![]() ![]() ![]() However, in economics, the concern is about outcome rather than intentions. ![]() ![]() For example, buyers and sellers will adjust their demand and prices, depending on each other’s supply or demand. society), there isn’t just one simple cause that happens, but multiple, and even reciprocal causes. It is the idea that, within a system (i.e. Systemic causation poses an interesting dilemma. There are many different ways causes and effects materialize in an economy. The application of economic principles can have a lot of consequences, and so we must take those head on. While economics may have moral or philosophical applications, it isn’t based on those principles. While the title of the chapter is “An Overview of Prices”, which might seem redundant to some, in the fourth chapter, Sowell now endeavors to explain the methods and purposes of economics, namely, looking at the cause-and-effect relationships inside economies. I am now using the fifth edition of Basic Economics. Note: Previous to this post, I had been (unknowingly) been using an older copy of the book. We’ve already finished the first three chapters, so now here is the fourth! Continuing with our overview of Thomas Sowell’s book, Basic Economics. ![]()
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