There is a post on the BBC’s Editors blog pointing out Evan Davies’ report on how the recent hot weather has been affecting the economy in so many different ways. Having been working inside a baking shop for the past few weeks in this extreme weather, I’ve seen that in action. Even a Saturday was pretty dead. The post ends by tackling the misconception that economics is just all about money issues, which I was recently trying to explain to a sceptical colleague.
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I am Duncan Stephen, based in Dundee but originally from Fife. I work as the Web Editor for the University of St Andrews. This is a personal blog.
My interests include motorsport and experimental / electronic music.
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Simstim
4 August 2006 00:41
#1
Yeah, economics has been insistent that it’s not been “just about money” since at least Robbins in 1932 (who defined it as the study of scarcity).
doctorvee
4 August 2006 00:49
#2
In my first economics lesson at school my teacher said that economics is all about the allocation of scarce resources — which means that it could be about how you spend your time, but it couldn’t be about how you use sand in the Sahara Desert.
Simstim
4 August 2006 11:37
#3
Although it’s interesting how economics hasn’t really got its head around the problem of physical scarcity of resources (e.g. oil): as the price goes higher then we’ll find some more of it or develop a suitable replacement.