\n

<\/b>The other day I was having coffee with a new friend, a retired businessman who customized luxury cars in California. I mentioned I had recently retired from owning an investment firm and had many years of study of economics, especially Austrian Economics.<\/p>\n

As so many people I have met before him, he said, \u201cI really don\u2019t understand economics and always have been confused by it.\u201d<\/em>
\nTo which I surprised him with,\u00a0\u201cOf course you understand economics; it is the thought process you use every day to deal with three things: Scarcity, Property and Relationships.\u201d<\/em><\/p>\n

His eyes got big and he said, \u201cWhoa! Say that again<\/em>.\u201d<\/p>\n

\u201cOK\u201d,<\/em>\u00a0I said and continued, \u201cEverything in human life is organized around how we decide about three things: Scarcity, Property and Relationships.<\/em><\/p>\n

<\/i>\u201cFirst let\u2019s talk about Scarcity which you\u2019ve known about all of your life \u2013 you notice when something is missing or about to be missing; it is how you decide when it\u2019s time go to the grocery store, do your laundry or whether you should drive your car faster so not to be late for an appointment.<\/em><\/p>\n

\u201cEvery human being is an expert in the decision process of Scarcity. It is something we all naturally do whenever we act and choose \u2013 which, by the way, we are doing all the time, every day, all day long.\u201d<\/em><\/p>\n

I smiled, \u201cI could go on and on. You want more?\u201d<\/em>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0<\/em><\/p>\n

\u201cSure.\u201d,\u00a0<\/em>he smiled back.<\/p>\n

 <\/p>\n

…click on the above link to read the rest of the article…<\/p>\n

 <\/p>\n

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\u00a0<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"

Yes, You Do Understand Economics The following conversation between my good friend Michael McKay and a friend of his illustrates that we all understand and use economic principles every day. In fact we could \u00a0not function without understanding these basic economic principles.\u00a0Pat Barron The other day I was having coffee with a new friend, a […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[2125,8663,7200,8664,1503,7391],"class_list":["post-11805","post","type-post","status-publish","format-standard","hentry","category-economics","tag-austrian-economics","tag-economic-principles","tag-mises-canada","tag-property","tag-relationships","tag-scarcity"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/11805","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11805"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/11805\/revisions"}],"predecessor-version":[{"id":11806,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/11805\/revisions\/11806"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11805"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11805"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11805"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}