June 2018 - Emile Woolf writes

Chapter 3 – Understanding Economics in One Hour

In the light of the law formulated by Jean-Baptiste Say, the true focus of economics is production, or wealth creation, the subject of Adam Smith’s immortal tome “An Inquiry into the Nature and Causes of the Wealth of Nations”. The establishment of every productive enterprise is preceded by judiciously assembling and combining the fundamental factors […]

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Chapter 2 – Understanding Economics in One Hour

Now, before we get going, I must warn you not to get sidetracked by this thing called “demand”. What is demand, anyway? It is an inexhaustible feature of the human condition: there is always something we require, want, need, desire. Demand is therefore a transitory abstraction – more of a feeling than a commanding “economic actor”. […]

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