I was studying economics and this thought kind of stuck with me.
It feels like the whole subject exists because resources are limited.
Like, if everything was unlimited, we wouldn’t really need to choose anything. No need to decide what to produce or how to use resources.
But in reality, we don’t have that luxury. So we’re constantly making choices.
And that’s where economics starts.
Not sure if I’m oversimplifying it, but does economics even matter in a world where resources are unlimited?
Why does economics even exist?
byu/ayush_insight inAskEconomics
Posted by ayush_insight
1 Comment
Yes. This is one of the ways of defining the subject of Economics. It was first proposed by Lionel Robbins and it’s called the *Robbinsian* definition of Economics. There are other definitions.