We ask questions like should heroin be
made legal? Should crisps be made illegal? Should we have really, really high taxes
on petrol so that it makes it impossible for anybody to afford to drive a car?
Should trade be completely liberalized without having any worries, quotas trade
blocks or tariffs at all? I love economics. I love economics
because it’s about people, it’s about society and it’s about how people and
society make choices in a world where there are scarce resources. It’s about
how people balance and trade-off the different things that matter to them.
Should I contribute money to charity or should I just volunteer my time? Those
are the kinds of things that economists are interested in asking and looking at.