The Top 5 Most Misunderstood Economic Concepts

Discussion in 'Economics' started by spy, Oct 9, 2024.

  1. spy

    spy

    What if the patient insists on seeing a specific doctor? Are all doctors interchangeable?
     
    #11     Oct 9, 2024
    countryBoy641 likes this.

  2. Not realistically.

    But as a pretence, maybe: if society is structured so that "licenced" doctors (those legally allowed to call themselves physicians/surgeons/whatever and practice medicine/surgery/whatever) are the ones officially accredited in some approved way by governments - as they are, effectively, in every country - then for some purposes and in some senses it's clearly being assumed that they're "interchangeable" even if they're not, regarding their skills/abilities/services.

    And it wouldn't really be possible or practical to avoid that?

    In other words, to some extent we effectively have to treat them as if they were interchangeable, for some purposes, even if they're not.
     
    #12     Oct 10, 2024
  3. Sergio123

    Sergio123

    What if the wants can be satisfied 'virtually'?
     
    #13     Oct 10, 2024
  4. TheDawn

    TheDawn

    The biggest misunderstood economic concept is about economics itself.

    Economics is not about wealth or the distribution of wealth as what majority of the people believes and this is the no. 1 misconception about economics. No economics is about allocation of resources. Since we live in an environment with limited resources, whether it's natural, or human or whatever resources, it becomes paramount how we allocate resources most optimally and efficiently and this is what the study of economics is dedicated to, is to find a way to determine the most efficient allocation of resources according to the needs, wants of all parties involved subject to all of the philosophies, ideologies and etc. And of course, the allocation of scarce resources directly ties into the distribution of wealth so it gives people the impression that economics is all about wealth distribution, determining how the market performs and etc. without realizing that those are all of the aftereffects of resource allocation.
     
    #14     Oct 11, 2024