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Free Lunch: Easily Digestible Economics by David Smith

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5Main Course (2)

Welcome back. Before we broke we had made a lot of progress in trying to explain how, as individuals, we behave as economic animals, even when we are not aware of it. All very interesting you might say (at least I hope you do) but how does this fit into the big picture? When people talk about ‘the economy’, what do they mean? This is a good time to start thinking big, to go from the micro to the macro. Here goes.

So what is an economy?

This is one of those questions, a bit like ‘What is life, Daddy?’, you hope your children will not ask you. The best way of answering it, given that this is probably not the time for another food analogy, is by thinking of a football match. At one level, a football match is a game between two teams ...

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