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What is Economics?

The science of choice

Economics is the study of how people behave… and specifically how they make choices.

These choices are often constrained because of limited resources, including money, time, and information. Economics studies what determines what choices are made …and it doesn’t assume that everyone always acts rationally. Economists also study the effects of choices, looking to understand and build evidence on what happens in the real world.

Economics helps us to understand how the world works… and how to make it a better place. It is at the heart of understanding the major social problems of our time, including climate change, inequality, poverty, health care, an ageing population, obesity, and globalisation. Effective solutions to these problems require economic insights.

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What questions are economists asking?