Lecture 1: What is economics?

The word "economics" comes from a Greek word meaning "the one who manages the households".

"The mode of production of material life determines the social,political and intellectual life process in general.” said Karl Marx, German philosopher and economist (1859) for economics.

In a broader sense economics is the science which studies human behaviour as a relationship between given ends and scarce means which have alternative uses. But all these definitons make our job harder. Because the definitons self do not clear our vision about what exactly is happening in today's world. Many of us sold lemonade at the age of 5 -and actually circulate some capital in the system- without even knowing the word economics. So there should be some way to figure out the ideas behind it and fully understand what is going on in the market's. 

Q: What is a good economy?

A: Prosperity, new ideas, equality.

Prosperity doesn't merely mean to have more and more stuff. It is being able to enjoy the absolute equilbrium between the the production, consumption and also the time between these things: having fun. 

New ideas -innovation- is also essential to the economics. As we have seen so far, global aspect of the new trend, so called capitalism is tend lose its prior popularity or at least b means of the world markets. Economists on the TV are talking about the possible change in this trend of capitalism -and never mention the new option. What an irony!-  So innovative minds are the crucial elements of economics.

Equality doesn't show up without production and an efficients logistics. The world population is growing everyday, 6.5 billion upto now and it's expected to reach 15 billion by the year 2020. We limited areas. So how are we going to cope with this problem. Are we going to produce nothing but hopes to those people? If the world will not be in the search of equality we'll be in trouble.

Further in this blog, I'll try to discover the basic concepts of economics: microeconomics, macroeconomics and little bit game theory to understand today's world in addition to the interesting facts about concumerism, capitalism and of course the latest news about the world economics.

Keep an eye on your credit-card! :)