The fallacy of composition is a fundamental fallacy of reasoning or thinking and it arises when we infer that just because something is true of some part of a whole (or every part of a whole), it is also true of the whole.
Scarcity is a fundamental principle in economics that lies at the bedrock of the elegant social science. Scarcity in economics refers to the limitations inherent in our world and universe. We live in a scarce world. There are finite amounts of all…
Economics, at its core, is about answering three elegant but important questions. They lie at the foundation of the subject and must be answered by every nation on Earth. Read the lengthy article to find out what the three questions are and to…
Have you heard the saying “More isn’t always better” before? That’s not true according to economists. An underlying assumption in economics is that, for goods (as opposed to bads), more is always better.
Why is this true? There are two things we can consider: (1)…
Ever since I took my first economics course as a freshman in college, I fell in love with the field. As I continued my studies, both in the classroom and outside of it, my love for economics increased.
I am not sure why I am…
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