Economics & Poetry Part 1

Why Economics Exists

“Blessed are the young, for they shall inherit the national debt.”
-Herbert Hoover

“hazaaro.n khaahishe.n aisi ke har khaahish pe dum nikle,
bahot nikle mere armaan, lekin, phir bhi kam nikle”
(There are innumerable desires, and every desire is so desirable;
I have had many of my desires fulfilled, but, still, a lot many remain.)

-Mirza Ghalib

Economics is the study of choices that individuals make, and the implications of those choices for the society. "Why must we choose? And how often?" you might wonder. From the moment you wake up to the time you rest your head on the pillow, the day is filled with decisions, big and small. Every resource – from the air we breathe to the outer space, and free Wi-Fi – is limited. These limited resources are inadequate to fulfil ‘unlimited’ human wants, and therefore we must choose (voluntarily or otherwise). These choices, both at an individual as well as at aggregate level, affect the society at large (e.g. GDP growth, inflation and national debt). But for the unlimited human wants, economics as a science would cease to exist. Economics, in its essence, is the study of human behaviour and a mirror to our collective soul, much like poetry.

Read Economics and Poetry Part 2

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