By studying economics and learning to think like an economist, you will gain an understanding and appreciation of one of the most powerful forces on earth -- self interest. You will learn about what constitutes rational behavior -- a useful exercise no matter what your major field of study. Since economic theory, broadly construed, provides a framework for understanding all of human behavior, you will gain some powerful insights into human behavior and how it can be controlled. Understanding the role that incentives and opportunity costs play in our lives is vital for functioning effectively in our complex society.

Every day each of us is affected by literally thousands of decisions, some of our own making, some made by our elected and appointed officials with most of them made by those individuals and firms that we interact with on a daily basis. Each of those decisions was made on the basis of some kind of perceived self interest -- even those that were based on kindness and altruism for the benefit of others. Even in the 1980s, characterized by many as being the decade of greed -- a time when self interest seemed to dominate everything, we should not forget about the many generous and charitable acts that were woven into our social fabric during that period of time. But most importantly, everyone needs to be aware of the fact that whether you like economics or not, whether you are interested in economics or not, you are affected by a variety of economic forces and decisions every day of your life. It is relevant to every aspect of your life.

Since economics can be used to analyze such diverse issues as education, crime, environmental pollution, agriculture, inflation, unemployment, economic growth, healthcare, international trade, exchange rates, balance of payments, competitiveness, taxation, the arts, recessions, depressions, and much more, it is difficult to come up with a short statement which describes the range and dimensions of economics as an academic discipline. Since the discipline of economics is so pervasive it is better defined by the kinds of questions that are asked, and by the techniques of analysis that are used by economists.

One should not forget that throughout our history, political and economic affairs have been inescapably linked together and have operated in tandem with one another, they have sent men and women to the barricades in an attempt to bring about a better life for themselves and their children. Economic aspects of civilization, and economic institutions and mechanisms in particular, have a direct and significant bearing on our overall well being. Economics can be ignored only at our peril.

Welcome to the fascinating world of economic analysis. It is concerned with the essence of human behavior -- the choices that rational human beings must make, given the constraints that they face. It is an endeavor worthy of your attention.