Carlyle called economics the 'dismal science' because it deals with the consequences of scarcity. Today in the Business Studies major we argued that economics is the happy science. It shows how in spite of scarcity more and more needs can be met.
If we run a business, we canot eliminate scarcity, but we can reduce its effects. Thus we reduce effective scarcity.
The economic concept of productivity is crucial here. By increasing business productivity, our business meets more and more needs with the use of fewer and fewer resources.
As Jean-Baptiste Say said, this enables others to run their own businesses more effectively too, as well as meeting their own personal needs.
Our group is finding these business presuppositions very illuminating. The idea of business as something that adds to the total happiness in the world is a useful criterion, they found. They were very quick to see the relevance of theoretical concepts to the real world, and to come up with specific examples of how they work.
If we run a business, we canot eliminate scarcity, but we can reduce its effects. Thus we reduce effective scarcity.
The economic concept of productivity is crucial here. By increasing business productivity, our business meets more and more needs with the use of fewer and fewer resources.
As Jean-Baptiste Say said, this enables others to run their own businesses more effectively too, as well as meeting their own personal needs.
Our group is finding these business presuppositions very illuminating. The idea of business as something that adds to the total happiness in the world is a useful criterion, they found. They were very quick to see the relevance of theoretical concepts to the real world, and to come up with specific examples of how they work.
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