Economics can be simple supply and demand.
Then there are incentives, substitutes, price and competition.
In a world of abundance, scarcity is rare, luxury goods have come to the middle class.
Economics is about Risk/Reward in marketplace.
The markets are the only true scale of our economy, where we put our money is where the truth lies.
People are not rational in their economic behavior, we are more human. It is the study of how people buy and what people buy.
The economy is about jobs, productivity, growth and understanding shifting industries. If productivity grows more than inflation and unemployment is near 5%, our quality of life grows. What we do know is the world’s populations will have to shift industries and jobs frequently with the speed of the marketplace.
Money Supply attempt to control available credit, money in the float, inflation and spending.
Professional economist manage investments, portfolio, value options and mitigate risk. Either in theory or by the words they use and consult. Most economist just create graphs.
We have just lived through the best economic environment with value, productivity, jobs, growth, globalization, low commodity prices and low taxation. To get back there, we must focus our congress on the fundamentals of economics. We must free up money by FDIC insuring up to $1,000,000 per account and making sure money is in the marketplace with the ability to loan. The run on the bank can be curtailed by increasing the FDIC insurance and then congress needs to vote on a plan that helps the average homeowner keep their homes, lower their payments and manage this from the people, not the institutions.