“Economics and Common Sense” – Of Wolves and Ravens – Economics

Happy Mani’s Day

Discussion

Having a minor in economics apparently puts me above the common man who has an opinion about economic matters. It does, however, add to my frustration level as Rothbard’s quote resonates with my soul quite a bit.  I find a few things frustrating about people’s ignorance of economics.  Mostly how this ignorance is used against them.

Economics is part of my overall philosophy because some of my virtues are connected to business: Self-Reliance, Industriousness, and Hospitality all of more direct economic issues so knowing something about how economics actually works helps me have more for my ravens to say about those decisions involving those virtues.

Because of the law of scarcity, for instance, I know that there are some things in life not available to everyone, so if you want them you have to earn them.  It gets rid of a sense of entitlement which, to be honest, is one of the most detrimental things a person can have as part of their personality makeup.  Economics is often called codified common sense and so it is a valuable tool in my philosophical toolbox.

To the Wolves and Ravens:

“Feed the Wolves, but Listen to the Ravens first.”

Needs (Geri):

I suppose my need for economic knowledge in relation to philosophy surfaced with some of my decisions when I first went back to school and decided on my major. I knew I wanted something that was in demand and marketable but also flexible.  The one thing I had noted over the years, as technology and knowledge change, so does how business is done and those who can adapt thrive.    The need for flexibility and marketability long term was an issue of the Law of Demand.

Wants (Freki):

On the flip side, the kind of job I wanted is an issue of the Law of Supply.  What’s available. was an issue.  The thing was that Political Science opens that up by one simple thing – I could always be in administration and that is everywhere. Not to mention that just having a Bachelor’s degree from a university that is real-world instead the plastic bubble of religion opens up even more.

Reason (Huginn):

So my current struggles beg the question of which law deals with the fact that I am struggling to find a job and the economics of hidden costs and unintended consequences of economic policies might be a factor. the simply truth is that if someone hires me that has a good benefits package my being older is going to cost them more money even if that benefit is simple health insurance, the premium for me will automatically be higher.

Wisdom (Muninn):

This leads to the wisdom that I need to be ready to give up some raw salary to compensate for that.  It is something I will give up because I would still come out ahead of where I am now. Economics helps me realize that flexibility is called for.

Conclusion:

Personally, economics being part of my overall philosophy has been something that has had a calming effect.  I don’t get bent out of shape when an employer does certain things but I rather ask what the economic issue might be.  Sometimes I have to ask why they don’t consider economics but people are people so they don’t always have economic knowledge and that includes people in charge.

I remain,

The Rabyd Skald – Wandering Soul, Bard, and Philosopher. The Grey Wayfarer.

Skaal!!!

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