Welcome! If you're confused about economics, you've come to the right place. Reading the news regarding the economy is often biased and inaccurate. This lack of reliability happens because many economic writers base their economic arguments and policy proposals on ideology and ignorance rather than following the evidence. This website is committed to providing you with reliable economic insights, highlighting the evidence and setting the record straight. His articles, listed on the menu, delve into fundamental economic truths that are often overlooked due to personal agendas, as well as current hot-button issues. If you are new to this site, it might help to read some of the earlier articles at the bottom of the menu since they contain helpful background. Every day, we will feature one of these articles below. What's more, they all have a comments section, and Dr. Cardell is eager to hear your thoughts about the articles. This interactive feature encourages lively discussions and diverse perspectives. Brief Bio: Dr. Doug Cardell is an economist and an economic policy expert with a unique perspective. His diverse career includes roles as an aide to a Member of Congress, a corporate CEO, an award-winning educator, a consultant to the Arizona Department of Education, and a Professor of Mathematics. His expertise spans economics, economic policy, mathematical modeling, and system dynamics modeling. He holds advanced degrees and certificates from the University of Arizona, the Massachusetts Institute of Technology, and the University of Phoenix, as well as a PhD in Economic Policy from Liberty University. His comprehensive understanding of economics, both from a theoretical and practical standpoint, his proficiency in mathematics and modeling, and his success as an educator make him uniquely qualified to explain economics and evaluate economic systems and ideas.
What Is Economics?
by Dr. Doug Cardell
Economics is the study of choices. Every decision anyone has ever made or ever will make is an economic decision. Most people think economics is about money, but it’s much more than that. Economics in more formal terms, is the study of the most effective use of finite resources with alternative uses. That is, it's about efficiency; how to get the greatest advantage from the limited resources you have available. True, money is a limited resource, but so are time and material assets and reputation and joy. Every time you make a decision you are evaluating the advantages and disadvantages of trading one thing for another.
For example, a choice between taking a walk after dinner and watching television is an economic decision even though no money or things are involved. Taking a walk may improve one’s health; it may enhance one’s sense of well-being but watching television may take one’s mind off the day’s problems or entertain one or let tired feet rest. Either way, a resource will be used up, your time. In fact, time may be your most precious resource since it is totally non-renewable. Therefore, your decision about how to spend your evening is an economic decision because you are seeking the most effective use of a finite resource that has alternative uses. It is about choice.
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