Economic Think Tank

Comment

Comment by Kariem A. Haqq on August 18, 2009 at 9:20pm

"The statesman, who should attempt to direct people in what manner they ought to employ their capital, would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single peorson, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it." Adam Smith

Comment by Kariem A. Haqq on July 8, 2009 at 5:44pm

"To understand economics is easy -- learning the basic truths may be very difficult as it involves more unlearning of old beliefs than it does relearning of ancient concepts of classical economy. Merrill Jenkins

Comment by Kariem A. Haqq on July 8, 2009 at 5:43pm

"Economics is the science of efficiently getting the most out of limited resources, at any given time, to satisfy unlimited wants and desires, during that same limited time frame. Economic theory deals with how to satisfy the problem of unlimited wants and desires with limited resources, within a given time frame. It is a problem that has permeated the actions of mankind through the ages. This theory can be applied individually or on a household basis. It can be applied in domestic or international businesses. The theory of economics can also be applied on the local, state and national governmental levels. This why people study personal finance, household or home economics, national and international business economics, public finance (economics), etc. They want to learn how to economize, or get the most out of their limited resources." Kariem Haqq