Economics is the study of how society manages its scarce resources.

These teenagers [that drop out of school to take the higher wage jobs] take jobs that would go to unskilled adults, making it harder for those adults to make the transition from welfare to work.

If you take from a theory only the conclusions you like and discard the rest, you are using the theory as a drunkard uses a lamp post-for support rather than illumination.

I have tried to put myself in the position of someone seeing economics for the first time. My goal is to emphasize the material that students should and do find interesting about the study of the economy.

You can't rule out deflation just because you've never seen it in your lifetime.

Outsourcing American jobs will prove to be a plus for the economy in the long run. It's simply a new way of doing international trade.

Economics is the study of how society manages its scarce resources.